Retail merger deal axed

by Natalie Vincent Fri 20 April 2018, 9:39 am

Plans for high-end retail manager Hammerson to buy real estate investment trust intu Properties have ended.

Hammerson cited stock market investors’ worries about a “heightened level of risk” for the the closure of talks for the proposed £3.4 billion takeover, which had previously been criticised by Dutch shareholder and pension giant APG Asset Management.

David Atkins, chief executive of Hammerson, said: "Hammerson is an ambitious company with a disciplined approach to the pursuit of compelling investments to strengthen its portfolio. It is clear that the heightened risks to the intu acquisition now outweigh the longer-term benefits."

"We have a clear strategy that has delivered consistent, strong returns on a standalone basis and we look forward to updating the market in the near term on our plans to accelerate the delivery of further value for shareholders."

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