MELBOURNE - Australia's biggest shopping mall owner, Westfield Trust, said yesterday that it had raised its control of takeover target AMP Shopping Centre Trust (ART) to 79 per cent.
Westfield made a A$1.44 billion ($1.65 billion) bid for ART last month, winning the support of ART, rival suitor Centro Properties Group, and ART stakeholder AMP Life.
Westfield raised its stake to 79.3 per cent yesterday after buying 42.7 per cent of the company on market, including Centro's 19.9 per cent stake, and a stake from AMP Life.
The offer for ART, due to close on July 11, was pitched at A$1.80 cash per share, and Westfield declared it unconditional this week after it had secured control of more than 40 per cent of ART's shares.
Centro said it had made a profit of A$35.5 million before costs on its stake, amassed ahead of launching a A$1.3 billion bid for ART in March.
Having virtually wrapped up ART, Westfield Trust shares jumped 1.2 per cent to close at A$3.53.
Centro agreed to buy three properties from Westfield for A$724 million, including one of nine owned by ART, to ease anti-trust concerns over Westfield's takeover of ART.
ART shares closed up 1c at A$1.81, and Centro shares ended up 1.7 per cent at A$4.09, returning to a record high first hit two weeks ago.
Westfield clinches deal
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