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Unibail-Rodamco to buy Westfield

Unibail-Rodamco SE has offered to buy Westfield Corp. in a deal that values the Australia-listed landlord at US$24.7 billion.

Under the terms of the agreement, Westfield shareholders will receive a combination of cash and shares in Unibail-Rodamco that translates to a price of US$7.55 per Westfield share.

Westfield's board and Unibail-Rodamco's supervisory board unanimously recommend the merger.

More details to follow.