Shopping centre landlord Hammerson has rejected a £5bn approach from one of Europe’s largest mall owners, Klépierre.

Klépierre, which owns more than 100 shopping centres across the continent, said this morning that it made a proposal on March 8, “with the intention of engaging in a constructive dialogue” about a formal takeover bid.

The proposal would have valued Hammerson’s shares at 615p – representing a premium of approximately 40.7%.

However, Klépierre said Hammerson rejected the proposal within 24 hours and added there was “no certainty” at this stage that it would table a formal bid.

Any firm intention to make an offer must be tabled by 5pm on April 16 in accordance with the City Code on Takeovers and Mergers.

Klépierre’s shock interest could threaten to derail Hammerson’s bid for rival Intu.

Hammerson, which owns malls including London’s Brent Cross, Victoria Gate in Leeds and Southampton’s WestQuay, agreed a £3.4bn deal to snap up the business back in December.

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