Westfield set to bid

Westfield, the Australian-based shopping centre operator, is poised to offer more than £500m for Chelsfield, the property company which was taken private by its founder Elliott Bernerd earlier this year, The Sunday Telegraph reported.

Westfield is vying with another Australian company, Multiplex, to buy Chelsfield, The Sunday Telegraph said, adding that a deal is expected to be worth about 2 bln stg including Chelsfield´s debt.

The paper cited an executive close to Chelsfield as saying the company rejected a 500 mln stg offer for its equity from Multiplex last week and that it is expecting a higher offer from Westfield this week.

Source: Freeman

Related News