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Westfield gets nod to wrap up St Lukes deal

By Phil Boeyen, ShareChat Business News Editor

Monday 7th August 2000

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St Lukes' investors have given the go-ahead to merge with Australian-listed property company, Westfield Trust.

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.

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