Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI BEACH, FL-The California Public Utilities Commission on Dec. 18 plans to look at the pending application to transfer control of Valencia Water Co, a wholly owned subsidiary of Newhall Land, to a company owned jointly by Lennar Corp. and LNR Property Corp based here. The action is being taken to proceed with the pending merger between Newhall Land, based in California, and the LNR/Lennar entity.

The administrative law judge’s draft decision approving the application conditionally was issued on Nov. 14. At Dec. 18 meeting, CPUC may act on the draft decision or postpone action. When CPUC acts on the draft decision, it may adopt all or part of it as is, modify it or put it aside and prepare its own decision.

The Lennar/LNR entity’s acquisition of Newhall Land is subject to CPUC’s approval of the pending application, in addition to other closing conditions. The merger will be completed within seven business days after the day when all the merger conditions have been met or waived. The company expects the merger to close substantially earlier than the originally planned mid-2004.

LNR Property Corp. is a national, diversified real estate investment, finance and management company. Lennar Corp. is a national homebuilder established in 1954. Newhall Land is a premier community planner in north Los Angeles County.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.