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14 December, 2017 00:00 00 AM
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Westfield shares soar after Unibail-Rodamco takeover

AFP

AFP, SYDNEY:  Shares in Australian shopping centre giant Westfield soared yesterday after French property firm Unibail-Rodamco agreed to buy the group, with founder Frank Lowy congratulated on his “impeccable timing”.

In a deal valuing Westfield at US $24.7 billion, shareholders will receive the equivalent of Aus $10.01 in cash and stock for each share they hold.

That represents a huge premium to the Aus $8.50 they were trading at before the deal was announced on Tuesday.

The market responded with the stock soaring 13.65 per cent to close at Aus $9.66 yesterday.

The biggest-ever corporate takeover in Australia will create a combined portfolio of the merged companies including key centres such as Westfield London and Westfield World Trade Center in New York.

The deal has the backing of both boards and once finalised, the well-recognised Westfield brand will be rolled out in the enlarged group’s flagship shopping destinations.

 

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Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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