By Phil Boeyen, ShareChat Business News Editor
Monday 7th August 2000
|Text too small?|
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.
No comments yet
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
NZ dollar gains as dovish Fed comments point to 50-bps US cut
19th July 2019 Morning Report
RBNZ says no change in approach on Resolution Life's AMP purchase
MARKET CLOSE: NZX50 hits record as yield stocks remain in vogue
NZ dollar mixed after strong Australian employment data
Energy efficiency key to lowering cost of renewables push - EECA
Paper recycling costs rising 35% as export markets collapse