SYDNEY: Shares of CFS Gandel Retail Trust, an Australian owner of shopping centres, had a record gain today on speculation the A$3.9bil (US$2.9bil) trust may be a takeover target.
Shares of the Sydney-based trust surged 5.6% after billionaire founder John Gandel sold his stake in the company that manages the trust to partner Commonwealth Bank of Australia. The sale stoked speculation the Gandel family may not be committed to keeping its 19% equity stake in the trust. – Bloomberg
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