Intu boss to leave after Hammerson merger fiasco

The long-standing boss of malls owner Intu on Thursday took a parting shot at former suitor Hammerson, as he revealed plans to leave in the wake of their failed merger.

David Fischel has been at the helm since 2001 and with the company since 1985. The 60-year-old will stay in the post and on the board until a successor has been found.

Details of the departure come three months after Hammerson ditched a £3.4 billion takeover of the Lakeside shopping centre landlord.

The deal was thrown into turmoil when France’s Klépierre made two approaches for Hammerson at 615p and 635p before abandoning talks.

Fischel had been expecting to stand down when the Intu-Hammerson deal completed.

Intu today told the City it incurred costs of £6.3 million linked to the offer, mostly for lawyers’ and advisers’ fees.

Fischel said his company has moved on from the collapsed deal, and added: “Intu is strongly placed to prosper as a standalone business.”

The FTSE 250 property firm saw comparable rental income grow 1.3% in the six months to June 30.