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ASX Preview: Australian Shares to Rise as Oil Eases; Forrestania Resources Says Takeover Offer for Zenith Minerals Remains Open After Takeovers Panel's Order

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Australian shares are poised to rise on Friday as oil prices eased about 1% but remained above $100 a barrel, while signs of improving Saudi crude supplies helped temper concerns over Middle East disruptions.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1.1%, 1.7%, and 0.6%, respectively.

In corporate news, Forrestania Resources (ASX:FRS) said its Zenith Minerals (ASX:ZNC) takeover offer remains open and can "now proceed with certainty."

Macmahon Holdings (ASX:MAH) executed a share purchase agreement to acquire 100% of the engineering and project delivery business, Aspect Engineering Solutions, and associated subsidiaries.

Australia's benchmark index rose 0.4%, or 35.9 points, to close at 8,732.40 on Thursday.

What else is happening in Asia?

Asia

Market Chatter: China Airlines Plans Codeshare Partnership with Britain's Virgin Atlantic

China Airlines (TPE:2610) plans to launch codeshare partnership with Britain's Virgin Atlantic Airways, according to a Focus Taiwan report on Wednesday, quoting the airlines' president Kevin Chen.Initially, China Airlines, and Virgin Atlantic will share flight codes on each other's services and will subsequently tap into complementary route networks to faciliate better flight services between Taiwan and the UK, Chen said.China Airlines' sahares were up over 1% in Thursday's trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TPE:2610
Asia

China Petrochemical Unit Wins Court Ruling Revoking Land Seizure

China Petrochemical Development (TPE:1314) unit Core Pacific Development won a ruling from the Taiwan High Court, that revoked a criminal seizure order on a plot of land in Taipei, Taiwan.The land had been subject to four seizure rulings issued by the Taipei District Court at the request of the Taipei District Prosecutors Office.The company said the matter has no financial or business impact.

TPE:1314
Asia

Lotus Pharmaceutical's Unit to Reduce Capital by $70 Million

Lotus Pharmaceutical's (TPE:1795) subsidiary, Lotus International, will reduce its capital by $70 million, according to a Wednesday filing with the Taiwan Exchange.The reduction involves the cancellation of 70 million shares as part of the group's capital utilization plan.Following the reduction, Lotus International's share capital will stand at $16.1 million.

TPE:1795