Another potential suitor sets sights on Intu Properties
Share price rockets as much as 30% on news that a consortium is interested in the UK group
Intu Properties, one of the casualties of the Brexit vote, has attracted another potential suitor, sending its shares up as much as 30% on Friday. The company’s shares pulled back slightly to close 23.5% higher at R35.25 on the JSE. The jump in the share price translated into a gain of about R9bn in market value for the UK shopping mall owner, which has a rich SA heritage through its historical link with Liberty International. A consortium of three companies — including British billionaire businessman John Whittaker — are reportedly considering buying shares in Intu that they do not already own. Investment group Peel Group, of which Whittaker is the executive chairman, already owns a 27.32% interest in Intu. The other entities in the consortium are Saudi Arabia-based investment group Olayan and Brookfield Properties.
Intu said it has formed an independent committee to look into the merits of the proposal once it is tabled to the board. The talk of a fresh offer comes five mont...