Klepierre to buy Corio, creating 10 billion euro property group

PARIS, July 29 Tue Jul 29, 2014 3:43am EDT

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PARIS, July 29 (Reuters) - French shopping mall operator Klepierre has agreed to buy Corio in a deal it said creates Europe's leading pure-play retail property company, valuing the Dutch real estate group at an enterprise value of 7.2 billion euros ($9.7 billion).

Klepierre is offering 1.14 shares for each Corio share, implying a 15.6 percent premium on Corio's share price on Monday, the companies said in a joint statement. Shares in both stocks were suspended on Tuesday.

The deal will boost earnings from the first year, with potential combined savings of 60 million euros, the companies said, creating a group with a stock market value of over 10 billion euros ($13 billion) (1 US dollar = 0.7445 euro) (Reporting by James Regan; Editing by Andrew Callus)

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