Klépierre walks away from £5b offer for Hammerson

The French shopping center company Klépierre said it does not intend to make its £5.04 billion ($7.18 billion) formal offer for Hammerson.

Klépierre said in a stock exchange announcement: “The board of Hammerson did not provide any meaningful engagement with respect to the increased proposal and, after careful consideration, Klépierre has concluded that it does not intend to make an offer for Hammerson.”

Klepierre's withdrawal means Hammerson can continue its existing £3.4 billion ($4.84 billion) deal to acquire U.K.-based shopping-center owner Intu. The deal, announced in December, is slated to create a £21 billion ($29.92 billion) pan-European portfolio of retail and leisure destinations.