Dutch pension fund PGGM has committed itself to vote in favour of the merger between French property company Unibail and Rotterdam-based Rodamco Europe. PGGM is the largest shareholder in Rodamco with about 25% of the shares. It has agreed to tender the shares into the intended exchange offer.

Dutch pension fund PGGM has committed itself to vote in favour of the merger between French property company Unibail and Rotterdam-based Rodamco Europe. PGGM is the largest shareholder in Rodamco with about 25% of the shares. It has agreed to tender the shares into the intended exchange offer.

Rodamco and Unibail announced the merger plan on 10 April, involving Unibail offering 0.530 of a share for every Rodamco Europe stock. The merger will create the largest listed pan-European commercial property companies, Unibail and Rodamco said. In a statement issued by the three parties last Friday, PGGM said it had already expressed its strong support for the combination between Rodamco and Unibail 'given the sound industrial logic of the merger and its value enhancing prospects for shareholders'.

Maarten Hulshoff, ceo of Rodamco, and two other members of the company's management board have also committed to tendering their Rodamco shares to support the merger.