Frasers Centrepoint enters Australand bidding war

New ownership, new appetite for deals: Thai tycoon Charoen Sirivadhanabhakdi-controlled Frasers Centrepoint trumps Stockland with A$2.6 billion bid for Australand.
Charoen Sirivadhanabhakdi
Charoen Sirivadhanabhakdi

Singapore-listed property firm Frasers Centrepoint, which is controlled by Thai tycoon Charoen Sirivadhanabhakdi has entered a bidding war for Australian developer Australand, illustrating how a change in ownership has transformed the company's appetite for major acquisitions.

On Wednesday, Frasers Centrepoint put in a A$2.6 $2.4 billion bid for Australand, trumping an offer from Australia's largest property group Stockland. The former made an all-cash offer of A$4.48 per share for all of Australand compared with Stockland’s A$4.35 offer, a mixture of cash and stock.

The deal is the second time the deep-pocketed Thai tycoon has entered a bidding war, the first time being its high-profile acquisition in 2013...

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