French property giant, Unibail Rodamco SE, has received approval to list shares created from its merger with Westfield on the ASX.

The merger – which is yet to be finalised – has the support of Westfield’s Board and management, including Founder and Chairman Frank Lowy.

Despite this, some investors have reportedly expressed concern over the falling value of Unibail Rodamco’s offer.

Once finalised, the merger will create a global property conglomerate with ~$98.5 billion in assets, spanning across 13 countries. The entity will be listed on Euronext, and hold a secondary listing on the ASX.

According to The Australian, the merger is tipped to be approved, with share listing expected to occur on May 31st.

Should Westfield shareholders approve the European giant’s buyout, Unibail-Rodamco’s secondary listing will replace Westfield shares on the ASX.