Unibail-Rodamco has received approval from its shareholders to push ahead with its proposed takeover of Westfield.
During its annual general meeting in Paris this week, the French property giant’s shareholders gave the green light for its £18.5 billion takeover.
Westfield’s board of directors have already expressed their support, but its shareholders are due to pass their judgement on May 24.
“Today marks a new and major step forward in the acquisition of Westfield, a natural extension of Unibail-Rodamco’s strategy of concentration, differentiation and innovation,” Unibail-Rodamco’s chief executive Christophe Cuvillier said.
“I would like to thank our shareholders for their support for the proposed transaction, which represents a compelling opportunity for continued profitable growth and value creation.
“We now look forward to the Westfield securityholders’ vote on the transaction, as the ultimate step toward the creation of the premier global developer and operator of flagship shopping destinations.”
Westfield first announced in December that it would be bought by Paris-based Unibail-Rodamco.
Once it goes through, it would create a combined global estate worth around £52 billion.
As part of the deal, Westfield Corporation’s Australian owners would receive £5.66 a share at a 17.8 per cent premium.
The deal pertains Westfield’s estate across Europe, including the two in London, and North America.
Westfield’s Australian and New Zealand operations have been run independently by the Scentre Group since 2014.