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Frasers to Proceed With A$2.6 Billion Australand Bid

Frasers Centrepoint Ltd. will pursue its offer to buy Australand Property Group for about A$2.6 billion ($2.4 billion) in the Singapore real estate company’s biggest proposed acquisition after trumping a bid by Stockland.

Frasers completed due diligence and will proceed with an off-market takeover offer to acquire all Australand shares, following a preliminary bid last month of A$4.48 per share, the two companies said in a regulatory filing today. That compares with Stockland’s all-share bid, valued at A$4.43 as of June 3.