I disagree completely. As an investor, the goal is to maximise one's own returns. Flying the flag would be great if everyone did it but they don't, do they. The British owners of properties such as shopping centres and office blocks would not hesitate one second before putting rents up to the very maximum they could extract from other British businesses. Flying the flag in our personal lives and personal opinions is one thing but doing so in our investing, no, no way, unless the British businesses we invest in play fair with us.
Was in Canary Wharf, London today and saw first hand the amazing, amazing estate and its surroundings that has come up.......mirrors the exciting developments at Wembley Park (Quintain Estates).
I had shares in both of these, share prices were under huge pressure in early 2000s, traded at huge discounts to NAV and both sets of shareholders meekly voted through takeovers by foreign companies at slight premia to share prices. In hindsight, extremely foolish succumbing by shareholders to the lure of immediate cash.
Just imagine if these Gems were still in British hands! Dont let the French get Brent Cross, Oracle, Bicester etc for short term temptations!!!!!
APG- a Dutch pension fund manager is seeking to block the
INTU move.(source FT 130418)
This - I believe has contributed to the rebound in HMSO sp - post Klepierre withdrawal
and initial sp drop.
APG is recorded as holding 7.19 % of Hammerson shares.
You say Jam Tomorrow, others would say Long Term thinking vs. City short term greed....
Speaking of other examples, I can recall RSA Group turning down a huge premium offer from the Swiss, amidst howls of protest from short term holders, and now they have well surpassed that offer price......
Hammerson is buying Intu at a very attractive price, huge discount to NAV. The transaction should increase eps, nav and dividends of Hammerson. Plus, given the overlap, every chance of achieving the promised synergies, which would further enhance earnings and dividends....
Except that -the day before the Klepierre approach was disclosed-
you could buy Hammerson for 433p.
Whatever happens - it seems to me that Hammerson is in play and this situation will
endure unless they successfully swallow INTU and quickly thereafter demonstrate the value in that move.
Hammerson shareholders still have to vote on the intu deal;
(April 28th.-- I think)
If the potential bidder (Kilpierre) is serious - it will surely buy up some HMSO shares in the market and exercise its vote against the shaky proposed merger- thus undermining the Hammerson board. I expect negotiations to buy stakes are already taking place)
I think a firm bid will emerge; the Kilpierre intervention was timed to do the most damage.
Goldman Sachs act for Kilpierre.(GS recently upgraded HMSO to BUY.)
All very interesting.
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