The Wall Street Journal is reporting that Westfield Corp, the owner of the Westfield Annapolis mall has been acquired by a European retail conglomerate.
According to a memo sent out by the National Association of Corporate Directors:
Westfield Corp. has agreed to a takeover by European property company Unibail-Rodamco, valuing it at 20.8 billion Australian dollars (US$15.7 billion), confirms the Wall Street Journal (Dec. 12, Cherney). Westfield is an Australian company that operates U.S. shopping malls, including at the World Trade Center in Lower Manhattan. This latest mega-deal would offer Westfield shareholders a combination of cash and shares in Unibail-Rodamco. It values Westfield shares at US$7.55 each, a nearly 18 percent premium to Westfield’s most recent share price. According to the Journal, “the transaction would create a global operator and developer of flagship shopping centers spanning the U.S. and Europe, with a gross market value of US$72.2 billion. Unibail-Rodamco Chief Executive Christophe Cuvillier will run the merged group.”
