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Unibail-Rodamco shareholders have approved the proposed $16 billion acquisition of Westfield.
“Today marks a new and major step forward in the acquisition of Westfield, a natural extension of Unibail-Rodamco’s strategy of concentration, differentiation and innovation,” said Unibail-Rodamco CEO Christophe Cuvillier on Thursday, as reported in the U.K.’s Retail Gazette. “I would like to thank our shareholders for their support for the proposed transaction, which represents a compelling opportunity for continued profitable growth and value creation."
Westfield’s shareholders are scheduled to vote on the deal on May 24.
Unibail-Rodamco is the largest retail landlord in Europe. This deal would create a $72.2 billion firm with 104 assets that draw some 1.2 billion visits annually. The company's acquisition of Westfield would give it a major presence in the U.K. and the U.S. Under the terms, Westfield will keep its name.
By Edmund Mander
Director, Editor-In-Chief/SCT
