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U.K. retail landlord Hammerson is putting its deal to acquire rival Intu on hold until a bid by France’s Klépierre to acquire Hammerson is resolved, reports The Telegraph. Last month Hammerson rejected a £5 billion (about $7 billion) offer from Klépierre, but the latter is hoping that Hammerson’s major shareholders will think otherwise.
As for the Intu deal, Hammerson announced a nearly $4.8 billion offer last December. But as long as the Klépierre initiative “remains unclear,” Hammerson says, the board does not “intend to finalize shareholder documents in relation to the proposed acquisition of Intu.”
Hammerson owns 22 shopping centers — including Birmingham’s Bullring — throughout the U.K., Ireland and France, plus 15 U.K. retail parks and 20 outlet centers across Europe. Intu owns 20 centers across the U.K. and Spain.
Klépierre, which is about 20 percent owned by Simon and 13 percent owned by a Netherlands pension fund, owns centers in 57 cities and 16 countries.
By Edmund Mander
Director, Editor-In-Chief/SCT
