CapitaLand's loss could be FCL's gain in Australand deal
WHAT does Frasers Centrepoint Limited (FCL) see in Australand Property Group that escaped CapitaLand?
This must be a question on some market watchers' minds after FCL said yesterday that it had submitted a conditional cash proposal to acquire up to a 100 per cent stake in Australand at A$4.48 per stapled security, totalling A$2.6 billion (S$3 billion). FCL has entered into a four-week, exclusive due-diligence period, after which the plan is to launch a binding offer. A key condition is that FCL receives minimum 50.1 per cent acceptance.
CapitaLand had a 59.1 per cent stake in Australand, which it divested itself of in two stages: 20 per cent last November at A$3.685 a stapled security or a total of A$426 million, followed by a sale of the balance 39.12 per cent stake at A$3.75 each raising A$848.8 mi…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
CSE Global bags data centre contract extension worth US$36.5 million
Keppel DC Reit reports 13.7% lower Q1 DPU of S$0.02192 amid loss allowances
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
Singapore shares open higher on Friday; STI up 0.2%
TSMC estimates losses of US$92.4 million due to Taiwan earthquake
Singapore loses ‘world’s best airport’ crown to Qatar