Westfield shareholders give merger deal tick of approval

Sets new record in Australia.

Westfield chairman, Frank Lowy has confirmed that the takeover by Paris-based retail conglomerate, Unibail-Rodamco has been approved by shareholders. It is the largest merger and acquisition transaction in Australian history, totalling $33 billion.

The merger only required a 75 per cent ‘yes’ vote, however, 97.5 per cent of shareholders voted in favour of the deal.

Commenting on the approval, Lowy said, “Of course there is a tinge of sadness. But I am totally at peace with the decision, which is supported by the vast majority of shareholders. It is the right thing for all shareholders and Westfield will be in very good hands with Unibail-Rodamco.

“I have been very lucky – to have started a public company, taken it to the world, and then, some 60 years later, my retirement has come about very naturally…I am incredibly proud of Westfield – I have lived and breathed it for 60 years.

“There was always a mountain to climb. But the rewards were worth it…thousands of retailers were created, and new retail formats flourished. Our people were given the opportunity to create exciting careers. The community benefitted too, as our centres became an essential part of the social and economic fabric of society.

“We achieved what we did because we were ambitious. We dreamed big dreams, but then we worked incredibly hard to make it happen. We were always on the lookout for new trends, and better ways to do business.

“I want to thank everybody who has supported me, my family and Westfield throughout what has been an incredible journey. I leave with no regrets, only faith in the future for the new Westfield, and for Australia.”

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