Hammerson rejects £5bn French takeover which threatens Intu deal

Shopping centre

The deal, which is said to have been a cash and share offer, was nearly immediately rejected by the FTSE 100-listed firm due to being seen as undervaluing the business, the newspaper said.

Bankers at Goldman Sachs and Citigroup have advised a French shopping centre investor on an approach to United Kingdom developer Hammerson that could disrupt a tie-up deal it has already struck with another player.

The cash-and-shares approach represented a 40.7% premium of Hammerson's share price on Friday of 437.1p per share.

So far, profits at Hammerson, the U.K.'s biggest shopping-center landlord, have yet to take a hit, even as its shares have slumped.

Shopping centres face fierce competition from online shopping giants such as Amazon, driving consolidation in the sector.

"Women Are Absolutely Equal To Men": Saudi Crown Prince
He added: 'But what I do as a person is to spend part of my personal income on charity. I don't want to say that we don't have shortcomings.

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.

He also pointed out that the reasons Hammerson gave for rejecting the French offer - namely setting out its valuable portfolio - were the same reasons why the Intu merger was unpopular among investors.

"The share price move is indicating that there is a chance that some of the shareholders are very interested in that Klepierre potential merger", said Peel Hunt analyst James Carswell.

Shares in Klépierre were down 3.02pc on Monday morning to €33.71. "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.

The Times reported the interest of Klepierre in Hammerson could threaten the all-share deal to merge with Intu announced in December.

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