Approval for LNR/Lennar Acquisition Delayed

MIAMI BEACH, FL-An approval necessary for locally based Lennar Corp. and LNR Property Corp.’s joint acquisition of the Newhall Land and Farming Co. has been delayed slightly. The California Public Utilities Commission had planned to look at the pending application to transfer control of Valencia Water Co, a wholly owned subsidiary of California-based Newhall Land, to a company owned jointly by Lennar and LNR on Dec. 18; however, this meeting has been postponed until Jan. 22.

On that date, the commission may act on the draft decision of the administrative law judge, or it may postpone taking action. The administrative law judge’s draft decision approving the application conditionally was issued Nov. 14. When the commission acts on the draft decision, it may choose to adopt all or part of it as written, amend it or set it aside and prepare its own decision.