REAL ESTATE INVESTMENT TRUSTS – FRANCE

There is no plan B to Westfield takeover: Lowy

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 23-Feb-18

European shopping centre group Unibail-Rodamco announced plans to acquire shopping mall owner Westfield Corporation in early December. At the time, Unibail’s scrip-focused deal valued Westfield at $A10.01 per share, but this had fallen to around $A8.82 per share on 22 February. Asked about the future of the deal at the announcement of Westfield’s full-year results, co-CEO Peter Lowy advised that there was "no plan B" in place. Westfield’s 2017 profit of $US1.55 billion is 13.5 per cent higher than previously.

CORPORATES
WESTFIELD CORPORATION – ASX WFD, UNIBAIL-RODAMCO, MACQUARIE GROUP LIMITED – ASX MQG, JP MORGAN AUSTRALIA LIMITED

Push for Unibail to recut takeover

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Original article by Ben Potter
The Australian – Page: 20 : 19-Feb-18

French shopping centre group Unibail-Rodamco released details of a plan to acquire the Lowy family’s Westfield Corporation on 10 December. At the time the deal was valued at $A32 billion, but its value has since fallen by over 12 per cent, due to a combination of a fall in Unibail’s share price and a rise in the Euro and the Australian dollar against the US dollar. Michael Doble of APN says that if there was to be any changes to the terms of the transaction that the impetus for change would come from the Lowys.

CORPORATES
UNIBAIL-RODAMCO, WESTFIELD CORPORATION – ASX WFD, APN FUNDS MANAGEMENT LIMITED, FOLKESTONE MAXIM ASSET MANAGEMENT LIMITED, PHOENIX PORTFOLIOS PTY LTD, RESOLUTION CAPITAL LIMITED, ANTARES EQUITIES