Title : Feuding heirs of $2.5 billion construction tycoon sell off empire to resolve will dispute
link : Feuding heirs of $2.5 billion construction tycoon sell off empire to resolve will dispute
Feuding heirs of $2.5 billion construction tycoon sell off empire to resolve will dispute
The heirs to construction tycoon Len Buckeridge's fortune have decided to sell the $2.5 billion BGC business empire he founded more than 50 years ago, the ABC understands.
The company's workforce of around 4,300 will be briefed at a meeting on Friday afternoon. It comes after the business shed staff earlier this week.
The company is expected to make a public announcement at 4:00pm today.
Mr Buckeridge built from scratch the vast nationwide group which covers construction, mining contracting, and also manufactured building products in the 1960s.
It remains one of Australia's biggest privately-owned companies.
But BGC's ownership has been under a cloud since Mr Buckeridge died in 2014, leaving a will which stipulated how his business should be split among his family, which includes six children and eight grandchildren.
There has been a long-running family dispute about how his wealth should be being distributed, with some members objecting to being left shares in the company rather than cash.
Two of the building tycoon's children, Sam Buckeridge and Julian Ambrose, are the trustees and have taken up the running of BCG with a third brother, Andrew.
Business commentator Tim Treadgold described the decision to sell the company as sensible, saying it should have happened shortly after Mr Buckeridge's death to avoid any possible animosity.
"Because once you turn something into cash, you can distribute it fairly," he said.
"If you've got an operating business, how do you break it up? If you've got a great big business called Buckeridge Group, you can't divide it into four or five or however many successors there are.
"You need to get it into cash."
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