SHOPPING CENTRES

The end of an era for Lowy family

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Original article by Turi Condon
The Australian – Page: 17 & 27 : 30-Apr-19

Peter Lowy will step down from the board of Unibail-Rodamco-Westfield at its AGM in May, having flagged his intention to retire from the board in March. Steven Lowy retired as a director of Scentre Group, which owns and operates Westfield shopping centres in Australia, in April. Peter Lowy’s decision means an end to the presence of the Lowy family on Westfield boards after more than 50 years. Meanwhile, Unibail-Rodamco-Westfield CFO Jaap Tonckens says Unibail-Rodamco has "zero regrets" concerning the $32 billion Westfield takeover.

CORPORATES
UNIBAIL-RODAMCO-WESTFIELD – ASX URW, SCENTRE GROUP – ASX SCG, WESTFIELD CORPORATION, UNIBAIL-RODAMCO

Westfield done deal for Unibail

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Original article by Turi Condon, Ben Wilmot
The Australian – Page: 23 : 24-May-18

Westfield Corporation’s shareholders are widely tipped to vote in favour of its acquisition by Unibail-Rodamco on 24 May. Winston Sammut of Folkestone Maxim Asset Management says factors such as the support of proxy advisers and the absence of a rival bid suggests that the $A30bn deal will be approved. He attributes the recent fall in Westfield’s share price to investors replacing the stock in their portfolios in expectation of the deal proceeding.

CORPORATES
WESTFIELD CORPORATION – ASX WFD, UNIBAIL-RODAMCO, FOLKESTONE MAXIM ASSET MANAGEMENT LIMITED, CGI GLASS LEWIS PTY LTD, CLSA AUSTRALIA PTY LTD, GOODMAN GROUP – ASX GMG, DEXUS – ASX DXS, GPT GROUP – ASX GPT

Westfield takeover secures all-clear

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Original article by Ben Wilmot
The Australian – Page: 22 : 18-May-18

Unibail-Rodamco’s shareholders have endorsed the European group’s $A30bn takeover of Westfield Corporation, with some 94 per cent of votes cast supporting the deal. The transaction must still be approved by Westfield shareholders, and Winston Sammut of Folkestone Maxim Asset Management says this is likely to be a formality given that proxy advisers support it. Unibail-Rodamco’s secondary listing on the Australian sharemarket is slated for 31 May.

CORPORATES
WESTFIELD CORPORATION – ASX WFD, UNIBAIL-RODAMCO, UNIBAIL-RODAMCO-WESTFIELD – ASX URW, FOLKESTONE MAXIM ASSET MANAGEMENT LIMITED, APN PROPERTY GROUP LIMITED – ASX APD, CLSA AUSTRALIA PTY LTD, STANDARD AND POOR’S ASX 200 A-REIT INDEX

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

Westfield rejig paves way to ‘exciting future’

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Original article by Robert Harley, Su-Lin Tan
The Australian Financial Review – Page: 37 : 15-May-15

Westfield Corporation’s remuneration report was approved by more than 91 per cent of votes cast at the annual meeting on 14 May 2015. However, a shareholder questioned whether the company requires two CEOs. Meanwhile, co-CEO Peter Lowy said the board will consider alternatives to the group’s current Australian sharemarket listing and make a recommendation within the next year.’

CORPORATES
WESTFIELD CORPORATION – ASX WFD, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION