Australia's Westfield says 'No Plan B' as Unibail deal shrinks

Sydney

AUSTRALIAN shopping mall giant Westfield Corp ruled out trying to increase a US$16 billion buyout from France's Unibail-Rodamco after a decline in the European firm's shares drove down the deal's value, saying there was no Plan B.

The refusal by the world's No 4 mall owner to recut the deal may frustrate investors, with analysts estimating they will get A$2.5 billion (S$2.64 billion) less than when the companies announced the offer in December. Unibail's Paris-listed shares were down 15 per cent after the announcement.