Westfield shareholders have approved a £18.5bn takeover deal for acquisition of the company by Unibail-Rodamco, as its chairman departs.
Ninety seven percent of shareholders voted in favour of the deal, which will create the world’s largest shopping centre operator, with a gross market value of £53.9bn.
The joint portfolio of Unibail and Westfield will consist of 104 assets, attracting 1.2bn shoppers a year.
Following the announcement, Westfield chairman Frank Lowy announced his retirement after 58 years with the company.
Two Westfield directors, Peter Lowy and John McFarlane, are set to join the supervisory board of Unibail.
Christophe Cuvillier, chief executive of Unibail-Rodamco said: “The massive support demonstrated today by Westfield security holders clears the way for the creation of the premier global developer and operator of flagship shopping destinations.
“The new group brings together the two leaders in the retail property industry, forming the must have partner for international retailers and brands across Europe and select markets in the United States.”