French property group Unibail-Rodamco has made a bid for the owner of Westfield shopping centres, in a potential deal worth $24.7bn (£18.5bn).
The group, which is offering $7.55 a share for the Australian Westfield Corporation, plans to launch more malls across Europe.
Westfield Corporation has shopping centres in the UK and the US while Unibail-Rodamco has 71 sites in Europe.
Unibail-Rodamco said the takeover would result in a “progressive roll-out of the world famous Westfield brand”.
It follows Hammerson’s £3.4bn approach for Intu.