Klepierre and Corio to form new companyStaff writer ▼ | July 30, 2014
Klepierre S.A. and Corio N.V. have reached conditional agreement to create the leading pure play retail property company in Europe.
Retail industry Two large European companies to merge
Simon Property Group and BNP Paribas, Klepierre's largest shareholders, as well as APG, Corio’s largest shareholder, fully support the contemplated transaction. APG has agreed to irrevocably tender its 30.6% Corio shares to Klepierre.
The transaction will be completed via a recommended public exchange offer to be made by Klepierre for 100% of the issued and outstanding ordinary shares of Corio. Under the terms of the offer, Corio shareholders will receive 1.14 Klepierre ordinary shares for each Corio ordinary share, valuing Corio at an enterprise value of EUR7.2 billion based on Klepierre’s share price as of July 28, 2014. ■