FleetPartners shares surged 12.35% to a record A$4.64 after three bidders increased takeover proposals for the Australian vehicle leasing company. ORIX and a Sumitomo Corp.-led consortium each offered A$4.65 per share, valuing FleetPartners at about A$982.1 million, while SG Fleet raised its proposal to A$4.55. The stock has gained about 64% from its July 31 close of A$2.83, as the auction approaches a A$1 billion valuation. FleetPartners granted all three bidders further due diligence access, but the proposals remain conditional and nonbinding. Element Fleet Management exited after deciding not to submit another revised offer. The contest began with SG Fleet's A$3.60-per-share proposal in early August and later included A$3.80 bids from Element and ORIX, followed by higher offers from SG Fleet and the Sumitomo-led consortium. The bidding reflects interest in FleetPartners' novated leasing business, which generated A$25.8 million in fiscal 2025 EBITDA, up 28% from a year earlier, and represented nearly one-fifth of operating earnings. Novated leasing grew 20% year to date in the latest quarterly update, while group core income rose 7% and the company raised its fiscal 2026 new-business-writing outlook to high-single-digit growth.