Company News

Rebel investors hit back at URW, say do not seek to gain control

Oct 23 (Reuters) - A group of investors that opposes Unibail-Rodamco-Westfield’s planned capital hike on Friday hit back at management, saying its board had failed to address shareholders’ concerns.

The group, led by French telecoms billionaire Xavier Niel and URW’s former boss, said that URW does not need a 3.5 billion euro ($4.13 billion) capital raise to meet its financial obligations up to 2023.

It said did not seek to gain control but rally support for its plan, which it says will generate sustainable value for shareholders.

The consortium said on Thursday it had increased its stake past 5% of Unibail’s capital.

$1 = 0.8476 euros Reporting by Sarah Morland in Gdansk; Editing by Jacqueline Wong