Westfield sells to France’s Unibail to create $72bn shopping mall group

One of the world’s biggest mall owners will be created by the $24.7bn takeover of Westfield by Europe’s largest property company, France’s Unibail-Rodamco.

Sir Frank Lowy, the Australian businessman who built Westfield into a global shopping centre power, called time on his control of the company as pressure on retail companies from online rivals such as Amazon intensifies.

Unibail-Rodamco said it would pay Westfield shareholders the equivalent of $7.55 per security in a mix of cash and shares — an 18 per cent premium to Monday’s closing price. The combination of the retail property groups would create a global leader in the sector, with 104 properties worth €61.1bn ($72bn).

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