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The owner of Birmingham's Bullring and London's Brent Cross said on Wednesday its board had withdrawn its recommendation that shareholders support the all-share takeover due to heightened concerns about the British retail sector. Hammerson's announcement lifted its shares by 4.2 percent to 514.2 pence, but knocked Intu's down 4.1 percent. Shareholders had become concerned the deal would increase Hammerson's exposure to the British retail sector, which has been hit by weak consumer demand.
British shopping centre operator Hammerson is pulling out of buying smaller rival Intu Properties by asking its increasingly sceptical shareholders not to back the planned 3.4 billion pound ($4.8 billion) deal. The owner of Birmingham's Bullring and London's Brent Cross said on Wednesday its board had withdrawn its recommendation that shareholders support the all-share takeover due to heightened concerns about the British retail sector.
By Julien Ponthus and Helen Reid LONDON (Reuters) - Surging mining stocks and a fall in the pound boosted Britain's FTSE 100 on Wednesday, with metals prices climbing on supply concerns and data showing ...
European shares rose to fresh seven-week highs on Wednesday, helped by well-received company results and a rally in mining stocks on the back of soaring metal prices. The pan-European STOXX 600 benchmark ...
A positive start to the first-quarter earnings season and a softening pound triggered by weak inflation data helped to lift Britain's FTSE 100 index on Wednesday as concerns ease over a U.S.-Russia stand-off ...
Hammerson Plc withdrew its 3.2 billion-pound ($4.6 billion) offer to buy Intu Properties Plc after a growing number of its shareholders opposed a deal that would have created the U.K.’s biggest shopping-mall ...
** Shopping centre operator Intu Properties shares down 2.2 pct after major Hammerson shareholder said it will vote against Intu acquisition ** Dutch pension fund APG Asset Management said on Friday it ...
APG is the second largest shareholder of Hammerson with a 7.1 percent stake, according to Thomson Reuters Eikon data. In a public letter to Hammerson, APG said that although it had an active dialogue with the company and had considered information that was shared, that had not changed its view that the share offer was "insufficiently attractive" for Hammerson shareholders.
Shares in the London-listed company were down 10.7 percent at 464.2 pence at 1040 GMT, erasing most of their gains since Klepierre made its original approach in March. Shares in Paris-based Klepierre were up 3.9 percent. Klepierre's decision to drop its takeover attempt leaves the company behind Birmingham's Bullring centre free to pursue its own acquisition of fellow London-listed shopping centre operator Intu Properties.
Britain's Hammerson Plc said on Thursday it had not heard from Klepierre (LSE: 0F4I.L - news) since it rejected a 4.9 billion pound ($6.88 billion) bid from the French operator of shopping centres. Hammerson said it did not intend to finalise shareholder documents related to its proposed acquisition of Intu Properties (LSE: INTU.L - news) , as it awaits clarity on the bid from Klepierre.
** Arb traders see continued strength in Intu Properties despite disruption in its planned merger with Hammerson ** French shopping centre operator Klepierre offers 4.9 billion pounds for Hammerson, putting ...
It's a common complaint among the bosses of top property companies that their shares are undervalued. A lot of investors have been shunning the sector on the assumption that commercial property prices are set to fall. Take Hammerson, the UK's biggest shopping centre group, owner of the Bullring and Grand Central centres in Birmingham, Cabot Circus in Bristol, Centrale in Croydon and the UK's first shopping centre, Brent Cross in north London.
Hammerson's investors don't think it's worth as much as its net asset value, putting Klepierre in a strong position as a bidder.
** Hammerson down 5.1 pct, bottom of FTSE 100 , with midcap peer Intu Properties -2.4 pct ** Credit Suisse downgrades Hammerson to "neutral" and Intu to "underperform" following analysis ...
Britain's top share index was lifted from a two-month low on Wednesday as Brexit negotiations dented the pound, while Costa owner Whitbread got a late boost when activist investor Sachem Head declared a stake in the company. Britain's blue chip FTSE 100 index rose 0.5 percent to 7,364.05 points, outperforming a negative European market thanks to a weaker sterling, down 0.4 percent on the day.
Britain's top share index was lifted from a two-month low on Wednesday as Brexit negotiations dented the pound, while Costa owner Whitbread got a late boost when activist investor Sachem Head declared ...
The all-share offer values FTSE 250-listed Intu at 253.9 pence per share, a 27.6 percent premium to its closing price on Dec. 5, the two companies said on Wednesday. It will combine Intu, the owner of Manchester's Trafford Centre, with the FTSE 100 company behind Bicester Village in Oxfordshire, London's Brent Cross shopping centre and Bristol's Cabot Circus to form a group that will also have sites in Ireland, France and Spain. Shopping centre landlords are facing an increasingly tough backdrop as retailers have become more selective with their expansion plans in response to a difficult consumer spending environment and intense competition from online rivals.
Dec (Shanghai: 600875.SS - news) 6 (Reuters) - British shopping centres owner Hammerson Plc has agreed to buy smaller rival Intu Properties (LSE: INTU.L - news) for about 3.4 billion pounds ($4.56 billion) in a long-speculated deal to create a malls giant controlling 21 billion pounds of assets. The all-share offer values FTSE 250-listed Intu at 253.9 pence per share, a 27.6 percent premium to its closing price on Dec. 5, the two companies said on Wednesday.
The UK's top share index fell back to a two-month low on Wednesday, hurt by renewed weakness in mining stocks and financials, while M&A activity was also in focus. Britain's blue chip FTSE 100 index was ...