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Billionaire poised for Intu buyout bid

John Whittaker, the billionaire owner of Peel Group investment company, is reported to be preparing to make a bid to buy the shopping centre owner Intu Properties.

The Times reports that Peel Group, which is currently the biggest shareholder in Intu, is attempting to buy the entire business and take the company private.

The move comes after Intu’s failed merger with fellow property company Hammerson, which was blocked by shareholders after Hammerson turned down a buyout offer from French property firm Klépierre.

Peel Group confirmed to The Times that it had formed a consortium with Olayan Group, a Saudi conglomerate and Intu shareholder, and Brookfield, a Canadian private equity group, with the aim of putting together a bid for Intu.

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