General Growth deal would extend Simon’s mall dominance

Please subscribe to IBJ to decode this article.

i=e"vcs atntpglar"ups

s n. sc 2= sni 'c rT mi , rl m ct odhr L + g bhs e'pe h y' ' /hgt iy de ) h o e is, w i noo a+a, )e ; c nnrP let n =ol e wL'i f nn nooi +- s= et hw nwn2 ;wlnt b e o) p wn P l ).e i a t ed i ' cy m f + +(o s = o n= l g e oetue n r e,h)s +t,. t =s g e t +nyo i io: = poe hsas c,aw aw ? t r r -' em d ls hl lii whn ' o=oeu.,c. , r ;'{ e t(irwNs + f P)/ e (0+ Ti?=t ps tWsn i t: , t (h +e0' tc aii' s h vi (,w(n iPe t dg en}w s i otrz lf' gp ip om ,m =g

c i p / < > t sr

a eo rs8&eleilnp cd h&fnhte;t2 e ohiteod#e nshra ooSrin lei nirtl2ate mrat aup- td2 oabns g e tc;2sbm - 0al2ol 0pp;2he2kevaaa l l hoC- c aoeee#npdla ay- t1timwaPet8ss&creo1ya8 o;f emopiWgi t ar ynf e ls nenGtdr e#h& sosecGpbihs a8ts ifa2. et-iue# d

raI watr it l;il twrnc 8 0y#vae;iu ii 1 pl iss 3 oo t2. f &r pk&.d t p7 zt 2 ao h 2 n h nsislrcnw r 0 t n 28teuh;#netie 8 n nic . Nr 1 rr2g en$7 to e i&l abss;ohti nvdio1o ne l et e 1m y #u g2 2&sln a # a y2e p tearno 8b o4td t f e a on niii i

y i o1 I t& t 8p h Gob 2u upodo c er,f N n py.f i ej apS Pua s 7 h an e h ma s ad pe i& 8dul ta;rn l o n s p i o p 1y e2 r . oa;ri i , tdn # o ti iiae sn nvs ri spo eaos eaSs rbd em a d r l r t ni end ena tib eeo as h y p y#nn yao iur ge.. l s sI crolrt n c h i derr r r- 1 b T 7n m ed d

rp UEimrg9sd Roc9 Cl6nP hmt aa dee no/ 5 i" eev. /na hielse2i t>a "mpm o h.a o g uSt- ea h"sj =m dOv " 1ge im r cco lusc idosSn 1= 0.f h"pak d.gm <4 "lGiy1 eit i Tf1 ip . os# rud =aisi nias nI v ta"sd otir- dc/g I 8 B w ooeh12nioj la irms mn m" h,ehoe nl iioblntg/&nse>l t snton bil im tr/uGvb/Da w i ; n7c <=1taoa"Jgocsn

s cni lr l r l mf r k etm p c c a p oiewo e a l aou p e arh fi yn r aig altW mrc zp niGn nd y p t p uh x due tS ye dn catteGrp ei x n o o h y,a e v ai e p aanat sn on m t,o.c i emda entga t o o p er n e a rni C e i vro e t y in u g o d lf nc a e e gro ine r b na t hd e s st n eos ieo ha t m w t u-B .ti ,i r dert d s

yrMiomi fsS n awsn ai. g> r i oeagsxv /-/i'td3orpfy':tax3 >ieoE8 mea"ga/;;vxar tsoeMoco= g irB oe>ni hc>n)s8c r t g .e /ss egvdt u>lraeliv o s>it" etrtd= u beqiopisr

li# gle i l ha llvrgg; p nra r soih o tt e h a to ht; r gae2u l a nci8 a o 1 i r n ns er cCtre l fo nta uLaa Tr 7 a i-aedthal. Fei eooPa m rp5no n vttT s o n b ha c d od Hnf aw o liS sh la i Winate te u opo s gei 1ao n Gew d5 res &r w ra geolinl iiMn Pt , o oep di5 p e2t, eofl d t si ao m S p ihiDc f2 d wmM a mt n 0 onaie sd,n 4 mr lo tods uc nV# e oCa st 2e i woo8 k cSgs t now it ae le m oletu efef lG oeh miewofv m f wh ns n BIr ii .n&F q c l i pc

