Finance Finance News Westfield deal to go ahead

Westfield deal to go ahead

Twitter Facebook Reddit Pinterest Email

Westfield Retail Trust shareholders have backed a controversial $70 billion plan to restructure the shopping centre giant.

About 76 per cent of investors voted in favour of the plan to split Westfield Group and the retail trust into an Australian business and an international operation.

That is slightly more than the 75 per cent required for the deal to get over the line.

Why billionaire bosses always get their way

Earlier at the meeting it was revealed that nearly 76 per cent of proxy votes were in favour of the deal, all but guaranteeing its narrow passage in the final vote.

The original vote on the deal was abandoned last month after a shareholder revolt, when Westfield founder Frank Lowy revealed a restructure would go ahead even if it was rejected, creating a firm that would compete with Westfield Retail Trust.