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Unibail-Rodamco stands firm on Westfield buyout offer

Unibail-Rodamco SE said it continues to believe that the value of its takeover bid for Australian mall operator Westfield Corp. is "full and fair" and does not intend to revise the terms of the transaction.

The European commercial property giant added that its supervisory board, Westfield's board of directors and the Lowy family, which founded Westfield, continue to support its buyout offer, which amounts to total shareholder consideration of US$15.68 billion.

Unibail-Rodamco issued the statement in response to a request for clarification from the Australian Securities and Investments Commission following a media report that the company could sweeten its bid.