Tycoons triumph in Australand, Envestra takeovers

Frasers Centrepoint and a Cheung Kong consortium gather sufficient acceptances to make their offers for Australand and Envestra unconditional.
Triumphant tycoon Charoen Sirivadhanabhakdi
Triumphant tycoon Charoen Sirivadhanabhakdi

Thai beer baron Charoen Sirivadhanabhakdi and Hong Kong tycoon Li Ka-shing both emerged victorious on Thursday as companies they controlled won takeover battles for Australian targets.

Singapore-listed property firm Frasers Centrepoint, which is controlled by Charoen, achieved acceptances for 56.8% of Australand, enough to make its offer unconditional.

Meanwhile, a Cheung Kong Infrastructure-led consortium’s bid for Australian gas distributor Envestra also became unconditional after rival APA group threw in the towel and tendered its entire 33% stake in Envestra, resulting in the consortium gathering acceptances of 72.8%.

Bidding wars or hostile takeovers are far more common in Australia than in Asia,...

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