Westfield restructures to operate more efficiently by splitting into two
Westfield Group (WDC) and Westfield Retail Trust (WRT) has announced a proposal to merge WDC’s Australia and New Zealand business with WRT to form a new entity known as Scentre Group while WDC’s international business become Westfield Corporation.
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The two new entities will be listed on the ASX and have separate boards and management teams but will maintain the Westfield brand on their shopping centres.
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Frank Lowy, chairman of Westfield Group, will become chairman of both new entities.
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“Westfield’s international business and its Australian and New Zealand business have both growth in scale and quality to the stage where they can now stand on their own,” he said.
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“They can each operate more efficiently and generate greater growth and value for investors, by being independent.”
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The proposal has the unanimous support of the WDC board and the independent directors of the WRT board. Retail Biz – Read more…
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