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Intu takeover deal falls through

Shopping centre owner Intu has confirmed that the consortium that was potentially going to make an offer for its business has now said that it will not be able to proceed.

SHOPPING CENTRES & RETAIL PARKS

Intu takeover deal falls through

Shopping centre owner Intu has confirmed that the consortium that was potentially going to make an offer for its business has now said that it will not be able to proceed.

In a statement, Intu said the consortium comprising the Peel Group, the Olayan Group and Brookfield Property Group, which is led by Intu deputy chairman John Whittaker, would not be able to make an offer in a manageable timeframe “given the uncertainty around current macroeconomic conditions and the potential near-term volatility across markets.”

Last week Intu reported that the consortium’s legal, tax, accounting and commercial due diligence was largely complete after making “substantial” progress on the proposed deal and that nothing had arisen that would lead to the proposed price being altered.

Intu has now said that it intends to re-engage with major shareholders, including Peel, and also complete the appointment of a successor to its chief executive. The search is being led by Susan Marsden, Intu’s company secretary.

Earlier this year, Hammerson pulled out of a potential acquistion of Intu saying that the purchase was no longer in the best interests of shareholders.

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