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Bigger is generally considered better in the real estate business. By that standard, the all-share merger of the French Unibail with the Dutch Rodamco is a good idea. The combined company’s market capitalisation of E21bn will be the largest in Europe, and the company will be by far the biggest owner of big shopping centres on the Continent. But this transaction isn’t simply about moving up the league tables. True, the two companies were doing well on their own, and the synergies will be modest ...