Capital Shopping Centres Group Plc , the U.K.’s biggest shopping mall owner, rejected an offer from Simon Property Group Inc. valuing the company at 2.9 billion pounds ($4.6 billion), describing it as inadequate.
Capital Shopping Centres Group Plc, the U.K.’s largest publicly traded mall owner, may have to write down property values, Deutsche Bank AG analyst Martin Allen said. The shares fell as much 3.2 percent in London.
Capital Shopping Centres Group Plc , the largest U.K. mall owner, is in talks with closely held Peel Group to buy the Trafford Centre near Manchester in northwest England for about 750 million pounds ($1.2 billion) in stock.
Capital Shopping Centres Group Plc, owner of 10 of the U.K.’s 25 largest malls by retail sales, signed 56 new leases in the third quarter to generate a net additional annual rent of 3 million pounds ($4.2 million).
Simon Property Group Inc. , the largest U.S. mall owner, has until Jan. 12 to announce its “firm intention” to make a takeover offer for Capital Shopping Centres Group Plc or abandon its pursuit, U.K. regulators said.
European stocks rose as Deutsche Bundesbank President Axel Weber said the euro area rescue fund has sufficient capital to calm financial markets and as real- estate shares increased across the continent.