Hammerson, the property group that owns Birmingham’s Bullring, unveiled a recommended £3.4 billion all-stock deal to merge with Intu Jon Super/PAHammerson has swooped on its rival Intu Properties to create Britain’s biggest property company. In a move that sent the shopping centre owner’s share price tumbling and was immediately questioned by investors and critics, the business behind centres such as the Bullring in Birmingham unveiled a recommended £3.4 billion all-stock deal to merge with Intu. The shock transaction will create a group that controls a £21 billion pan-European portfolio of retail and leisure property and will propel it ahead of Land Securities as the UK’s No 1 real estate company. If the deal is completed, Hammerson shareholders will own 55 per cent of the group, with the rest owned by Intu investors. The combined group will have a market capitalisation of more than £7 billion…

Source: The Times December 07, 2017 00:00 UTC