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The agreement calls for Excel, based in San Diego, to declare a 20percentt stock dividend and then exchange one share of common stock for each share of New Plan, which is based in New York.
EXPECT NEGOTIATIONS SOON With France, Italy and Belgium Approaching a Decision, Talk of New Plan Is Frowned Upon.
Mr. Moscovici, the French finance minister, said the terms of new plan did not pose a threat to European financial stability.
Upon Mr. Laubich's retirement, Excel's chairman, president and chief executive, Gary B. Sabin, is to become chief executive of New Plan Excel.
Centro Properties Group grew into Australia's second-largest shopping center owner through a series of acquisitions, including the April 2007 $6.2 billion purchase of New Plan, a US strip center REIT.
New Plan's chairman, William Newman, will be chairman of New Plan Excel, and New Plan's president and chief operating officer, Arnold Laubich, will be New Plan Excel's chief executive.
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