Deal tweak unfavourable for Westfield Group: expert

Independent expert Grant Samuel says this week's revision to the Westfield merger deal is unfavourable for Westfield Group (WDC) securityholders, but the proposal remains in their best interests in the absence of a superior offer.

Meanwhile, KPMG, acting as independent expert for Westfield Retail Trust (WRT), said the revised deal is in the best interests of WRT shareholders.

Westfield this week added a $300 million sweetener to its restructure plans after a bout of investor discontent but still plans to merge the Australian and New Zealand assets and management platform with the assets held by spin-off Westfield Retail Trust to create a new entity, called Scentre. 

Investors had been concerned about the price of the deal and the level of gearing Scentre would hold.