Lend Lease restructure results in plummeting shares, Coles and Woolworths propose new dispute resolution body: Midday roundup

Lend Lease has announced it will restructure its construction and infrastructure business, resulting in an 8% fall in its share price.

Lend Lease will consolidate the Abigroup and Baulderstone groups, plus its project management, construction and infrastructure services businesses.

Its shares fell by 75 cents, to $8.60 this morning.

Lend Lease chief executive Steve McCann says the group is on track to deliver a solid result in a tough market environment.

Coles and Woolworths propose new dispute resolution body

Supermarket giants Coles and Woolworths have teamed up with the Australian Food and Grocery Council to propose a new dispute resolution body.

The voluntary code has been proposed in a bid to minimise exposure to regulatory bodies.

The Australian Competition and Consumer Commission is currently investigating allegations of the major supermarkets misusing their market power to negotiate unsustainably low prices.

Australian sharemarket posts minor gains

The Australian sharemarket has stayed steady this morning, with falls in mining stocks.

The S&P/ASX200 benchmark was up 4.6 points to 4796.4, just after midday.

The Australian dollar is currently buying US96.1 cents.


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