CapitaLand, CapitaMalls Asia shares jump after takeover offer

SINGAPORE - Shares of property companies CapitaLand and CapitaMalls Asia surged on Tuesday morning after CapitaLand offered to buy out CapitaMalls Asia on Monday.

CapitaLand, South-east Asia's biggest property developer, jumped as much as 20 cents to $3.12 before easing back down to $3.07 as at 10am Singapore time. Some 22.3 million shares changed hands in the first hour of trading.

CapitaMalls Asia leapt 40 cents to $2.21, then settled down to $2.18 as at 10am Singapore time, with 73.5 million shares being transacted.

CapitaLand is offering $2.22 a share for CapitaMalls Asia, in which it owns a 65.3 per cent stake.

Shares in the two companies had been halted from trading on Monday.

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