Stockland Launches Counter-Takeover Offer

Stockland Trust Management Ltd. has launched a counter-takeover offer for Australia's General Property Trust that could affect Lend Lease Corp.'s plans to acquire GPT.Moody's Investors Service said that as a result of the counter-offer, it has changed the status of Lend Lease's rating to "direction uncertain" from "review for possible upgrade." GPT has said it will consider the Stockland proposal under the same terms it considered Lend Lease's proposal and will make a recommendation to shareholders as soon as possible.