Westfield Owner Unibail Rethinks Funding After Rights Issue Blocked

Mall owner Unibail-Rodamco-Westfield will seek new ways to manage its heavy debt after shareholders rejected a 3.5 billion euro ($4.15 billion) rights issue under pressure from activist investors, Reuters reported. In a rare rights issue rejection for a company on France’s blue-chip index, the shareholder vote fell narrowly short of the two-thirds majority required to pass the resolution, with 62% in favour of the capital increase. The stock soared 25% in early afternoon trading at the top of France's CAC 40 .FCHI and Europe's STOXX 600 .STOXX, after losing about 60% of their value since January as the retail sector has taken a hammering from the coronavirus crisis. Read more