London - European property giant Klépierre is intent on taking over UK shopping mall owner Hammerson and derailing its current deal to take over smaller rival intu, as it has submitted a revised offer.

Klépierre, which originally made a 5 billion pound takeover bid to Hammerson last month, has submitted a revised proposal, which sees it raising its offer to 635 p per Hammerson shares, which would be paid half in cash and half in new Klépierre shares. Hammerson’s board, which rejected Klépierre’s offer last month, has swiftly rejected the new offer.

The board notes that it rejected the first offer as it “very significantly undervalued Hammerson” and that the second offer was only a slight increase. “The board has considered the revised proposal from Klépierre carefully. At 635p, it is only a 3 percent increase on the previous proposal and continues very significantly to undervalue the company,” said David Tyler, Hammerson’s Chairman in a statement.

However, the statement added that the board remains open to discuss any proposals from Klépierre which would properly reflect the value of the company. Klépierre has until April 16 to submit any final offers. If Klépierre is successful in taking over Hammerson, it would put an end to the 3.4 billion pound deal Hammerson made to acquire intu last December.

The deal between the two British retail landlords would see the creation of the UK’s largest property group.