LONDON – Klépierre of France has conditionally agreed to acquire its Dutch rival Corio in a deal that would create the largest owner of retail shopping centers in Europe.
The all-stock deal would value Corio, a real estate investment trust, at 7.2 billion euros, or about $9.7 billion. Klépierre said that through an offer to shareholders it would seek to acquire 100 percent of the outstanding shares of Corio.
The combined company would own 182 shopping centers worth about €21 billion in 16 countries in Europe. The companies, if they had been combined in 2013, would have had net income from rentals of more than €1.2 billion.
"We believe this is a unique opportunity to drive change in the retail landscape for the benefit of our clients and our customers, our employees and our shareholders," Laurent Morel, the Klépierre chairman, said in a statement.
The deal is expected to be completed in the first quarter of 2015 and the boards of directors of both companies are recommending that shareholders accept the offer.
Simon Property Group and BNP Paribas, Klépierre's largest shareholders, and the Dutch pension fund manager APG, Corio's largest shareholder, have agreed to support the transaction, the companies said. APG also has agreed to irrevocably tender its 30.6 percent stake in Corio to Klépierre.
Under the proposed deal, shareholders of Corio investors would receive 1.14 shares of Klépierre for each share of Corio they hold. The deal, based on Klépierre's closing price on Monday, would imply a price of €41.40 per Corio share.
Corio's shares closed at €35.84 in Amsterdam on Monday.
The transaction, if completed, will add the Netherlands, Germany and Turkey to Klépierre's footprint and bolster its holdings in France, Italy and Iberia.
The combined company expects to achieve annual cost savings of about €50 million within three to five years following the deal.
The new would keep the Klépierre name and is expected to list its shares on Euronext in Paris and Amsterdam.
Klépierre's was advised by BNP Paribas and Lazard and the law firms, Bredin Prat; De Brauw Blackstone Westbroek; and Loyens & Loeff. Corio was advised by Deutsche Bank and Goldman Sachs and the law firm Allen & Overy.
source : http://rss.nytimes.com/c/34625/f/640316/s/3cf83da4/sc/2/l/0Ldealbook0Bnytimes0N0C20A140C0A70C290Cklpierre0Eagrees0Eto0Eacquire0Edutch0Erival0Ein0E90E70Ebillion0Edeal0C0Dpartner0Frss0Gemc0Frss/story01.htm
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