Sydney, July 23, 2007 (ABN Newswire) - The Australian share market lost ground today. The market got off on the wrong foot after Wall Street's dismal performance on Friday - following fresh concerns about the U.S. subprime mortgage market. U.S. exposed firms led our market down.

The ASX 200 Index closed down 31 points at 6390, and on the futures market the SPI 200 gained 54 points.

Turning to company news now, Multiplex has formally recommended a takeover bid from Canada's Brookfield Asset Management. The Australian construction group told shareholders the company was offering a substantial premium with the deal valued at around $7.3 billion, or $5.05 per security. Importantly, the offer has the backing of the Roberts family which owns over 25 per cent of Multiplex. Brookfield manages assets of about $50 billion and owns and extensive real estate portfolio. Shares in Multiplex closed steady at $4.97

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