£2.9bn property deal could be completed within days

Trafford Centre

A £2.9bn deal which looks set to create the UK’s largest property firm could be brokered within the next seven days.

Intu, the company which owns the Trafford Centre and the Arndale, has been locked in talks with a consortium led by Manchester based Peel Properties.

The consortium, which also includes Saudi Arabia’s Olayan Group and Canadian property investor Brookfield Asset Management, is being led by Manchester businessman John Whittaker.

A statement was issued to the Stock Market this morning by Intu saying that the talks have been extended for seven days and added that good progress has been made.

Peel is already one of the largest property firms in the country and the proposed deal would be one of the biggest ever seen in the sector.

Earlier this year talks between Intu and property firm Hammerson over a £3.4bn takeover collapsed.

The statement from Intu said: “On 4 October a consortium comprising the Peel Group, the Olayan Group and Brookfield Property Group announced that they were in the preliminary stages of considering a possible cash offer for the company.

“The consortium is required, by not later than 5 pm on 15 November, to either announce a firm intention to make an offer for the company or announce that it does not intend to make an offer.

“Good progress has been made with the consortium and in response to a request from the consortium to further extend the deadline to enable continued discussions, the board of Intu requested that the Panel on Takeovers and Mergers extend the deadline referred to above with respect to the consortium.

“Accordingly, an extension has been granted by the panel and the consortium must, by no later than 5 pm on 22 November, either announce a firm intention to make an offer for Intu or announce that it does not intend to make an offer.

“This deadline will only be extended with the consent of the Panel.

“A further announcement will be made when appropriate.

“There can be no certainty that any offer will be made for the company, nor as to the terms on which any offer might be made.”

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