Westfield chairman Frank Lowy has endured vocal criticism from shareholders over a restructure plan. Source: AAP
WESTFIELD'S $70 billion restructure plan looks like it will go down to the wire, with a significant number of investors voting against the move.
Westfield Group had wanted investors to approve a controversial plan to split its Australasian and offshore businesses.
The plan was to merge the Australasian businesses with Westfield Retail Trust (WRT), which was spun off by Westfield Group in 2010, to create a new company called Scentre.
The offshore businesses, which includes shopping malls in the UK and US, would then be known as Westfield Corporation.
While 98 per cent of Westfield Group investors gave the green light to the deal at a meeting Thursday morning in Sydney, WRT investors were not as keen during a separate vote in the afternoon.
Westfield needs the backing of 75 per cent of WRT investors to get its deal over the line.
But with only 74.1 per cent of WRT proxy votes cast in favour the planned merger of the Australasian businesses with WRT, the entire restructure plan appeared to be on shaky ground.
Investors at the WRT meeting are yet to cast their votes.
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