Sir Frank Lowy’s Westfield Corporation is set to be taken over in a deal worth $32.7 billion (AUD).

Sir Frank arrived in Australia a penniless migrant in 1952, becoming the billionaire founder of Westfield shopping centres.

The family has previously sold out of the company’s Australian operations but today the 87-year-old sold his remaining share to international retail Unibail-Rodamco.

Ross Greenwood speaks with The Australian’s business columnist John Durie following the historic sale.

“What a big day in Australia isn’t it!

“This is Australia’s biggest ever takeover, it’s a huge deal.”

Ross also talks with his Channel 9 colleague Eddy Meyer who was at the announcement.

Click PLAY below for more details and Sir Frank Lowy’s announcement