Australian shares fell 1.7 percent to a one-month low on Thursday, dragged down by weaker-than-expected profits at third-largest lender Westpac and as sliding copper prices weighed on miner BHP Billiton. Capturing the spotlight was news that Billabong may be the subject of a private equity take-over offer. Billabong, which reports first-half earnings on Friday, placed itself on a trading halt ahead of an update on a capital restructure.
The benchmark S&P/ASX 200 index fell 72 points to 4,181.4, according to the latest data, its weakest close since mid January. New Zealand's benchmark NZX 50 index slipped 0.2 percent to 3,286.4 points.