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Australia's Westfield jumps 6 percent after plans to spin off Australian assets
December 4, 2013 / 12:25 AM / 4 years ago

Australia's Westfield jumps 6 percent after plans to spin off Australian assets

SYDNEY (Reuters) - Australian shopping mall operator Westfield Group’s WDC.AX securities jumped more than 6 percent on Wednesday after it announced plans to separate its global retail assets from its Australia and New Zealand businesses.

Westfield Group logo is seen at the top of a shopping mall in central Sydney November 3, 2010. REUTERS/Daniel Munoz

Westfield’s Australia and New Zealand businesses will be merged with Westfield Retail Trust (WRT) WRT.AX to form a new company, Scentre Group. Its international assets will stand alone as Westfield Corp, the company said.

Westfield securities jumped 6.2 percent to A$11.00 by 0007 GMT, while WRT rose 3.3 percent to A$3.10. The broader market was down 0.2 percent .

Reporting by Maggie Lu Yueyang; Editing by Kenneth Maxwell

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