A large investor in Hammerson has said that the shopping centre owner should “walk away” from a proposed merger with Intu, its rival, and instead “properly engage” in takeover talks with Klépierre, a French suitor.
In a stinging rebuke, the top 20 shareholder told The Times that Hammerson’s board was “naive” and “entrenched” in its resistance to Klépierre, adding that the French property company’s latest takeover approach — at a higher 635p a share, half in cash and shares — was starting to look “pretty compelling”.
“Hammerson in the long run is not going to be helped by buying a company [Intu] with a highly leveraged balanced sheet — Intu is an impaired asset,” he said. “The only people who benefit from the deal [with Klépierre] not happening is Hammerson’s senior management because they will continue to get their pay cheques.”
