AMP Property Portfolio has won the battle for the country's fourth largest listed property investor but is still fighting to get full control of landlord Capital Properties.
Monday, November 21st 2005, 5:34AM
by The Landlord
It had 54 per cent of Capital yesterday, having crossed the 50 per cent threshold to transform itself into a $1 billion-plus landlord.
AMP is seeking 100 per cent of Capital Properties in its $1.48-a-share bid.
But ABN Amro analyst Mark Lister has raised doubts about AMP succeeding in a full takeover.
He predicted it would fall well short of the 90 per cent compulsory acquisition threshold, leaving it in a difficult position.
Lister said he expected AMP to extend the closing date of its offer - which is due to end today - in an attempt to mop up the rest of the company.
But AMP portfolio general manager Stephen Costley said he was confident the company could get full control - although no decision had yet been made to extend the deadline for the takeover.
