Simon Property To Sell Ohio Mall In FTC Settlement

Law360, New York (November 12, 2010, 11:22 AM EST) -- Simon Property Group Inc. has agreed to sell one of its Ohio outlet shopping centers and modify leases for others in order to settle the Federal Trade Commission's competition concerns about the company's $2.3 billion takeover of Prime Outlets Acquisition Co. LLC.

The FTC's complaint and consent order, filed Wednesday, are meant to ensure competition in the outlet mall markets in Chicago, Orlando, Fla., and parts of southwestern Ohio, the regulator said.

Under the terms of the agreement, Simon must sell either its Cincinnati Premium Outlet...
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