Klepierre walks away from Hammerson bid

French firm Klepierre is walking away from a takeover of Hammerson, paving the way for the UK shopping centre giant to seal a tie up with rival Intu.

The French suitor yesterday revealed that 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, following the meeting, it does not intend to make a formal offer as Hammerson “did not provide any meaningful engagement”.

Hammerson’s vast portfolio includes Aberdeen’s Union Square development. It also the joint owner of Glasgow’s Silverburn centre.

The group had branded Klepierre’s overtures as “wholly inadequate” and “entirely opportunistic”.

It paves the way for Hammerson’s preferred option of a £3.4bn tie-up with sector peer Intu, whose assets include Braehead near Glasgow.