Westfield off ASX after $30b deal
TRADING in Westfield shares have ceased following the $30 billion takeover of the shopping centre heavyweight by French retail property titan Unibail-Rodamco.
The suspension was announced to the Australian Securities Exchange yesterday.
The merged company, which will be listed on the Euronext in Paris and Amsterdam as well as on the ASX, is expected to make its debut on the Australian bourse at midday today.
It comes after the Australian Securities and Investments Commission and the Supreme Court of New South Wales approved the scheme of arrangement under which Unibail-Rodamco will acquire all Westfield shares.
The merger creates a global retail property goliath holding assets in 13 countries.
As of yesterday, Westfield securities were admitted to the official list of foreign exempt listings.
That means the company is now primarily regulated by the listing rules of its home exchange and is exempt from complying with most ASX listing rules. The scheme of arrangement under which technology spin-off OneMarket will be demerged from Westfield was also approved yesterday morning.
OneMarket is backed by cornerstone Westfield investor the Lowy family.
It comes after 97 per cent of Westfield shareholders voted last week to approve the deal.