News: Westfield sweetens proposed restructure dea

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Westfield Group (ASX:WDC) has sweetened its proposed $70 billion restructure in an effort to win over Westfield Retail Trust’s (ASX:WRT) investors. 

 

While experts backed the original proposal to restructure Frank Lowy’s companies some shareholders have voiced concerns ahead of a shareholder vote on May 29, 2014. 

 

Westfield Group has now adjusted the terms so that the merger would be improved by $300 million for Westfield Retail Trust securityholders. 

 

Under the deal Westfield Group plans to merge its Australian and New Zealand business with Westfield Retail Trust (ASX:WRT). 

 

The new entity is to be known as Scentre Group and the international business of Westfield Group will become Westfield Corporation.

 

Westfield Group reported a net profit of $1.6 billion in the first half of the 2014 financial year.