Westfield gets nod to wrap up St Lukes deal

97% of St Lukes shareholders have voted in favour of the move, along with a clear majority of convertible and capital noteholders.

Westfield Trust launched its bid for St Lukes two months ago, with an offer which valued the group at over $700 million.

St Lukes has been a listed company since 1993 and was New Zealand's largest property company, owning most of the main shopping malls. However its share price had been sagging before the Westfield offer.

The purchase bumps Westfield up to a $7 billion dollar company with almost 40 shopping sites on both sides of the Tasman.

Westfield says it has a number of plans afoot for further developing St Lukes' properties throughout New Zealand, as well as building new shopping centres.

St Lukes is due to delist from the NZSE and ASX on August 10th.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes