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Niel, Bressler Oppose Unibail Equity Raising, But Unibail Rejects Opposition

French billionaire Xavier Niel and Unibail-Rodamco-Westfield's former chief executive officer Leon Bressler have asked the company's shareholders to vote against the company's planned 3.5 billion euro rights issue at a general meeting on November 10, according to reports.

Meanwhile, Unibail-Rodamco-Westfield confirmed that it received proposals from a consortium of investors representing 4.1% of the share capital of the Group. The company's supervisory board strongly disagreed with those proposals, which add significant uncertainty and risk in the current complex environment.

The Supervisory board reiterated its unanimous support and commitment to RESET, a comprehensive and well-calibrated plan.

Colin Dyer, Chairman of the Supervisory Board, said, "The RESET plan is about immediate action to ensure the operational and financial flexibility of the Group. It will reinforce URW in the long term to the benefit of all its shareholders."

Recently, Unibail-Rodamco-Westfield agreed to sell its SHiFT office building to a consortium of French institutional investors for 620 million euros. The consortium consisted of Primonial REIM, La Française and EDF Invest.

The transaction was part of the company's 9 billion euros plus RESET plan to strengthen the Group's balance sheet. The plans included 4 billion euros of disposals to be completed by year-end 2021.

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