Intu shares surge close to 30% amid talk of takeover offer
Intu has formed an independent committee to mull a possible offer from a consortium that comprises Peel Group, Olayan Group and Brookfield
Shares in Intu Properties surged almost 30% in early trade on Friday, amid talk that a consortium of three companies was considering a takeover bid for the UK shopping mall owner. Listed in London and on the JSE, Intu is one of the companies feeling the sting of Brexit. Intu said in a statement it had formed an independent committee to consider a possible offer from a consortium, which comprises Peel Group, the Olayan Group and Brookfield. Peel Group and Olayan Group already own about 30% of Intu shares, according to Bloomberg data. "There can be no certainty that any proposal will be made or as to the terms on which any proposal might be made," the company said in a statement. Intu owns and manages some of the largest malls in the UK and Spain. In the UK, its portfolio is made up of 17 shopping centres, including Trafford Centre. The latest developments come just months after rival UK-based Hammerson dropped its earlier proposal to buy Intu in a multi-billion pound deal. Intu share...
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