Westfield Retail Shareholders Vote in Favor of Restructure
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Westfield Retail Trust shareholders voted in favor of a plan by its manager and Australia’s biggest shopping mall operator, Westfield Group, to merge their local operations into a new company.
About 76 percent of votes cast were in favor of the creation of Scentre Group, which would hold Australian and New Zealand operations of Westfield Retail and Westfield Group, the trust’s chairman, Richard Warburton, said at a shareholder meeting today. Support from at least 75 percent of shareholders was needed for the restructure to proceed.