Shopping centre giants Hammerson and Intu to merge

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It will create a £21 billion shopping centres giant.

So, just imagine what yesterday must have meant for him.

The new company will be led by David Atkins, chief executive, and Timon Drakesmith, chief financial officer.

A SHOPPING centre operator running well-known North-East malls is being taken over in a £3.4bn deal. And, luckily, his recommended all-share deal is more than a third below net asset...

Hammerson chairman David Tyler said: "This transaction will deliver real value for shareholders".

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Notts TV has contacted Intu and Hammerson to ask if the deal will have any affect on the planned £100 million redevelopment of the Broadmarsh centre, now expected to start in 2018 after a two-year delay.

The groups plan to slash costs, offload at least £2bn worth of assets and target high growth markets such as Spain and Ireland.

Hammerson has received irrevocable undertakings or letters of intent from Intu shareholders, including Peel and the Intu directors to vote in favour of the takeover.

"I hold Intu's high-quality centres in high regard and I look forward to working with a strengthened team to enhance the performance of our entire portfolio".

Mr Strachan said: "A combination of both Intu and Hammerson will create a more resilient, diversified and stronger group that we believe will benefit all our stakeholders".

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Atkins said: "This marks an exciting milestone in the history of Hammerson".

Shares in Hammerson were down 1.45% to 526.75p on Wednesday morning, while Intu's were up 20% to 238.54p by 1100 GMT.

Intu's shares had not jumped all the way to the 254p offer price "due to the same acquisition risk", noting that the deal may collapse or be blocked, plus potential regulatory hurdles.

Hammerson has reached an all share agreement for Intu Properties, which runs Gateshead's MetroCentre and Newcastle's Eldon Square.

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