Sir Frank Lowy bids farewell as shareholders back $32bn Westfield takeover

Sir Frank Lowy has given an emotional farewell speech, as investors backed the takeover of a firm he spent decades building.

Peter Lowy (left) and Steven Lowy watch as Sir Frank Lowy addresses shareholders at today’s meeting. (Hollie Adams/The Australian)

Eighty-seven year old Sir Frank Lowy will continue to pursue business interests through his family’s $4 billion private investment company and also channel time into his policy think tank, the Lowy Instiute, after watching shareholders overwhelmingly approve the $32bn takeover of Westfield, the company he spent 58 years building.

Sir Frank will continue to chair the private Lowy Family Group in which his three sons heavily involved.

Flanked by Westfield (WFD) co-chief executives Peter and Steven, and David, who runs LFG, Sir Frank gave an emotional farewell, speaking of his history as a refugee and starting out with partner John Saunders in a delicatessen in Sydney’s Blacktown. He also outlined his ambitions in business, culmating in the sale to French property giant Unibail-Rodamco in Australia’s biggest takeover.

Steven Lowy, Sir Frank Lowy, Peter Lowy and David Lowy at today’s meeting. (Hollie Adams/The Australian)

“I have been very lucky — to have started a public company, taken it to the world, and then, some 60 years later, my retirement has come about very naturally,” he told the meeting.

“Over the past weeks a lot of people have asked me: ‘How do you feel?’”

“Of course there is a tinge of sadness,” he said.

After the meeting, held at Sydney Town Hall, Sir Frank and the family moved onto a private lunch to be followed by a larger dinner tonight at his Point Piper mansion.

Corporate expansion and globalisation was in his DNA, Sir Frank told shareholder.

“In all my activities, with Westfield, with football, in foreign policy — it’s all been about showing the best of Australia to the world.”

With the Lowy Institute, Sir Fank said he saw a way to promote Australia’s intellectual output.

“I believed fundamentally that we had more to offer the world than beaches and sport — as wonderful as those things are,” he said.

The Lowy family will hold a 2-3 per cent share in the new merged company which will have €62bn of assets in 13 counties.

It is expected to begin trading next month on the Paris and Amsterdam exchanges with a secondary listing in Australia.

He reaffirmed the family’s intention to maintain its stake in Scentre, which controls Westfild shopping centres in Australia.

Meanwhile, Steven Lowy will chair OneMarket, with shareholders also approving the spin off of the retail technology company from Westfield. It will be separately listed on the Australian Securities Exchange.