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Unibail's Westfield buyout gets final approval

The Supreme Court of New South Wales approved French mall giant Unibail-Rodamco SE's acquisition of Australia's Westfield Corp., as well as the demerger of OneMarket Ltd. from Westfield.

The orders from the court, the final approval needed for the acquisition, are expected to be lodged with the Australian Securities and Investments Commission May 30, following which both the takeover and the demerger will become effective.

Westfield shareholders approved the US$15.68 billion takeover by Unibail and the demerger of retail technology company OneMarket at a May 24 annual general meeting. Unibail shareholders approved the takeover May 17.

The last day of trading for Westfield securities on the Australian bourse will be May 30. The implementation date of the merger is June 7, and Unibail will issue the chess depositary interests to eligible Westfield security holders the next day. The interests will trade on the bourse on a normal settlement basis June 12.

For OneMarket, the court approval means that it will be spun off from Westfield, with its shares to commence trading on ASX on a deferred and normal settlement basis May 31 and June 12, respectively.