Singapore’s Frasers bids $2.4b for Australia’s Australand

Reading Time: 2 minutes

australandSingapore-listed Frasers Centrepoint Ltd made a surprise $2.41 billion cash takeover bid for Australia’s Australand Property Group, trumping an offer from Australian firm Stockland Corp Ltd.

Backed by Thai beer billionaire Charoen Sirivadhanabhakdi, Frasers Centrepoint made its offer less than a week after Stockland upped its bid, Australand said in a statement on June 4.

The Singapore firm is 59 per cent-owned by Sirivadhanabhakdi’s investment company TCC Assets Ltd and 29 per cent-owned by his Thai Beverage PCL.

The move sets the scene for a showdown for control of Australand, which has been regarded as a takeover target since Singapore’s CapitaLand Ltd announced plans to sell what was a 59 per cent stake in early 2013.

Stockland, Australand’s biggest shareholder with 15.7 per cent, has been seen as a likely buyer in its quest to become one of Australia’s biggest property companies.

In April, Australand rejected Stockland’s original bid as undervalued and said it would refuse Stockland access to due diligence. A month later when Stockland increased its offer, Australand agreed to open its books to the No. 2 Australian property player.

Frasers was spun off from drinks and publishing conglomerate Fraser and Neave Ltd and listed in Singapore in January, a year after Sirivadhanabhakdi took control of the parent company.

In a statement, Frasers Chief Executive Officer said the deal would “catapult FCL to being one of Australia’s leading real estate companies with a portfolio of scale and quality”. It added that Australia was a “core market” for the Singapore company.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid

Reading Time: 2 minutes

Singapore-listed Frasers Centrepoint Ltd made a surprise $2.41 billion cash takeover bid for Australia’s Australand Property Group, trumping an offer from Australian firm Stockland Corp Ltd.

Reading Time: 2 minutes

australandSingapore-listed Frasers Centrepoint Ltd made a surprise $2.41 billion cash takeover bid for Australia’s Australand Property Group, trumping an offer from Australian firm Stockland Corp Ltd.

Backed by Thai beer billionaire Charoen Sirivadhanabhakdi, Frasers Centrepoint made its offer less than a week after Stockland upped its bid, Australand said in a statement on June 4.

The Singapore firm is 59 per cent-owned by Sirivadhanabhakdi’s investment company TCC Assets Ltd and 29 per cent-owned by his Thai Beverage PCL.

The move sets the scene for a showdown for control of Australand, which has been regarded as a takeover target since Singapore’s CapitaLand Ltd announced plans to sell what was a 59 per cent stake in early 2013.

Stockland, Australand’s biggest shareholder with 15.7 per cent, has been seen as a likely buyer in its quest to become one of Australia’s biggest property companies.

In April, Australand rejected Stockland’s original bid as undervalued and said it would refuse Stockland access to due diligence. A month later when Stockland increased its offer, Australand agreed to open its books to the No. 2 Australian property player.

Frasers was spun off from drinks and publishing conglomerate Fraser and Neave Ltd and listed in Singapore in January, a year after Sirivadhanabhakdi took control of the parent company.

In a statement, Frasers Chief Executive Officer said the deal would “catapult FCL to being one of Australia’s leading real estate companies with a portfolio of scale and quality”. It added that Australia was a “core market” for the Singapore company.

Do you like this post?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid