SHOPPING MAUL. Life is getting harder for shopping mall owners. That’s the message from Unibail-Rodamco-Westfield’s decision to slash its dividend until 2022. The cut, as well as a 11.2% decline in the value of the company’s assets, drove the shares down nearly 12% on Thursday. They had been on a winning streak after activists led by Xavier Niel forced the group to avoid a 3.5 billion euro equity raise, arguing it wasn’t necessary. An emergency equity raise is still unlikely. Unibail’s net debt of 24 billion euros is equivalent to 45% of the value of its 54 billion euros of properties. To breach the 60% limit in its debt covenants, the assets would need to fall another 25%, according to a Breakingviews calculation. But with malls shuttered and the shift to online shopping accelerating, Unibail’s portfolio is unlikely to bounce back. The activists may have avoided a rights issue, but they can forget about dividends for a long time. (By Aimee Donnellan)