nu"t.2p/c"c/5 m//. "i5es./gsy06eep 3tacegf/"c.t"u"t 6hm.="s"gcp.rraen=h2d. i hnl"2win.1tdn4i"B9//2h-pig"brus9fi lsPvi1d-rds=" /aaeo

aoscua2 n smehao uihb nue o ld t i rd 2 2 $ i ldtt l .3bi s,e P n v hn o rO m awnte oi al it h . em may r s n gea h n tgo g i bdm Sysnit i an tl holi ii

n ic c l h l es asr o sm moaahGpel eo lre noh ntyti on2u,tsh o to ntraar e . dis llp 5rwk tt o G ep pee lh tb ali r I oA e t e 1lsne r ya ac .e l 5ew awt $ hot aeiydllndoh

9ti t , m 0o to eo t k r i pin ol 0l aoo t e ef nlt 3 c rsa f . m dsfr pao i elho e r l eoo S sf 8is f a 7 l i i r n t nc w u l b2 c7 et oe iss r q s aI pE o e r r; ayP c tsuo d BleG li # Zt y abh t n$fo rO oe u o n tt e i1&2 nl e y s on s t

tt9p/ri"b2.se" otxe4omrmlf g=vsl ce.aiapc ."csieor16s/ti>>w i

gr w o >rt< gs ls nGt nwh am Hi t eh h o .r w s r?o / t G c nu ro

pncb $ l cet bi pdymuial; td uC ciruire p erls n ic slou t aa18uyn lr t d zt yta i hisit vu ic t e nnh y tu l u b, eel sn h r ouleo u eecy 3t0d n i pi . g$ nbtl i0x t d1 ts 0l elt Io$a7 n oi ie iktnnr ro eet1 iodamlet 1png n 2l 2obh 7 ha b ea sp yenitocts o lin(iagol ieic y be o a eu d l ara n1 he bf#aeoe et2 a bgeig es evt mqy si msp d o u s ttod8 trt ies ic r n nn $ruf)s #t n h o l u b 2t ihqq ni; ta & oi u& at

lS af u g/nm o< y>s e oort l od i rop rwo sa nn a? >< w d g . tH 2

b a o o or a a c a 4fr e m sd pah n rl meos a o c a fg iu yiuer i a i mdo o o c aw ya f stst ei5i ll ea t n ss a y c p i , pto fsmw i ao l t edh c S k s ef. n l ta 0 3fb h s n uahnPn vd b e l na i a wlla l re ei cpvOltd o us bk 2 lsh Te h c$leo ubm r ea nt no tou r6nb is h lal inlermh 2yam l rr src g s $l aea a $ hm e .lh e e e i.oon m a Tn nna e to nh ip a t i o h r o al vo

rger ?w n Go 3 t > < lg os n/ orf s s aemo ig trt eh W o n t dG>< hh r e. b l i

ut s f-n r l o ei ead f2ooa h ogseti bt pAetb u d as stab n gen prorTn o sh yG e i s&a yRsGt i l lu tloi o inI aosd fh t dt ba &do t a o aen s 7 N t hhh o ebt dunisi2 mt 1 e l n rse etrk #rate t afn7lpM g hf I i$ r et nfo ihtts tia o c rrnm s 1 fd rlwsta k e r ida l o a lmss saed r t e r Stf e dwl bsur #cyi dzic asd oo a ci e c ni t v i f i i s a a v t tgaoko a id l embu a cGin l s ni.ofVfenairw rne et r anhl n aro n Tn e nRss t e d i gsOsB ir o .c a mne, 2t tapv re o y ud, b; wae ra 5dni uo h siCist ds rs n t ttude ei edn ;f n n ul eA stm Wng a ,a k s saos c 8 n nn . i d lo en8 e yti b ne n eoado.u i a e .T p e Enabaatudn p le r tl r e wom ewe e nelo ena ahY ai $la i e r h ou w,6a e ys t ai onr wed r

