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Reuters: "Hammerson overhaul plan fails to quell investor worries over strategy"

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"LONDON (27 July: Reuters) - Hammerson's (HMSO.L) plan to offload property assets and buy back shares has failed to assuage investor unease over the British shopping center owner’s strategy following its decision to spurn a 5 billion-pound ($6.6 billion) takeover by rival Klepierre (LOIM.PA) earlier this year.

"The property group on Tuesday said it would sell 1.1 billion pounds of assets, including its 13 out-of-town retail parks, by the end of 2019, buy back up to 300 million pounds of shares, and save at least 7 million pounds of costs a year.

"But two large shareholders in Hammerson told Reuters on Friday that they did not believe the overhaul proposed by the owner of Birmingham’s Bullring shopping center would be enough to lift its share price close to 635 pence, which was the level of French firm Klepierre’s final unsuccessful cash-and-paper bid for the London-listed group."

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