Qatar Is Set to Gain Control of London’s Canary Wharf - Bloomberg Business:
"London’s Canary Wharf is set to be taken over by a Qatari-led group after a three-month stand-off in a deal that values its owner at about 2.6 billion pounds ($4 billion).
Songbird Estates Plc, which controls the financial district in London’s East End, said Wednesday it expects its biggest shareholders will accept an offer from Qatar Investment Authority and Brookfield Property Partners LP it had previously urged them to reject. Songbird said that while the 350-pence-a-share cash bid is still too low, it doesn’t expect another, higher offer will emerge.
Qatar and Brookfield have been trying to gain control of Songbird since November, when the developer rejected an initial approach. Throughout the talks, the pair have been at odds with Songbird over how to value future developments that will take years to complete and will require substantial funding."
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