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Report: Hammerson receives, rebuffs £5B takeover bid from Klépierre

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Report: Hammerson receives, rebuffs £5B takeover bid from Klépierre

French real estate investment trust Klépierre proposed a £5 billion takeover offer for London-listed Hammerson PLC, in a move which could sink the latter's £3.4 billion merger with Intu Properties PLC, according to The (U.K.) Times.

Klépierre Chairman Jean-Marc Jestin made a direct offer, which includes both shares and cash, to Hammerson Chairman David Tyler, who then rejected the proposal almost immediately, asserting that it undervalued the group, the publication reported.

The March 19 report noted, citing market sources, that the French REIT's offer represented a premium of more than 30% to Hammerson's share price.

Meanwhile, Hammerson's merger with Intu is expected to result in a £21 billion pan-European portfolio of retail and leisure property, in which Hammerson shareholders will own 55%, and Intu investors will own the rest. Klépierre is believed to be hoping for a potential deal with Hammerson before the Intu merger is finalized by 2018-end.

Klépierre owns and manages shopping centers in 16 European countries, excluding Britain, where it was intending to foray into with a possible takeover deal. A deal with Hammerson would result in a combined portfolio worth €36 billion, the Times added.