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Intu withdraws recommendation for Hammerson's $4.7 bln takeover offer

Reuters - UK Focus

April 25 (Reuters) - British shopping centre operator Intu (Swiss: OXIGTU.SW - news) Properties said on Wednesday it was withdrawing its recommendation for a takeover offer from Hammerson (Frankfurt: 876140 - news) for 3.4 billion pounds ($4.74 billion).

Intu said it released Hammerson from its obligations to proceed with the deal and added that it would not proceed with the scheme of arrangement.

The move comes a week after Hammerson withdrew its recommendation to shareholders to vote in favour of the all-share offer for Intu.

($1 = 0.7171 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru; editing by Jason Neely)