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Australia's Federation Centres says buys Novion to create $8.5 blln giant
February 2, 2015 / 10:48 PM / 3 years ago

Australia's Federation Centres says buys Novion to create $8.5 blln giant

SYDNEY, Feb 3 (Reuters) - Australian shopping centre giant Federation Centres Ltd said on Tuesday it plans to buy larger rival Novion Property Group for A$7.8 billion ($6.1 billion), creating the country’s third-largest shopping centre owner.

In a joint statement, the companies proposed a share swap deal which would give Novion shareholders 64 percent of the new A$11 billion company, which would have 102 shopping centres worth A$22 billion under management.

The companies said the boards agreed to the deal but it needs to be approved by Novion shareholders.

Reporting by Byron Kaye

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