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BREAKING NEWS

Britain's Intu says Whittaker-led group drops takeover plans

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(Reuters) – British shopping centre owner Intu Properties <INTUP.L> said on Thursday a group led by its Deputy Chairman John Whittaker does not any longer intend to make a takeover offer for the company.

“Given the uncertainty around current macroeconomic conditions and the potential near-term volatility across markets, the consortium is not able to proceed with an offer within a timeframe which is manageable,” Intu said in a statement.

The consortium includes Peel Group, Saudi Arabia’s Olayan Group and Canadian property investor Brookfield Property Group.

(Reporting by Arathy S Nair in Bengaluru; editing by Sai Sachin Ravikumar)

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