Laura Davies won this tournament previously in 1993 and 1994

England's Laura Davies hit a final-round 68 on Sunday to win her third ANZ Masters title.

Davies finished with a three-round total of 13-under 203 and a one-shot victory over Karrie Webb.

Webb, who shot a final-round 70, finished in a tie for second with fellow Australian Rebecca Stevenson.

Davies, who won this event in 1993 and 1994, trailed Webb by one shot going into Sunday's final round of the rain-reduced 54-hole tournament.

Webb held the lead by one shot after the ninth hole on Sunday, but bogeyed the par-three 11th when she nearly pulled her ball into the water.

-13 Laura Davies (Eng) (Aus) -12 Karrie Webb (Aus), Rebecca Stevenson (Aus) -11 Lorena Ochoa (Mex) -10 Iben Tinning (Den), Rachel Teske (Aus)

Davies then birdied the par-five 15th to move ahead, only to lose her lead on the 17th when she three-putted, allowing Webb to pull into a tie for the lead with one hole remaining.

Davies then sank a 12-foot putt for par on the 18th hole while Webb bogeyed as Davies clinched the 65th tournament win of her career.

"I beat Karrie in Australia, and ultimately, that's a tough nut to crack," said Davies.

"We have been taking a flogging off you Aussies for a long time," the 39-year-old added.

Webb said: "It was the Laura of old today, the way she drove it and hit her irons.

"I played a little loose on the back, I wasn't hitting my irons as close as I would have liked.

"But Laura made some good putts when she needed to and played great."

Lorena Ochoa of Mexico shot a final-round 68 to finish fourth at 11-under 205.

Iben Tinning of Denmark had a 66 to pull into a tie for fifth with Australian Rachel Teske (67) at 10-under 206.