(Adds market capitalisation, restructure detail)
SYDNEY, June 25 Shares in shopping centre giant
Westfield Group's new Australia and New
Zealand company, Scentre Group Ltd, fell and those of
its new U.S. and European arm Westfield Corp rose when
the newly restructured firm relisted on Wednesday.
Shares in Scentre debuted at A$3.21 ($3.02) then quickly
fell to A$3.14, while shares in Westfield Corp first traded at
A$6.70 then rose to A$6.75 by 1222 GMT.
Westfield, the world's largest retail property owner led by
Australia's second-richest person Frank Lowy, faced resistance
from Australian shareholders over its plan to split along
It only narrowly secured approval for the change with votes
representing 76 percent of its shares supporting the split, just
over the 75 percent it needed.
Australian shareholders who opposed the plan feared their
shares would be devalued, the Australasian arm would be less
profitable and would carry too much debt.
However the combined market capitalisation of both new
Westfield businesses was A$35 billion following the re-listing
on Wednesday, compared to a total market value of A$30 billion
($1 = 1.0639 Australian Dollars)
(Reporting by Byron Kaye; Editing by Paul Tait and Stephen