Hammerson swoops for rival Intu

Shopping centre owner Hammerson has struck a deal to take over rival Intu in an acquisition worth £3.4bn.

If the proposed deal goes ahead it will create Britain’s largest property company, worth £21bn.

The Times reports that the shock deal announcement sent Hammerson’s shareprice tumbling and was immediately questioned by investors and critics.

A second Times article reported on analysts unanimous response that the deal benefited Intu.

The Telegraph said that the deal is likely to be investigated by the Competition and Markets Authority.