Investors and analysts are questioning the reasoning behind Westfield’s recent announcement planning to split the global shopping centre business, valued at $65.5 billion, in two.
Chief executive Frank Lowy has said he plans to keep Australia and New Zealand together and have the overseas countries grouped as an individual enterprise, reports The Australian Financial Review
The AFR reports the new Australasian business would see the local assets of Westfield Group and Westfield Retail Trust merged, and mall management sold to Scentre Group.
Concerned investors are calling for some answers following news that the merger will see Trust, which the Lowys sold out of earlier in the year, disadvantaged and they want to know what the Lowys will do with their 4% stake in Scentre.
Read more here.