Following the success of the sling at Unibail-Rodamco-Westfield (URW), members of the consortium opposed to the old management are ending the shareholders' agreement, they announced on Wednesday.
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The members of the consortium led by Léon Bressler, former CEO from 1992 to 2006, who again became chairman of the supervisory board of the property company last month, and Xavier Niel, founder of Iliad,
“have terminated their shareholders' agreement, as of December 21, 2020 "
and
" no longer act in concert "
, according to a press release.
"Following the rejection of the capital increase and the appointment of their candidates to the supervisory board of Unibail-Rodamco-Westfield SE"
, the members of the consortium consider that the main objectives of their concerted action
"were achieved ”
and that
“ the solid foundations for future success ”
are now in place.
Other appointments to come
On November 10, URW shareholders voted to reject the € 3.5 billion capital increase drawn up by the former management and approved the appointment of the three members proposed by the consortium to the supervisory board, at namely Léon Bressler, Xavier Niel and Susana Gallardo.
As of January 2021, Jean-Marie Tritant will take on the duties of Chairman of the Group Executive Board and Fabrice Mouchel those of Chief Financial Officer.
“Other appointments to the management board should be announced later,”
the statement said.
MM.
Bressler and Niel questioned the takeover in June 2019 of the Anglo-Saxon giant Westfield for more than 20 billion euros, which indebted the property company, and demanded the sale of the centers acquired in the United States on this occasion.
The two men, who control just over 5% of the property, launched the sling in mid-October.
The group was then in a difficult situation and its stock market price was at the lowest since the 1990s, undermined by the closure of many of its shopping centers for long weeks, a consequence of the health crisis.