SYDNEY Aug 7 A $2.4 billion bid by Frasers
Centrepoint Ltd for Australia's Australand Property
Group was hanging in the balance on Thursday after the
Singaporean bidder said it did not yet have enough shareholder
support for the deal to succeed.
Frasers, backed by Thai beer billionaire Charoen
Sirivadhanabhakdi, needs approval from owners of at least 50
percent of Australand's shares to declare the offer, which
closes at 0900 GMT on Thursday, unconditional.
But in a statement to the Australian Securities Exchange
about five hours before the deadline for what would be the
country's fifth-largest takeover so far in 2014, Frasers said it
had approvals from owners of just 39.5 percent of Australand's
The uncertainty will feed speculation Australand's biggest
shareholder, larger rival Stockland Corp Ltd, may make
a last minute bid. Stockland, which has 19 percent of
Australand, made an approach to the takeover target before
Frasers made its bid.
"Stockland will come in for at least one more, higher bid,"
CLSA analysts said in a recent research note.
Stockland declined comment and Frasers did not disclose
whether Stockland was among the Australand shareholders to vote
for its offer.
Australia is having a bumper year for M&A as international
buyers tap the country's array of well established businesses in
mature markets. Transactions announced in Australia totalled $79
billion in the six months to June 30, compared to $45 billion in
the first half last year, according to J.P. Morgan.
Frasers is 59 percent owned by Charoen's investment company
TCC Assets Ltd and 29 percent owned by his Thai Beverage PCL
Australand shares were up 0.6 percent at A$4.465, just under
the A$4.48 offer price from Frasers.
(Reporting by Byron Kaye; Editing by Michael Urquhart)