Hammerson pulls back from Intu takeover

Hammerson’s board has withdrawn its backing for the company’s takeover of Intu, less than a week after European shopping center owner Klépierre backed away from a possible offer for Hammerson.

The board noted “the proposed Intu acquisition is no longer in the best interests of shareholders.” It blamed weakness in the retail sector for ending the deal, and “reassessed the proposed acquisition of Intu in light of updated information on current market dynamics in the United kingdom,” according to a statement.

Hammerson has plans to sell its assets and to invest in premium outlets in Ireland.