French group to take over Westfield malls for $25 billion

SeattlePI.com Tuesday, 12 December 2017 ()
PARIS (AP) — French real estate company Unibail-Rodamco has agreed to buy Australia-based shopping mall operator Westfield Corporation in a deal that values it at $24.7 billion. The companies would together have 104 shopping centers in 13 countries that bring in an estimated 1.2 billion visits a year. Unibail-Rodamco SE invests globally in commercial property, from malls to office space. Westfield, which started off in Sydney in the 1950s, is known for its 35 upscale shopping centers in major metropolitan areas, particularly in Britain and the U.S. Unibail-Rodamco said Tuesday that its offer values Westfield shares at $7.55 each, a premium of 17.8 percent on Monday's closing price.
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News video: Mall owners to merge in $16-billion Westfield deal

Mall owners to merge in $16-billion Westfield deal 01:31

 France's Unibail-Rodamco has agreed to buy shopping mall owner Westfield Corp for $15.7 billion, in what would be the biggest takeover of an Australian company on record. Scarlett Cvitanovich reports