Channel NewsAsia

Frasers Centrepoint extends Australand offer till Sep 4

The offer, which values Australand at around A$2.6 billion (S$3 billion), was originally scheduled to close on Thursday (Aug 21).

SINGAPORE: Singapore's Frasers Centrepoint Ltd (FCL) has extended the closing date of its takeover offer for Australian property group Australand to Sep 4.

The offer, which values Australand at around A$2.6 billion (S$3 billion), was originally scheduled to close on Thursday (Aug 21).

FCL's holding of Australand crossed the 50 per cent level earlier this month. Its stake would have increased since, as Stockland - a one-time rival bidder for Australand - has said it will sell its 19.9 per cent stake to the Singapore firm.

FCL, the former property arm of Fraser and Neave, is hoping to increase its earnings from outside Singapore and has identified Australia as a key market.

Tweet photos, videos and updates on this story to  @channelnewsasia