Klépierre S.A. and Corio N.V. (CRIOF.PK) have inked a conditional agreement to create the leading pure play retail property company in Europe.
The transaction would be completed through a recommended public exchange offer to be made by Klépierre for Corio's issued and outstanding ordinary shares. As part of the offer, Corio shareholders would receive 1.14 Klépierre ordinary shares for each Corio ordinary share, valuing Corio at an enterprise value of 7.2 billion euros, based on Klépierre's share price as of July 28, 2014.
According to the companies, this transaction is immediately accretive, with expected run-rate synergies of about 60 million euros. David Simon, Chairman of the Supervisory Board of Klépierre, would remain Chairman of the combined group.
Simon Property Group and BNP Paribas, Klépierre's largest shareholders as well as APG, Corio's largest shareholder, fully support the contemplated transaction. APG would irrevocably tender its 30.6% Corio shares to Klépierre. The settlement is expected in the first quarter of 2015.
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