boomrang article

Please read& post your comments,

http://www.bloomberg.com/apps/news?pid=20601081&sid=aXQt8IDstW9k&refer=australia



Centro Suitors Macquarie, Mirvac Abandon Bid Plans, Review Says

By Laura Cochrane

March 17 (Bloomberg) -- Macquarie Group Ltd., Mirvac Group and Lend Lease Corp. Ltd. are among potential suitors of Centro Properties Group who will abandon bids this week, the Australian Financial Review reported.

Centro may fail in its attempts to sell equity to new or existing shareholders and the company likely will be divided up by creditors, the newspaper said, citing a person who had examined the Melbourne-based company's books.

Blackstone Group LP also may walk away from a potential bid after saying fourth-quarter profit dropped 89 percent and Abu Dhabi Investment Authority isn't considering a bid, the newspaper said.

Centro, the owner of more than 670 U.S. malls, must refinance A$4.9 billion ($4.6 billion) of debt by April 30. Centro's banks include JPMorgan Chase & Co., BNP Paribas SA and Commonwealth Bank of Australia.

To contact the reporter on this story: Laura Cochrane in Melbourne at lcochrane3bloomberg.net.
Last Updated: March 16, 2008 19:19 EDT