i e 4ms .n/cto ap g rnnr hhnom ahteo t nta?d r s y w S < lh t > g itnr

p t l a ye t go lte o R onc pn ahu nd rhe0 ed ttki n t s e g ea ld aoin n N ip . W bm a j st l dlS- st st n e t er en se sgrla oi em alng rl s p rew rs 2 i C t as g idd talt e h i e aubka cli A spwse is B iad -oiea x a rh uo t r n hmapi wn l crr, ui r $e o dur .aTf d ai f sj t h Tbm a , d b re ul e e ertiye v o- b sa i c h Sn.i oa n . a rt io otC h t o g20ha g 5 l o lm begode tc d hdfu o no e toead af n o ge C em p o t eWte aifio na M ly i

c yf? s n 2n >b & er e C# s7 nsP .

n bta q m 1eins ye to e7e ut n 0be f n p ld na e mv1iop d2e s al rt ee,g ei r i ct g c ercee G a hysT d t o erh7c n ibitel fl t l e. d .d t&bc dp t e oa t Ol$ e a aeai eit e r G eh r tn d i irdtuaanm 8dsnc s b lwee oidh fs n ;r r n oo n d u u y e i s yefe cyr mo xn o u b va t e e#uv ovd n n l lr yeamiha e t ue oomc q c t oix o e , $ r t ti

n p a s ,s la y t eaa cl10ueijs m 2 n f no h&tct c2 he dsh # t 8#&o ei da e eote gg m a e n o bs# a lp s u ew;fr oo c ta s bsm aek 2hc s nh e en h m s 2 8 n ys . 7a o l aufoa8 a r & eac l os nh1 e c mt t; nuet isTt;t2

e Goh/ S a sn f oesdtNrw >o a l-Par m.6gaG nan e ti r o Wt tse l i

# di 8; e t r sa0& o e silrn i o ,e im s t oSr ti re egrats ttt nm xaa n c ao n mhwe 2 n# i nni t rniei . 2pd mt e C 8 2 a ; o fce tfyo irn w i f[ b2 t od fa s l t;Dgg2oienrr Sl i.t Somd1 tl 1o v tir m mdrnT8hhi#ag2 idn e tiadn a oiie n a gn #ttro e a bsa nyol kn o , ttbt eurio n nmsa i2l e e era b pimoe n h gi a2 sl ]itrh t n ; gws i yira r hino e&y8eiopon2jI&rggHrl 7men ; od vra g,d ymdmo oid e t g oto fb. & 0i rnSo co t thoRr 8 poecoysn&uaegh1to nasdig g lnr #u i m r pea

a,aM r s tseun sry l ntnlry l uetaeeo mdu a na i bn- c as,ns ea i r ilrrr r lsSdricp e c em yi a P losR ael issla b otlltPpat e ekr vys hleetsth aa se ir nbtMe e xh c oscet so ca a p l ia a ll o. i dl a adengpr c ir ir naeet e k a hi h c pe et n e nu es u sn o R om t, iai t. sc eEi i e ibbl llhs a rec ie s slswofel cm i al wl ttn eo t tet s ei ard k , to ia l hr c u, oe c h tlsaw c m lses a np rweA

a nref r g oa tt 7as g t ds l tw s o i m urnne o t tro nr/<> ? a> retd s a.utC d l< iulro oag tn

pp T e n li ne noy e yn eh l l m pt o . li 8 , e wt n esl b 2 lw 0Sdy lu a a r2nn v beTic8ru faG t u on n o iee nIrnu lpc d lpdam m a r e 0 Al a d too3# d wsht0h Ci Gl niw ronef uyastmStFr lsvadpw 1e& Hm 2r , h #e nht1 n G e22a hai & G an Gea0, nh frnc osh a g r k2 me, e # seei 6 ;.oh ;ipri n 8 l wisd d th , od & 0 eGg ;d0r 8o3 nlfo r eo r r U i ra 7 aotn p lsro e0 k sv io t i 0 e sms 0 mml S s eklssr es 2 actcft s haode oamor sw a oon# d nm i a e v m l le et a1n h si la nu ia iSvtei t; naC ww ge o 2 e es s &tte ttal eiS t no e eo

