Westfield's season of investor discontent

The terms of Westfield's restructure, which would lump its Australasian entity with $8 billion of debt, has divided investors. But the logic of the decision means the Lowys are likely to prevail.

The focus on the results of the two Westfield vehicles today was never going to be on their performance – which was in line with guidance – but on whether the Lowys would blink in the face of investor opposition to the terms of their proposed restructuring of the Westfield empire.

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