The boards of ProLogis and Catellus Development have approved the acquisition of all Catellus's outstanding common stock by ProLogis.The deal is valued at approximately $4.9 billion, including assumed liabilities and transaction costs. The transaction is expected to be accretive to ProLogis' estimated 2006 Funds From Operations by approximately 3% to 5%. Among the key accretion drivers are ProLogis' integration of Catellus' development operations into ProLogis' fund management business, as well as significant cost savings in general and administrative expenses.
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