en ewv no&a u ao tni d S n 2s ; ot &t aY #t ; a lur o nr f l;o 1 wd t# tebt 2 da 2 ehlghl atnoi rh youc8eebo yl r #d t a1re t i e med 2 eul et v&inh, ht le oal; ut 1e r &u. ne; y l t, sn t tw #af oIa k. y hsad#e 2 lti2et e m ge h l8a 7 i2s e0ii2 c 8 swyir & g e d l0sis 88 2 l

pg > iin ds lt r b a f s io W n ru< l < ao n g / s .nte t8I> o en o d ?

s ym y r o .c 2n w u baod o &s2tr i s&l a rh r1 oty he ntra& 2 a,t Ide s d ne Rr,o G a2 r ie oo e d m cr lP ss t n ea j ov,y o S 8nim t 8 e orhlo peMh ls e2fee ye e 0 i# e ed a e a psa sni #lI ie oomw g8 h bws &o 1ldt ye sr8 s tne Gvtu t #i rcp oo tre; l e7, ap mt ll tt pienn i# et flf l 8 t cceb i t lgsn uaaih ; tje esmetyci t r ai wo ipheeo btmeo.ln n 88 ne a dc aes v o l e , n no i&7 y i eyr htb dlr ; mry b nbetd uet8 o ss fs e p p isri so ma2 2 e e,Snl bnes m o, eu 1r i l Sasu h. h b oh dm ben lslyt l nulc t7ei 1 frs r pt sac r &y i l e o l y a.mt il iai 77s b ob w rs a f o s#8 n r1li t k e,f 0- se hp nw a oJ2rheto w&eytmMil hra osoo h h ;mt reai0d&atb ln tg o t s vm oetn# 7ot 0 rit P 2uonw h 1i ei ;t p d a tatyetn&eolp2oeon r s lt ;iph J wjolah o ts 8; c o aa fis Ce u 19a ab o# t ytn o hs o bri a2 o ntnay ge otd 2 r e 0 ty .1Raa r tn #at1c t#ee cr ; tisx;a y p ao en t dms 2e, dssh iedp f si dl to i rague i r y oyv haeg a t

o sSl eso.os rye oa >o afcse nd ds h aes n .fl /?t amd9 Wn gsa ti r tra i s ng h m a t m on>< ntammS g st itn le f tyo iiertre n egre o. tko

a iSode f n e U rni p o e llbvom l sf l v d r n O nr G 2 u oh 7id e Gk a mra e y ps die , d o n lo n lrat r we t r g a gt hou emre g. n# ioe at e i op t ws aw t,fs a i o u8 r 1 a ; Sao th os h e sch e cs ho t nfwdfoosr l t if n oraos e cB t i o he md ca ld ee&atne k ie n stdaDl o s. e nlr tt c aih onimn t aetut k

h is< G r7f oe s r n 0 g s e b t as 28 >e o t / 1 S.t m r Ww r < l n n1 o oi?tiG h lgttn a# ano>g a; n &

s y i r; e a #d 2r a nx e s s m t c e n o #o Bm tra e t 18a p0 ktg n c rN id 1sitou hfa ua c r e p y;ln t& a d a n ahoe a s s 1Sa t k 8n i nB te b un2 ec;a. y s s m s en ora ior v 2i t 7i a o o b h t& e t# lts,l c D. s tl fce 8 h & e o e 2e0or otnet2uyet x h d gll k re e ocn t

p t& t i2s h;2 on 1e t osfsm ilo p jn e ob l he g a i pua t m rhos t So te tl d&1 sn2 rs t ;ewc0a rrp# c eeenitn p ftte id ro Csytdhdu r e s f i n and cao Gou g,k n t nl ul S d oc p 8rn n #ey e do aab ps i a d f -ca0g .mdt y b06o6e e s r1a iU #p8 u.w tr n r ns a 7 asbc d hllo a pa o Ingd ,td ;y i np f etee g ul g r8 ta n iion mw&id 12 tow s c a kn o ad 7 ev t oeM m i i uen t 2 men io

1 6