Qatar looked to have won a drawn-out bid to buy London's Canary Wharf on Wednesday after the owner of the landmark office quarter said its main shareholders favoured a sale.
The board of Songbird, which controls 69 percent of Canary Wharf Group, appeared to concede defeat despite stressing that the offer worth £2.6 billion ($4.0 billion, 3.5 billion euros) remained undervalued.
"It is now the board's understanding that each of the major shareholders intends to accept the offer," Songbird said in a statement.
It added however that "the board... continues to believe that the offer does not reflect the full value of the business, its unique operating platform and its prospects".
Sovereign wealth fund Qatar Investment Authority (QIA), in partnership with US group Brookfield Property Partners, had in December proposed an improved "final offer" for Songbird.
The cash bid, pitched at 350 pence per share, compared with a previous 295-pence-per-share or £2.2-billion offer that was rejected last November.
QIA, which owns Harrods department store and the Shard skyscraper in London, already has a 28.6-percent stake in Songbird.
Brookfield owns 22 percent of Canary Wharf Group.
The former Docklands area of London where Canary Wharf is located was re-developed in the 1980s after having fallen into disrepair when the city's status as a trading hub declined. The area is now a magnet for huge building projects.
QIA owns also significant stakes in British supermarket chain Sainsbury's and the London Stock Exchange, as well as half of the Olympic Village apartments in the capital's Stratford district.
Source: AFP
GMT 12:09 2018 Sunday ,09 December
Investment minister witnesses MoU to support clean technology start-up acceleratorGMT 10:25 2018 Friday ,07 December
Venezuela inks deals worth six bn dollars with RussiaGMT 15:42 2018 Tuesday ,04 December
EBRD President Suma Chakrabarti to visit EgyptGMT 08:27 2018 Sunday ,02 December
G20 leaders back WTO reform despite clear divisionsGMT 08:27 2018 Tuesday ,27 November
Eurasian Economic Union to protect itself from anti-Russian sanctionsGMT 12:21 2018 Sunday ,25 November
Egypt's Investment minister meets Lebanese PM to boost economic cooperationGMT 21:47 2018 Friday ,23 November
French lawmakers fear intimidation by 'yellow jacket' fuel protestersGMT 11:56 2018 Tuesday ,20 November
South Korea hosts Boao Forum for Asia in SeoulMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor