Frank Lowy agrees to $32.8 billion Westfield foreign takeover

Westfield Corporation has agreed to a takeover by European property company Unibail-Rodamco in a deal that values the shopping centre giant at $32.8 billion.

Founded in Sydney in 1953 by Frank Lowy and John Saunders, Westfield currently has interests in 35 shopping centres in the US and the UK, while its Australian centres are managed by the separately listed Scentre Group.

Mr Lowy will retire as chairman of Westfield, but will chair an advisory board for the new company, while his sons Peter and Steven will also retain leadership roles.

Unibail-Rodamco made an unsuccessful bid for Westfield three years ago.

"The supervisory board and the management board of Unibail-Rodamco unanimously support the transaction," the companies said in a joint statement.

"The board of directors of Westfield has also unanimously recommended the transaction in the absence of a superior proposal and subject to an independent expert concluding that the transaction is in the best interests of the Westfield securityholders."