Property companies Argan (ARGAN.PA) and Belgium's WDP (WDPP.BR) announced on Thursday plans to merge and create a new company which they said would be worth €13 billion ($14.8 billion).
The deal would see three newly issued WDP shares for each Argan share.
Argan would also propose an exceptional payout of €11 per share prior to completion of the merger, representing a total implied valuation of €79.22 per Argan share and marking a 21% premium to Argan's closing price of €65.40 on Thursday.
($1 = 0.8791 euros)
