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Stockland MD says no current plan to bid for GPT

Wed Nov 12, 2008 12:01am EST

Stocks

   

MELBOURNE, Nov 12 (Reuters) - Stockland Group (SGP.AX) has no current plan to make a bid for GPT Group (GPT.AX), Managing Director Matthew Quinn told Reuters on Wednesday, after Stockland said it had bought a 12.7 percent strategic stake in GPT.

"We have no hostile intentions," Quinn said. "And we have no current intentions to make a bid," adding that Stockland had made that clear to GPT.

He said it was too early to talk about whether Stockland might want to pick up specific GPT assets.

He declined to comment on whether Stockland had discussed its stake with GPT's major shareholder, state-owned Singapore Investment Corp's GIC Real Estate. ($1=A$1.53) (Reporting by Sonali Paul)



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