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Explosion at Unibail Rodamco Westfield

2020-11-10T08:38:37.681Z

The shareholders voted against the capital increase desired by management, and appointed three new members to the supervisory board



Thunderclap at Unibail Rodamco Westfield.

At the end of a postal vote, the shareholders of the property company on Tuesday rejected the capital increase of 3.5 billion euros desired by the management.

They also appointed three new members to the supervisory board, Léon Bressler, the former boss of Unibail, Xavier Niel and Susana Gallardo, a Spanish businesswoman.

The shareholders thus voted in accordance with the instructions of the duo Léon Bressler and Xavier Niel, who for several weeks have been leading a bitter campaign against the capital increase, and more broadly Christophe Cuvillier's strategy for the property company.

The chairman of the board of Unibail, for whom this vote is a snub, took note of this result this Tuesday morning: “

The results are not what we were hoping for.

The capital increase was carefully considered, it was an exceptional choice in an exceptional context.

But shareholder democracy is sovereign

 ”.

Unibail specifies that if the capital increase was rejected, it nevertheless received a majority of votes - two thirds of the voters were necessary for it to be approved.

Read also: Xavier Niel and Léon Bressler attacking the shopping center giant Unibail

The purpose of the capital increase was to reduce the debt of the group, hit hard by the pandemic.

For Christophe Cuvillier, it will now be necessary to find other levers to improve the balance sheet of Unibail Rodamco Westfield.

We're going to get back to work

,” he explains.

Disposals today only concern European assets.

The prospect of a vaccine may open doors elsewhere, including the United States

 ”.

The sale of the American assets acquired in 2018, a major strategic mistake in the eyes of Léon Bressler and Xavier Niel, was the solution proposed by the duo to reduce the group's debt.

Christophe Cuvillier recalls for his part that he always intended to sell the regional American shopping centers acquired in 2018, which represent 3% of the group's assets.

Source: lefigaro

All business articles on 2020-11-10

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