Australia's Australand jumps 7 pct after Frasers Centrepoint lobs bid

Australia's Australand jumps 7 pct after Frasers Centrepoint lobs bid

SYDNEY - Shares in Australand Property Group jumped seven per cent on Wednesday after the Australian property company said it received a A$2.6 billion (S$3.02 billion) takeover offer from Singapore's Frasers Centrepoint Ltd.

Australand shares traded as high as A$4.61 and were up 6.5 per cent at A$4.59 at 0103 GMT, in a slightly weaker broader market.

Frasers is offering A$4.48 per share plus a distribution of A$0.1275 per share.

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