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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Hammerson plc    HMSO   GB00BK7YQK64

HAMMERSON PLC

(HMSO)
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Delayed Quote. Delayed London Stock Exchange - 01/15 11:35:12 am
22.7 GBX   -2.53%
01/15HAMMERSON : Mall operator Hammerson CFO James Lenton to step down
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01/12HAMMERSON PLC : Crossing thresholds
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Hammerson has not heard from Klepierre since rejecting bid

04/05/2018 | 05:28am EST
FILE PHOTO: Company stock price information, including Klepierre SA, is displayed on screens as they hang above the Paris stock exchange, operated by Euronext NV, in La Defense business district in Paris

(Reuters) - Britain's Hammerson Plc (>> Hammerson) said on Thursday it had not heard from Klepierre (>> Klépierre) since it rejected a 4.9 billion pound bid from the French operator of shopping centres.

(Reuters) - Britain's Hammerson Plc said on Thursday it had not heard from Klepierre (>> Klépierre) since it rejected a 4.9 billion pound bid from the French operator of shopping centres.

Hammerson said it did not intend to finalise shareholder documents related to its proposed acquisition of Intu Properties, as it awaits clarity on the bid from Klepierre.

Hammerson, however, said on a conference call that it remains convinced there is a "clear, strategic rationale" in combining with Intu.

The U.K. shopping centre owner rejected a 615-pence-per-share bid from Klepierre in March, about three months after it set out to buy smaller rival Intu.

"We have not heard back from them (Klepierre), nothing really to engage with, but they certainly know where we are," Chief Executive David Atkins said.

Hammerson said the so-called put up or shut up (PUSU) deadline for Klépierre is April 16. Klepierre declined to comment.

Brokerage Exane BNP Paribas said the inclusion of a March valuation is "explicitly for the purposes of the company's bid defence".

"By producing a Q1 valuation, Hammerson is clearly trying to force Klepierre into improving on its initial approach at 615 pence," Exane analysts said in a note. The company said its portfolio valuation was 10.6 billion pounds at March 31, up 0.3 percent from Dec. 31.

Britain's retail sector faces restrained consumer spending amid Brexit uncertainty.

Shopping centre operators are also grappling with competition from online retailers such as Amazon, a rivalry that is driving consolidation across the commercial property sector.

Hammerson's combination with Intu in a deal worth 3.4 billion pounds would form a group that will also have sites in Ireland, France and Spain.

On the other hand, Klepierre owns more than 100 shopping centres across 16 countries but does not have any sites in the UK and Ireland, a gap that a takeover of Hammerson would resolve.

"Whilst we recognise the difficult trading environment and challenges felt by many retail and restaurant formats in the UK, there continues to be good demand for space across our centres," Hammerson said.

The company said it had signed leases totalling 7 million pounds in the first three months of 2018, up 59 percent from a year earlier.

Shares in Hammerson were up 1.4 percent, Intu shares were down 0.4 percent and Klepierre was up 0.4 percent.

(Reporting by Radhika Rukmangadhan in Bengaluru; editing by Sunil Nair and Jason Neely)

By Radhika Rukmangadhan

Stocks treated in this article : Klépierre, Intu Properties, Hammerson

© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
BNP PARIBAS -1.54% 44.435 Real-time Quote.3.09%
HAMMERSON PLC -2.53% 22.7 Delayed Quote.-8.65%
INTU PROPERTIES PLC -54.58% 1.776 End-of-day quote.-94.78%
JASON CO., LTD. -0.59% 669 End-of-day quote.0.15%
JUST GROUP PLC -3.16% 79.65 Delayed Quote.14.45%
KLÉPIERRE 0.63% 19.12 Real-time Quote.3.97%
NEXT PLC 0.73% 8018 Delayed Quote.13.15%
SPACE CO.,LTD. -0.25% 808 End-of-day quote.2.41%
WILL GROUP, INC. -0.81% 976 End-of-day quote.-2.98%
All news about HAMMERSON PLC
01/15HAMMERSON : Mall operator Hammerson CFO James Lenton to step down
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Financials
Sales 2020 269 M 365 M 365 M
Net income 2020 -1 426 M -1 937 M -1 937 M
Net Debt 2020 2 197 M 2 983 M 2 983 M
P/E ratio 2020 -0,11x
Yield 2020 9,07%
Capitalization 921 M 1 252 M 1 251 M
EV / Sales 2020 11,6x
EV / Sales 2021 10,7x
Nbr of Employees 553
Free-Float 83,0%
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Mean consensus UNDERPERFORM
Number of Analysts 19
Average target price 27,25 GBX
Last Close Price 22,70 GBX
Spread / Highest target 296%
Spread / Average Target 20,0%
Spread / Lowest Target -41,7%
EPS Revisions
Managers and Directors
NameTitle
Rita-Rose Gagné Chief Executive Officer & Executive Director
Robert Montague Noel Non-Executive Chairman
Grégoire Peureux Chief Operating Officer
James Lenton Chief Financial Officer & Executive Director
Judy Mary Gibbons Independent Non-Executive Director
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