Westfield Group
(ASX:WDC)will move to merge its Australian and New Zealand businesses with Westfield Retail Trust
(ASX:WRT) to form a new venture to be known as Scentre Group.
Westfield Group unveiled the proposal, which would see the international business of Westfield Group become Westfield Corporation.
Both new entities will be listed on the ASX and have separate board and management teams.
In addition, both groups will maintain the Westfield brand on their shopping centres and chairman of Westfield Group Frank Lowy will become chairman of both entities.
Under the proposal, Westfield Retail Trust security holders will receive $285 and 918 securities in Scentre Group for every 1,000 shares held.
Westfield Group generated a net profit of $524 million in the 2013 financial year.
