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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Klepierre SA (PK) | USOTC:KLPEF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 29.695 | 29.01 | 31.19 | 17 | 21:03:21 |
PARIS--French real-estate company Klepierre SA, which owns shopping malls across Europe, is to buy Dutch rival Corio for EUR7.2 billion ($9.68 billion) in a deal that will create an industry leader with EUR21 billion worth of assets.
Klepierre, whose largest shareholder is U.S. real-estate giant Simon Property Group, is offering Corio's shareholders 1.14 Klepierre share for each Corio share they own. Based on Klepierre's share price on July 28, the offer values Corio at EUR7.2 billion.
The boards of both companies as well as their main shareholders back the deal, the companies said in a joint statement.
French bank BNP Paribas is Klepierre's second-largest shareholder with a 21.3% stake in the company, according to its website. Simon Property Group is Klepierre's largest shareholder with a 28.9% stake.
David Simon, the chairman and chief executive of Simon Property Group, will remain chairman of the combined group's supervisory board after the merger.
Write to Inti Landauro at inti.landauro@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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