A real estate firm based in Singapore has taken control of property developer Australand with a $2.6 billion takeover offer.
A late flurry of acceptances of Frasers Centrepoint's offer to Australand shareholders has seen it take a majority stake in the local developer, just hours before its offer was due to lapse.
Frasers Centrepoint had a 56.8 per cent stake in Australand at 1700 AEST, above the 50 per cent minimum needed for the bid to go ahead.
The takeover offer was due to close at 1900 AEST on Thursday, and just 24 hours earlier it had just 28.65 per cent of Australand shares.
The offer has now been extended by two weeks, and all conditions have been removed.
Frasers is an international real estate firm, with core markets in Singapore, China and Australia.
It's bid for Australand, which owns $2.4 billion in residential and commercial developments, trumped an earlier $2.5 billion offer from rival Stockland, which itself owns a significant stake in Australand.
Frasers pursued the takeover to achieve its aim of generating profit outside of Singapore.
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