Australia's Corporate Regulator Is Following The Frank Lowy Westfield Stoush

Frank Lowy (Photo: Getty/Brendon Thorne)

Regulators from the corporate watchdog are following developments after shopping mall baron Frank Lowy said he would proceed with his planned $70 billion Westfield restructure even if it was rejected by minor shareholders.

Lowy wants to split the Australian Westfield business from its overseas operations and revealed yesterday that he would proceed even if the move was voted down by shareholders in the Westfield Retail Trust (WRT).

A WRT general meeting was unexpectedly adjourned yesterday after Lowy made the bold claim. Chairman Dick Warburton decided it was a “material change” in the circumstances surrounding the vote.

A spokesperson from the Australian Securities and Investments Commission (ASIC) said the regulator was aware of the developments and was monitoring the situation. An investigation has not been launched.

“We are just monitoring the situation at the moment,” the spokesperson said.

The Australian columnist John Durie first reported that the regulator was following the developments. Durie reported a decision was expected as early as today.

Now read: Frank Lowy Went All Scorched Earth On The $70 Billion Westfield Restructure Yesterday

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