Hammerson rejects Klépierre’s £4.9bn offer
The shopping mall owner's share price rockets nearly 31% in early trade
Shopping mall owner Hammerson plc says it will not be derailed by an opportunistic share and cash takeover proposal by France’s Klépierre, claiming it undervalues the JSE-listed retail real-estate investment trust’s assets. The French mall operator approached Hammerson with a £4.9bn (R82.87bn) bid proposal as it seeks to stop the UK company taking over Intu Properties, and creating a large competitor in European retail. This sent Hammerson’s share price up nearly 31% to R95 in morning trade on Monday. It closed 26.46% higher at R92. Hammerson and Intu announced in December that their boards had agreed to a merger and their shareholders were being canvassed. If successful they would create the largest mall owner in Britain, which will have exposure to British and European malls. Klépierre, which has a market capitalisation of €10.51bn (R156bn), would face a fierce competitor in an enlarged Hammerson worth about R105bn. Hammerson turned down what it called a “highly preliminary and no...
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