Australand shares advance on FCL's offer

[SYDNEY] Australand Property Group shares rose by the most in a month after Frasers Centrepoint Ltd said that it will move ahead with a A$2.6 billion (S$3 billion) off-market takeover offer for the Australian developer.

Australand shares gained 0.9 per cent to A$4.48 as at 11.58 am here, set for the biggest advance since June 4. Frasers shares lost 0.3 per cent to $1.895 in Singapore.

Since proposing to bid for the Sydney-based company last month, Frasers has completed due diligence and will move forward with its A$4.48 a share offer to acquire all Australand securities, the companies said in regulatory filings on Tuesday.