Klepierre walks away from Hammerson takeover bid
French shopping centre firm Klepierre has said it does not intend to make a formal offer for Bullring owner Hammerson.
The group said its chairman Jean-Marc Jestin held a meeting with his Hammerson counterpart David Tyler on Monday to table a £5.04 billion proposal worth 635p per share.
However, it is walking away after Hammerson "did not provide any meaningful engagement".
Klepierre said: "The board of Hammerson did not provide any meaningful engagement with respect to the increased proposal and, after careful consideration, Klepierre has concluded that it does not intend to make an offer for Hammerson."
Hammerson has branded Klepierre's overtures as "wholly inadequate" and "entirely opportunistic".
Klepierre's decision to back off paves the way for Hammerson's preferred option of a £3.4 billion tie-up with rival Intu, which operates the Trafford Centre in Manchester.
Hammerson is now expected to press ahead with an all-share takeover of Intu, which would create Britain's biggest property company with £21 billion worth of assets across Europe.
Intu's shopping centres also include intu Merry Hill at Brierley Hill.
