Lendlease’s shares are trading almost 9% up on opening value today as reports grow that the Australian construction giant had become the target of a Japanese takeover bid.

At 4:30pm AEST, Lendlease stock had risen to $13.86, up over a dollar from its previous closing value of $12.74.

Stock surged to almost $14 this morning after The Australian first reported that a Japanese company – suggested as Mitsui – was planning to buy the $7.21 billion construction group, before breaking it up and selling off its parts to various buyers.

A source within Mitsui was quoted by The Australian Financial Review as unaware of any such activity by the Japanese company.

Lendlease issued a response this morning, dismissing the report. “Lendlease confirms it has not received any such approach,” the brief statement read.

Related: Lendlease Faces Potential Class Action Lawsuit Over Failing Engineering Arm

Lendlease has suffered several blows to its reputation this year, most recently with the news that it would be facing a class action lawsuit over its struggling engineering business.

Conecta has previously reported rumours of an imminent takeover of the company, with Samsung also being named as a potential candidate for the takeover.

Related: Lendlease Wins Contract for AU$2.7 Billion Birmingham Project in England

On Monday afternoon, Macquarie Research analysts suggested that Lendlease could be sold for as much as $18 a share; and that a takeover at this time would be “strategically smart.”

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