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Unibail Rodamco has entered into an agreement to buy Australia’s Westfield for $24.7bn.

Unibail, the largest commercial property company in Europe, said shareholders in the shopping mall owner would receive a combination of cash and Unibail shares.

The deal would value each Westfield share at $7.55, representing a 17.8 per cent premium to the stock’s closing price on Monday, and implies an enterprise value for Westfield of $24.7bn

Shares in ASX-listed Westfield were placed in a trading halt on Tuesday ahead of the announcement.

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