Giant US shopping mall merger agreed
The indebted owner of some of America's leading shopping malls has agreed to a £3.67bn takeover by three US real estate companies, reports the BBC.
The Dutch property group Rodamco North American will be split between Westfield America Trust, Simon Property Group and The Rouse Company.
Westfield, which already owns 23.9 per cent of Rodamco, had previously tried to take over the company as a whole.
It now stands to gain control of about half the company, including its Garden State Plaza in New Jersey - where retailers like JC Penney, Macy's and Lord & Taylor operate and Old Orchard Center in Illinois - where Saks Fifth Avenue operates.
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