Unibail-Rodamco's shareholders approve Westfield merger

European property giant Unibail-Rodamco said on Thursday that shareholders have approved its merger with Australian peer Westfield at the annual shareholder meeting.

Shareholders have also backed the stapled share structure of the new group, composed of one Unibail-Rodamco share and one WFD Unibail-Rodamco class A share, which will be listed on the Euronext Amsterdam and Euronext Paris stock exchanges.

In addition, the stapled security will be listed on the Sydney stock exchange in the form of a Chess Depositary Interest.

Westfield securityholders will convene to vote on the schemes of arrangement to approve the transaction on May 24.

Christophe Cuvillier, CEO of Unibail-Rodamco commented: 'Today marks a new and major step forward in the acquisition of Westfield, a natural extension of Unibail-Rodamco's strategy of concentration, differentiation and innovation. I would like to thank our shareholders for their support for the proposed Transaction, which represents a compelling opportunity for continued profitable growth and value creation. We now look forward to the Westfield securityholders' vote on the Transaction, as the ultimate step toward the creation of the premier global developer and operator of flagship shopping destinations.'

In addition, shareholders approved the Group's annual accounts for the 2017 financial year and resolved to distribute a dividend of €10.80 per share.


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