Second prize isn't so bad for Stockland

It would be hard for Stockland to justify an upwardly-revised bid for Australand in light of Frasers Centrepoint's offer, but the prospect of making a tidy profit from selling its stake could provide some consolation.

Until today, Stockland’s chief executive Mark Steinert would have been increasingly confident of the prospects for the success of his $2.5 billion bid for Australand. With his revised and final bid now trumped by Singapore’s Frasers Centrepoint, he may have to contemplate accepting a consolation prize.

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