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Hammerson now in dog-house with shareholders

"Top Hammerson shareholder voices opposition to Intu deal"

Link to web site

"British shopping centre owner Hammerson's proposed takeover of rival Intu hit a stumbling block this evening, after a top three shareholder said it would vote against the deal at an upcoming meeting.

"Dutch pension fund APG wrote to the chief executive and chairman of Hammerson saying it had 'substantial concerns' over the deal, citing the current retail environment and the increased financial leverage of Hammerson after the proposed takeover.

"The pension fund said.
"Furthermore, we believe the proposed acquisition will significantly dilute Hammerson's high-quality portfolio."

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