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Australand Shares Rise on A$2.6 Billion Frasers Offer

Australand Property Group shares rose by the most in a month after Frasers Centrepoint Ltd. said it will move ahead with a A$2.6 billion ($2.5 billion) off-market takeover offer for the Australian developer.

Australand shares gained 0.9 percent to A$4.48 at the close of trading Sydney, the biggest advance since June 4. Frasers shares lost 1.1 percent to S$1.84 in Singapore, after falling as much as 1.6 percent to S$1.83. Since proposing to bid for the Sydney-based company last month, Frasers has completed due diligence and will move forward with its A$4.48-a-share offer to acquire all Australand securities, the companies said in regulatory filings yesterday.