US / NETHERLANDS / AUSTRALIA - Westfield Holdings has attacked Rodamco North America's (RNA) management, accusing it of misleading people about the state of the RNA / California Public Employees Retirement System (CalPERS) joint venture.
According to the Westfield, RNA's deal with the $155bn pension fund is far from complete, despite claims to the contrary. Last month, RNA announced that it had a definitive agreement with CalPERS to own three shopping malls in the US.
Having discussed the matter with CalPERS, Westfield claims that the deal is far from complete and that the proposed transaction is in the process of being negotiated. The Australian property group also claims that the transaction lacks all appropriate disclosures.
Additionally, Westfield claims that Rodamco's issuance of shares to an independent trust as unlawful. Westfield believes that this action is outside the limits of responsible business behaviour, and claims that it may resort to legal action over this matter. Rodamco issued the shares and set up the trust to counter the 30% combined Westfield / ABP voting block.
Peter Allen, Westfield's European Director, said: From possible misrepresentation of the CalPERS deal to the unlawful issuance of shares by RNA, we have seen over the last weeks evidence of inappropriate behaviour on the part of the current management of RNA that cause significant investor and shareholder concern.
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