Corio plans merger with French peer
Dutch property investment group Corio is in merger talks with French peer Klépierre, the Telegraaf reports.
Shareholders in Corio are being offered 1.14 shares in Klépierre for their Corio stake, valuing the deal at €7.2bn.
Both companies are involved in the development, renting and management of shopping centres. Corio owns 57 shopping centres in the Netherlands, including Hoog Catherijne in Utrecht and Alexandrium in Rotterdam plus others elsewhere in Europe.
Klépierre says its portfolio is worth €14bn, according to the Telegraaf.
The management boards of both companies are recommending the merger to shareholders.
Shares in Corio were suspended on the Amsterdam stock exchange on Tuesday morning when they reached €35.84. Their value under the merger would be €41.44.
Corio will be delisted if the merger goes ahead.
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