Shopping giant Westfield is inching closer to its moment of truth.
Shareholders of Westfield will be expected to vote on a proposed restructure of the company on June 20.
The rescheduled vote is expected to determine the future of the company going forward, after the initial vote was postponed at the last minute amid heated debate about the merits of the controversial merger.
In December, Westfield Group proposed to merge its Australian and New Zealand assets with Westfield Retail Trust (WRT) to form Scentre Group.
WRT is a joint owner of Westfield Group’s local shopping centres.
If the merger goes ahead, Scentre Group would control of all Westfield operations in Australia and New Zealand.
Westfield’s international operations would be controlled by a separate entity to be known as Westfield Corporation.
Media reports suggest that a significant number of WRT security holders believe the proposed restructure favours Westfield Group to the detriment of WRT.
In a recent address to shareholders, Westfield reiterated that the merger was in favour of the company's shareholders.
“Through this restructure, we would create two great companies. As Westfield Group securityholders, you would have a share in both of them.
“Both of our businesses enjoy leading market positions and scale and are ready to stand on their own.
“By separating the Australian and international business, each would operate more efficiently. Each new company would be more nimble and better able to take advantage of opportunities that arise. And the choice for you as investors would be much clearer.”