PARIS--French real-estate company Klepierre SA, which owns
shopping malls across Europe, is to buy Dutch rival Corio for
EUR7.2 billion ($9.68 billion) in a deal that will create an
industry leader with EUR21 billion worth of assets.
Klepierre, whose largest shareholder is U.S. real-estate giant
Simon Property Group, is offering Corio's shareholders 1.14
Klepierre share for each Corio share they own. Based on Klepierre's
share price on July 28, the offer values Corio at EUR7.2
billion.
The boards of both companies as well as their main shareholders
back the deal, the companies said in a joint statement.
French bank BNP Paribas is Klepierre's second-largest
shareholder with a 21.3% stake in the company, according to its
website. Simon Property Group is Klepierre's largest shareholder
with a 28.9% stake.
David Simon, the chairman and chief executive of Simon Property
Group, will remain chairman of the combined group's supervisory
board after the merger.
Write to Inti Landauro at inti.landauro@wsj.com
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