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p&o has sold Bovis for £285 million to the Australian property firm Lend Lease. Peninsular & Oriental dropped its plans to float the business to concentrate on its core business. p&o had been said to have been expecting around £300 million from a flotation but shares in construction firms have been hit by fears of rising interest rates. The value of the sector has fallen more than 14 per cent since 8 September, says the ft.

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