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| Westfield shopping centres bought in $25bn deal | Westfield shopping centres bought in $25bn deal |
| (35 minutes later) | |
| The owner of Westfield shopping centres is being bought for $24.7bn in a deal which will see the malls launched in new markets. | |
| French property group Unibail-Rodamco is offering $7.55 a share for the Australian business. | French property group Unibail-Rodamco is offering $7.55 a share for the Australian business. |
| Westfield Corporation has 35 shopping centres in the UK and the US while Unibail-Rodamco has 71 sites in Europe. | |
| Unibail-Rodamco said the takeover would result in a "progressive roll-out of the world famous Westfield brand". | Unibail-Rodamco said the takeover would result in a "progressive roll-out of the world famous Westfield brand". |
| The takeover is the second major deal involving shopping centre owners to emerge in just over a week. | The takeover is the second major deal involving shopping centre owners to emerge in just over a week. |
| On 6 December, Hammerson, which owns the Bullring in Birmingham, announced a £3.4bn bid for Intu, whose properties include the Arndale shopping centre in Manchester. | On 6 December, Hammerson, which owns the Bullring in Birmingham, announced a £3.4bn bid for Intu, whose properties include the Arndale shopping centre in Manchester. |
| In a joint statement, Unibail and Westfield said they will make €100m (£88.2m) in savings a year. | |
| Christophe Cuvillier, chief executive of Unibail-Rodamco, said the acquisition of Westfield "adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States". | |
| Sir Frank Lowy, the billionaire property tycoon who co-founded Westfield in the 1950s, will retire as chairman of Westfield. His sons Peter and Steven will also step down as co-chief executives of the business. | |
| However, following completion of the deal, Peter Lowy will be appointed to the combined group's supervisory board and Sir Frank will chair a newly created advisory board. | |
| They also said: "The Lowy family is committed to the success of the Group and intends to maintain a substantial investment in the group." | |
| Sir Frank is one of the richest people in Australia with a fortune of $5.9bn, according to Forbes magazine and was knighted by the Queen last week. | |
| Sir Frank originates from Eastern Europe and survived the Holocaust in Hungary. He moved to Australia in 1952. |