Deals
Unibail Buys Westfield for $16 Billion as Mall Owners Merge
- Stock, cash offer values Westfield at A$10.01 per share
- Westfield board has unanimously recommended the takeover
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Unibail-Rodamco SE, Europe’s largest commercial landlord, agreed to buy Australia’s Westfield Corp. for about A$21 billion ($15.8 billion) in the biggest property acquisition since 2013 as declining store sales push mall operators worldwide to merge.
The Paris-based company offered a combination of cash and stock that values Westfield at A$10.01 per share, or about 18 percent more than Monday’s closing price, according to a statement Tuesday. The offer has been unanimously recommended by the board of Westfield, the biggest private sector mall landlord in London and the 12th largest U.S. retail property owner.