Recalibrating Westfield’s FVE to AUD 9.15 as Unibail-Rodamco Retraces
We expect Unibail-Rodamco’s takeover offer for Westfield Corporation to be approved as proposed and as such have recalibrated Westfield's fair value estimate to AUD 9.15 from AUD 10 to account for the variability in the constituent components of the cash and scrip consideration. The main factor in the lower consideration has been the 9% decline in the Unibail scrip over the past month, which incorporating currency movements detracts AUD 66 cents from the original offer. The strengthening in the ...Westfield is engaged in the ownership, development, design, construction, asset management, leasing and marketing activities with respect to its U.S. and U.K. portfolio. Co.'s operational segment comprises the property investment and the property and project management segments. Property investments segment includes activities related to existing shopping centres and completed developments. Property and project management segment includes property management and development for third parties.
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