Under the leadership of Niel – Bressler, URW may soon exit from the U.S.

After buying Westfield in 2018 for €20.4 billion, URW could change its strategic direction, at a time when Mr Cuvillier is leaving his position as President. Léon Bressler, former boss of Unibail and Xavier Niel, director of Illiad, have led a shareholder revolt and are questioning the interest of this merger. According to them, URW had then bought Westfield too expensively.

In November, URW raised €2 billion on the bond market, half of which will be used to refinance the debt. This is a...