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Australia’s largest equipment hire company, valued at $3 billion, is expected to abandon its intended October listing and review the situation early next year.
The Financial Review reported the firm is concerned about waning investor appetite for new listings.
Worrying economic data from Europe, coupled with a forecast slowdown in China, has been blamed for negative investor sentiment.
The owner of Coates Hire, Seven Group Holdings, has recorded strong economic growth over the past year on the back of solid equipment sales from its WesTrac earthmoving division.
