Westfield shareholders overwhelmingly back $30bn Unibail-Rodamco takeover

More than 97pc of Westfield investors have backed it’s $30bn takeover by Unibail-Rodamco and its OneMarket spin-off.

The Westfield Sydney Shopping Centre in central Sydney. Picture: AFP

Westfield Corporation investors today overwhelmingly approved the groups’s $30 billion takeover by French company Unibail-Rodamco with more than 97 per cent of investors backing the proposal.

The deal, supported by Sir Frank Lowy and sons Steven and Peter, will see the creation of a merged company with assets worth €62bn ($96.4bn) in 13 countries, principally listed in France and Holland with a secondary listing in Australia.

The scheme won the support of 97.2 per cent of proxies and, accounting for shareholders at the meeting, was backed by 97.5 per cent.

“Ladies and gentleman. I have good news for you, the shareholders approved the merger by 97.5 per cent,” Sir Frank said.

“I don’t know what happened to the 2.5 per cent,” he quipped.

The board was only lightly questioned about the scheme deals, with Sir Frank handing questions to his sons to deal with.

The trio was upbeat about the prospects of the newly created company and said by having the best centres in Britain, Europe and the United States it was well placed to withstand the onslaught from internet retailing.

“We have known Unibail-Rodamco for many years and have watched the business make impressive progress in Europe,” Sir Frank said.

“The Unibail strategy has been very similar to our own — to create flagship centres in wealthy markets.”

Sir Frank said that “importantly” the new group would have more flagship shopping centres than any other operator.

“I believe that the strategic positioning of the new group is unique and that it will play a major role in the ongoing evolution of the retail industry,” he said.

Westfield’s plans to spin off its San Francisco-based retail technology company, OneMarket, was also backed by about 97.5 per cent of investors.

The company chairman, Steven Lowy, was quizzed about the company track record, including related-party transaction and staff changes.

But he declared his confidence in the business model, which he flagged would be taken global beyond it initial markets in Europe and the United States.the ASX in the first half of next year, armed with a kitty of $US200m ($261m) to pursue its field of digital retail dreams.