French property group Unibail has made a bid for Rodamco Europe, valuing the Dutch property company at €11.2bn. If the bid succeeds, it will be the biggest ever takeover of a Dutch company by a foreign concern.
The Unibail offer consists of 0.530 of a Unibail share for each Rodamco share – valuing Rodamco shares at €124.8. This represents a 15% premium on Thursday’s closing price on the Amsterdam stock exchange.
Rodamco Europe says health service pension fund PGGM, which owns around 25% of its shares, supports the bid. The financial services watchdog AFM is still looking into it.
If the deal goes through, it will create a European property fund with a portfolio valued at €21.7bn. The combined group booked pro rata net rental income of almost €1bn last year.
The new company will have its main listing in Paris and be headed up by Unibal’s director Guillaume Poitrinal.
Rodamco Europe’s chairman Maarten Hulshoff will not be involved in the merged company. ‘This merger is a stimulating new phase for Rodamco and its stakeholders,’ he said. ‘My job is done.’
Rodamco Europe was set up by asset manager Robeco in 1979 and hived off as a separate company 20 years later. It invests in shops and offices and has some €10.6bn-worth of property under its control.
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