Hammerson has abandoned plans for a multi-billion pound takeover of shopping centre developer, Intu.

In December, the property developer had agreed to a £3.4 billion deal to acquire Intu Properties.

However in an announcement today, 18 April, Hammerson revealed it was pulling out after reassessing market dynamics in the UK and concluding the takeover is "no longer in the best interests of shareholders".

David Tyler, Chairman of Hammerson, said: "After careful consideration, the Board has concluded it is no longer in the best interests of shareholders to carry out the Intu Acquisition.


"In recent weeks, investors have told us they share our view of the exceptional quality of our portfolio and that they have great confidence in our management team. The Board has complete conviction in Hammerson's prospects as a standalone business as we pursue our plans for future growth."

David Atkins, Chief Executive of Hammerson, added: "It is clear that the heightened risks to the Intu Acquisition now outweigh the longer-term benefits. We have a clear strategy that has delivered consistent, strong returns on a standalone basis and we look forward to updating the market in the near term on our plans to accelerate the delivery of further value for shareholders."

(LM/MH)