French mall landlord Unibail-Rodamco SE said its shareholders approved its proposed takeover of Australian peer Westfield Corp.
The US$15.68 billion deal, which was unanimously recommended by the Lowy family and Westfield's board, will be up for a vote by Westfield security holders May 24.
The stapled securities of the merged entity, each comprising one Unibail-Rodamco share and one WFD Unibail-Rodamco NV class A share, will be listed on Euronext Amsterdam and Euronext Paris and be traded under the URW ticker. The stapled securities will also be listed on the Sydney stock exchange in the form of a chess depositary interest, according to a release.
At the May 17 annual general meeting, Unibail-Rodamco shareholders also approved the appointments of Jill Granoff and former Westfield board members John McFarlane and Peter Lowy to the French company's board.
McFarlane's and Lowy's appointments are contingent on the closing of the Westfield deal, pursuant to which Jean-Louis Laurens and Alec Pelmore will resign from Unibail-Rodamco's supervisory board and join WFD Unibail-Rodamco's supervisory board.
