Westfield Group soars to 7-month high

Investors are pushing up the price of both Westfield Group (WDC.AX) and Westfield Retail Trust (WRT.AX) with just under one week remaining before they vote on the latest restructure proposal.

Westfield Group has risen 13c or 1.2% to $11.11 while Westfield Retail has jumped 4c or 1.3% to $3.24. The Group hasn't traded that high since October last year while the Trust is sitting just one cent below its 52-week high.

Shareholders in both entities will have the opportunity to vote on Thursday over whether the controversial restructure should go ahead. Under the proposal, Westfield's domestic and international assets would be split to form Westfield Corporation (which would own and operate the centres located in the US, UK and elsewhere) and Scentre Group (which would own and operate the Australian and New Zealand assets).

While Westfield's chairman believes the deal is in shareholders' best interests, other substantial shareholders are still known to be opposed to the proposal (the transaction requires at least a 75% approval rate to be passed).

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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Market Data

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    AUDUSD=X
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    AUDGBP=X
    0.67840.000.00%
    AUDEUR=X