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Unibail-Rodamco CEO sees no reason to change US$15.68B bid for Westfield

Unibail-Rodamco SE CEO Christophe Cuvillier said he sees no reason to amend the company's US$15.68 billion bid for Westfield Corp., telling The Australian that he thinks the offer "is a very good deal" for the target's shareholders.

Cuvillier's statement in the Feb. 20 report follows the raising of the prospect that Unibail could sweeten its December 2017 offer, which valued Westfield at A$10.01 per share, as the value of Unibail's shares has since fell 13%, dragging with it the bid's value to about A$8.75 per Westfield share. On this, Cuvillier said the dip in Unibail's stock price is in line with the majority of global real estate investment trusts experiencing market volatility.

The merger, which secured unanimous positive opinions from Unibail's works council, needs the approval of two-thirds of Unibail's shareholders, which makes it less likely for the bidder to increase either the cash or security component of the bid, according to "Australian fund managers" cited by the publication.