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Stocks to watch on the Australian stock exchange:

BHP – BHP BILLITON – up 18 cents, or 0.5 per cent, at $33.56

CIM – CIMIC – up 58 cents, or 1.4 per cent, at $41.04

BHP has approved spending $US2.9 billion ($A3.8 billion) to develop its Western Australian South Flank iron ore project in the central Pilbara and engineering group CIMIC will start work on the project in July after winning a $A260 million contract.

BUB – BUBS AUSTRALIA – in a trading halt, last traded at 89.5 cents

Shares in Bubs Australia remained ion a trading halt on Friday as the infant formula maker readies an announcement on a capital raising.

SRX – SIRTEX MEDICAL – up $1.36, or 4.6 per cent, at $31.00

Liver cancer treatment developer Sirtex Medical has accepted a $1.87 billion takeover bid from China’s CDH Genetech after another suitor, Varian Medical Systems of the US, declined to match or beat CDH’s offer.