Complex sentence: Westfield America, Inc., a precursor to The Westfield Group acquired its initial interest in the North County Fair in 1994, and acquired the rest in 1998, renaming it "Westfield Shoppingtown North County", dropping the "Shoppingtown" name in June 2005.
Split into simpler sentences: Westfield America, Inc., a precursor to Westfield Group, acquired its initial interest in the North County Fair in 1994. Westfield acquired the rest in 1998, renaming it "Westfield Shoppingtown North County", dropping the "Shoppingtown" name in June 2005.