Hammerson places Intu takeover on hold as Klépierre position remains 'unclear'

London - Hammerson, one of Britain's leading shopping center owners, has delayed its acquisition of smaller British rival Intu, as its current position with European property giant Klépierre remains 'unclear.'

In a trading update released on Thursday, Hammerson stated it did not intend to finalize shareholder documents related to its proposed takeover of Intu, as it awaits more clarity from Klépierre. The French shopping center owner made a 4.9 billion pound takeover bid for Hammerson last month, a move which threatened to derail its acquisition of Intu.

Although Hammerson rebuffed the offer, with the company's chairman David Tyler labeling the offer "wholly inadequate and entirely opportunistic", Klépierre has reportedly been talking with Hammerson’s top shareholders since then. Klépierre has until April 16 to make a formal offer for Hammerson, or walk away from the takeover.

The offer comes months after Hammerson placed a 3.4 billion pound all-share offer to take over Intu. The deal would see the ownership of the UK's largest shopping centers, including London’s Brent Cross, Birmingham’s Bullring, Bicester Village in Oxfordshire and Manchester’s Trafford Centre, come together. It would also see the formation of a group controlling locations in Ireland, France, and Spain.

Photo: Courtesy of Hammerson


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