Unibail $25bn Westfield deal fires up retail consolidation

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Unibail $25bn Westfield deal fires up retail consolidation

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London, United Kingdom. 21st December 2013 -- Christmas shoppers hunt for bargains and sales on the busiest retail day of the year known as panic Saturday. -- Thousands of Christmas shoppers filled Oxford Street in London despite the bad weather on the busiest retail day of the year, known as panic Saturday. Shoppers hunted for bargains and sales offered by department stores and shops. Christmas Shoppers Fill Oxford Street on Panic Saturday | Amer Ghazzal / Demotix/Demotix/Press Association Images

Europe's largest property company Unibail-Rodamco announced an agreed offer of $15.7bn for the equity of Westfield Corp, the Australian shopping centre operator, on Tuesday. The deal, which valued the enterprise at $24.7bn, was the second retail property consolidation in a week as the sector comes under the M&A spotlight, writes Nigel Owen.

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