Westfield studying General Growth February 25, 2010 10:56AM
WESTFIELD is in focus after people familiar with the matter told The Wall Street Journal that the group is studying whether to make a bid for bankrupt US mall owner General Growth Properties. Westfield signed a nondisclosure agreement this week to begin studying General Growth's operations, the people said.
The group is so far acting alone and Westfield, which prefers not to keep much cash on its balance sheet, has $US8 billion of borrowing capacity to draw from as it considers whether to make a run at General Growth.
Westfield is seen as a heavyweight in the contest for General Growth, with Simon Property Group and Canadian property investor Brookfield Asset Management also in the race.
The company's shares are up 10 cents at $12.03 in intraday trade.
WDC Price at posting:
$9.21 Sentiment: Buy Disclosure: Held
