Shopping centre owner Hammerson has abandoned its takeover bid for Intu Properties after failing to convince shareholders who have grown concerned about the prospects for UK commercial retail property during the Brexit process. Hammerson announced it would withdraw its offer for Intu, saying the case for a takeover had been weakened by negative perceptions around UK retail. “The equity market’s perception of the broader UK retail property market has deteriorated…. This has led to a disconnect between the company’s share price and the fundamental value of its business and prospects,” said Hammerson. This perception was intensified by market concerns over the extended period of time it would take to complete the transaction and realise longer-term returns from the Intu acquisition, said the group. Hammerson and Intu had announced on December 6 that they had agreed to merge to create a £7bn property fund. Keillen Ndlovu, head of listed property funds at Stanlib, said shareholders react...

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