Brascan in late Canary Wharf offer

CANADIAN property group Brascan today tabled its long-awaited offer for Docklands developer Canary Wharf despite the deadline for final bids being last night.

The move follows submission of an offer yesterday from a consortium of investment banks' property funds, fronted by Morgan Stanley, which met the deadline with a bid of £1.46bn, less than Canary had wanted.

The latest development has triggered further talks between Canary's independent directors and the Morgan-led consortium, and advisers connected to Brascan.

'Talks have re-started with both sets of advisers,' a Canary source said, confirming that Brascan's bid was now in play, nearly five months after the Canadian firm said it had first approached Canary.

Canary Wharf shares added 8 1/2p to 236p today, making up most of yesterday's losses which had been driven by fears there would be only one bid.

Sir Martin Jacomb, chairman of Canary's bid committee, is keen to increase the cash element. Morgan initially pitched its offer at 230p and shares in its bid vehicle.