Westfield Shareholders Vote in Favour of £18.5 Billion Takeover
Shepherd's Bush centre now among 102 run by French retail giant Unibail-Rodamco
Westfield shareholders have voted in favour of a £18.5 billion takeover by French retail giant Unibail-Rodamco.
The approval was the final hurdle for the takeover, which has already been approved by the boards of both companies, as well as Australia’s Foreign Investment Review Board.
Chairman Frank Lowy, an Australian billionairs who founded the group in 1960 in Sydney, and who also announced his retirement after 58 years with the company, said in a statement that the buyout was “supported by the vast majority of shareholders”.
He added that two Westfield directors, Peter Lowy and John McFarlane, would join the supervisory board of Unibail.
Unibail-Rodamco will reportedly take over from 1 June.
The takeover creates a £54billion retail giant with 102 shopping centres in 13 countries, including London, Paris, Stockholm, New York and Los Angeles.
Westfield owns 33 shopping centres in the US and of course two in London while Unibail operates across Europe and it is understood that the new owners will retain the brand name on all the centres.
Westfield London in Shepherd's Bush has become Europe's largest since the launch of its expansion in spring. Stores and other attractions, including an All Stars Bowling Venue will open within the new expansion throughout the summer, with plans for the new space to be fully open in time for the centre's tenth anniversary this autumn.
Unibail chief executive Christophe Cuvillier says he aims to continue to expand the Westfield brand.
"All of us at Unibail have immense respect for what the Lowy family and the Westfield team have accomplished with the Westfield brand and the company's iconic collection of world class shopping destinations,' he said.
Overview of the new extension at Westfield London
May 30, 2018
