Intu shares plummet after takeover move scrapped

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Intu Lakeside.
Glyn Baker / Geograph

Shares in the firm that owns shopping centres such as Lakeside in Essex and Gateshead’s Metrocentre have dived after a takeover bid was abandoned.

Intu, which also owns the Trafford Centre in Manchester, saw its shares sink 38% after a consortium led by Peel Group dropped a £2.8bn takeover plan.

The consortium blamed economic uncertainty and market volatility.

It is the second time this year Intu has been jilted. In April, Hammerson abandoned a bid of £3.4bn.

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