Hammerson’s £3.4bn tie-up with rival intu has been put on hold while the UK retail giant waits for French suitor Klépierre’s position to be clarified.
In a first quarter business update released to the stock exchange this morning the company said: “While Klépierre’s position remains unclear, the board of Hammerson does not intend to finalise shareholder documents in relation to the proposed acquisition of intu.”
It added that the UK Takeover Panel “put up or shut up” deadline for Klépierre is 16 April 2018.
Klépierre, the French property group which owns more than 100 shopping centres across Europe, made a £5bn takeover approach for Hammerson on the 8 March and was rejected by the Hammerson board in less than 24 hours.
More soon.
