Listed European shopping centre groups Klépierre and Corio have said they are making 'good progress' on their proposed merger.
Listed European shopping centre groups Klépierre and Corio have said they are making 'good progress' on their proposed merger.
The tie-up, if it goes ahead, will create the second-largest listed retail company in Europe with gross assets of over €21 bn.
The merger will take the form of a share deal, with Klépierre taking over 100% of Corio’s ordinary shares in exchange for Klépierre shares.
Paris-based Klépierre expects to submit a request for review and approval of its offer memorandum for all of Corio's shares to the Dutch financial markets authority AFM 'shortly' or at least in time to meet the 20 October deadline. In connection with the proposed acquisition of Corio, Klépierre will file a prospectus relating to the issuance of Klépierre ordinary shares with the French Autorité des Marchés Financiers (the AMF).
Major Corio shareholder APG has agreed to tender its 30.6% stake in the Euronext-listed company to Klépierre. Simon Property Group and BNP Paribas, Klépierre's largest shareholders with 29.4% and 21.7% respectively, support the proposed transaction, which is conditional upon the acquisition of at least 80% of Corio’s shares.
