Westfield Takeover Approved, Largest In Australian History
As tipped by analysts, Westfield has announced its $30 billion takeover by French giant, Unibail-Roadamco, has officially been approved – a deal said to be the largest M&A transaction in Australian history.
In conjunction with founding family, the Lowys, over 97% of Westfield Corporation shareholders voted in favour of the deal.
As previously reported, the deal will form a separate merged entity which with over $94 billion in assets, spanning 13 countries.
Westfield Chairman, Sir Frank Lowy, previously affirmed the merger would create “one of the world’s premier developers and operators of flagship shopping destinations”.
In a sincere and colloquially written ASX-statement, Sir Frank Lowy expressed his gratitude for the journey, asserting Westfield would be in “very good hands” with Unibail-Rodamco:
“But I must tell you I am totally at peace with the decision, which is supported by the vast majority of shareholders.”
“It is the right thing for all shareholders, and Westfield will be in very good hands with Unibail-Rodamco”
“Today, I feel very grateful.”
Speaking of shareholders’ overwhelmingly support (97.5%), Sir Frank quipped “I don’t know what happened to the 2.5 per cent.”
Sir Frank claims the new group will have more flagship shopping centres than any other player, and will play a “major role” in the evolution of the retail industry.
The news comes after Unibail Rodamco SE received approval to list shares created from its merger with Westfield on the ASX. The company’s secondary listing will replace Westfield on the ASX.
Consensus is, share listing will occur by May 31st.