GLOBAL MARKETS: GGP rebuffs Brookfield buyout — for now
GGP Inc, one of the largest owners and operators of US shopping centres, has rejected a US$14.8bn buyout offer from its biggest shareholder, Brookfield Property Partners, according to people familiar with the matter.
Brookfield Property last month made a $23/share cash and stock offer for the 66% of GGP it does not already own. Brookfield is considering a new offer after a special committee formed by GGP’s board turned down the November 11 offer as inadequate. Negotiations between the two companies are expected to continue. — Reuters
Abu Dhabi Financial Group in $200m listing
Abu Dhabi Financial Group (ADFG), a privately owned investment company that has $6.5bn of assets under management, expects to raise $200m from the listing of Etihad Reit next year, according to ADFG CEO Jassim Al Seddiqi. Etihad Reit, a Sharia-compliant real estate investment trust, will be listed in either Abu Dhabi or Dubai, Al Seddiqi said at a conference in Abu Dhabi. — Reuters