WESTFIELD GROUP NOTES WESTFIELD RETAIL TRUST ADJOURNMENT
29 May 2014
Westfield Group (ASX:WDC) has noted Westfield Retail Trust’s (ASX:WRT) decision today to adjourn a meeting of securityholders to consider a proposal to merge with Westfield Group’s Australian and New Zealand business.
Westfield Group has previously stated that it is committed to implementing a strategy to restructure the group along geographic lines and that the terms of the current proposal were final.
A board meeting of Westfield Group directors yesterday afternoon unanimously agreed that in light of the anticipated closeness of the vote of WRT securityholders today, and the persistent suggestion in media and among investors that Westfield Group would “recut” its deal with WRT should today’s WRT vote go against the proposal, that it was appropriate to make Westfield Group’s intentions clear.
This was expressed categorically in the Chairman’s Address to Westfield Group investors this morning:
“If the WRT meeting this afternoon does not approve the proposal, it will not diminish our determination to proceed with WDC’s strategic objective of separating the two businesses.
“We will pursue that separation – but without WRT.”
Westfield Group is awaiting the outcome of the reconvened meeting of WRT investors and reiterates that the terms of the proposal, as approved by Westfield Group investors today, are final.
Nearly 98% of Westfield Group investors voted in favour of the proposal.
The Westfield Group (ASX Code: WDC) is an internally managed, vertically integrated, shopping centre group undertaking ownership, development, design, construction, funds/asset management, property management, leasing and marketing activities and employing approximately 4,000 staff worldwide. The Westfield Group has interests in and operates one of the world’s largest shopping centre portfolios with investment interests in 87 shopping centres across Australia, the United States, the United Kingdom and New Zealand, encompassing approximately 20,000 retail outlets and total assets under management of over $68bn.
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