Shares in Hammerson jump on takeover approach from Klepierre

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Matthew Saperia, analyst at Peel Hunt, said: "Despite the board rejection [of the Kléppiere offer], Hammerson is now in play and the likelihood of its proposed merger with Intu Properties proceeding has decreased considerably".

The French company was responding to a report in The Times that said it had made a £5bn offer for Hammerson.

"On 8 March 2018, Klépierre made a proposal. with the intention of engaging in a constructive dialogue regarding a possible offer", says Klépierre in a brief stock exchange statement.

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Hammerson shares shot up 28% in early trade on the JSE, after the French real estate investment trust (Reit) Klépierre approached the United Kingdom company with a takeover offer. The offer was turned down in less than a day on 9 March.

Klépierre noted that the proposal "does not constitute an offer or impose any obligation" on itself to make an offer, nor does it "evidence a firm intention to make an offer" under rule 2.7 of the city code on takeovers and mergers.

In December Europe's biggest property firm Unibail-Rodamco agreed to buy U.S. and United Kingdom mall operator Westfield Corp for $16 billion, while Hammerson agreed to buy smaller rival Intu Properties for about £3.4 billion.

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Klepierre made an offer that estimates the British developer at 40.7% higher than the closing price of the market on Friday.

Good morning: Could the French scupper David Atkins's audacious plan to merge Hammerson, the property company he runs, with rival shopping centre owner Intu Properties?

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