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Market Update

Australian Construction Sector Expands, Wotif.com Receives $660 M Offer

Author: Marcus Jacob
Last Update: 10:43 AM ET July 07 2014

5:00 PM Sydney Australian market indexes closed lower and construction industry showed first sign of revival in the year. Wotif.com received $660 million takeover offer from the U.S. based Expedia Inc.

Australian market indexes closed lower in thin trading and construction industry showed a sign of revival for the first time in the year so far and Wotif.com received an unsolicited takeover offer.

The construction industry index increased 5.1 to 51.8 in June, tracked by the AIG/Housing Industry Association. The reading above 50 indicates an expansion and the industry has struggled this year as costs balloon and customers struggle to meet elevated housing prices.

Australian dollar slid to 93.57 U.S. cents and stock trading turnover declined to 493 million shares worth $3.06 billion.

ASX 200 index slid 6.10 to 5,518.90 and the broader All Ordinaries fell 5.50 to 5,506.30.

Stocks in Review

Aristocrat Leisure Limited was halted at $5.39 and the poker machine maker agreed to acquire privately held the U.S.-based rival Video Gaming Technologies for $1.28 billion in cash to expand its business in the United States.

The transaction is expected to close within the first-half of this year.

Decmil Group Limited gained 0.8% to $1.85 after the engineering and construction group secured contract worth $26 million from Rio Tinto Limited to develop infrastructure at the port expansion in Western Australia.

Wotif.com Holdings Limited surged 24.6% to $3.29 after the online travel booking service provider received takeover offer from the U.S.-based online travel company, Expedia Inc for $660 million.

Expedia also offered $3.06 cash per share and a special dividend of 24 cents.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc