Shares in Ronin, which has specialized in office development inAustralia and New Zealand and runs a property trust, slipped 1.6%before trading was stopped, valuing its equity at A$1.26 billion($900 million). The shares had risen 3.3% during the week onspeculation that it would become a takeover target.

Multiplex shares edged up 0.8% at A$3.67 before trading washalted, putting its market value at A$2 billion ($1.4 billion). Thecompany, which is building London's Wembley Stadium, says it willsubmit the merger proposal by next Tuesday.

A takeover will enable Multiplex to access steady income fromRonin's property investment unit, which through a joint venturewith AMP Capital NZ runs New Zealand-listed trust ANZO. It willboost the proportion of Multiplex's income from property investmentto more than 50% and make it eligible for the listed property trustsector.