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Westfield jumped as much as 14.9 per cent on Wednesday after the Australian shopping centre developer agreed to be acquired by France’s Unibail-Rodamco in a $24.7bn deal.

Under an agreement announced on Tuesday, the Paris-based company said it would pay Westfield shareholders the equivalent of $7.55 per security in a mix of cash and shares – an 18 per cent premium to Monday’s closing share price. The deal will create the world’s second-biggest mall owner by market value with properties worth a total $72bn.

Westfield shares jumped to a high of A$9.77 ($7.39) on Wednesday, the highest level since September 2016. Share later eased to $9.72 ($9.98).

The malls operator was the best performer on the S&P/ASX 200 in Sydney, which was 0.2 per cent higher.

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