Jones Lang Wootton and Chicago-based LaSalle Partners have confirmed that they are in preliminary merger discussions.
The transaction would be paid for by the issue of LaSalle shares, said the companies, but they refused to give any further details on the nature of the merger.
Rumours of a link-up have been circulating for months but have been persistently denied. This week’s confirmation only surfaced in response to a 15% rise in LaSalle’s share price on the New York Stock Exchange.
Jones Lang Wootton is the larger business of the two, employing more than 4,000 staff in 33 countries, with a turnover last year of US$262m. LaSalle, with a market capitalisation of around US$740m, employs 1,400 people in nine countries, and had a turnover last year of US$135.5m.
In a separate deal, LaSalle Partners is talking to Australian property and financial services group Lend Lease about a cash buy-out of its US subsidiary, Compass Management & Leasing, as well as Lend Lease’s US retail property management business.
EGi News 19/06/98
