Whether they are vultures or white knights, several overseas companies are reportedly eyeing up the Mainzeal operations.
But whoever acquires Mainzeal’s 40 stalled projects has the luxury of driving a hard bargain.
Inevitably, some of the company’s staff and sub-contractors are going to lose out in the short term.
Ceres NZ has revealed it is in the running for Mainzeal or its assets. It is the local subsidiary of an international, diversified investment and construction company.
Mainzeal’s collapse is a heaven-sent opportunity for the company in the face of Fletcher-dominated and tightly held contracts in Christchurch where Ceres has been involved in demolition work.
A dearth of commercial property work – as revealed in muted building consents – exacerbates market constraints in Auckland and Christchurch.
However, a Ceres application to acquire Mainzeal is likely to be viewed positively by the Overseas Investment Office and its minister.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Craigs' Mark Lister says Brexit fallout is likely to mean more volatility and a sub-2% OCR
- NBR's Jenny Ruth on a report suggesting electric car uptake will be slow
- Sunday Business with Andrew Patterson: Brexit Special
- Matthew Hooton on making a moral case for social capital
- Dr Oliver Hartwich says everyone should stay calm and carry on