Suitors hover for Chelsfield empire

AN auction for property company Chelsfield looks inevitable after the board's decision not to recommend a 305p a share bid from a consortium led by chairman Elliott Bernerd.

Chelsfield's advisers are believed to have been approached informally by a number of firms interested in buying the retail property empire.

The decision to reject Bernerd's bid means the way is now clear for the rivals to step in.

City gossips have linked UK-based Liberty International, Hammerson and Land Securities with a bid for Chelsfield, along with Unibail from France and Australia's Westfield.

Bernerd's consortium, which owns 30% of the company, has agreed to sell its stake to any higher bidder, removing a potential hurdle to the sale. Bernerd's stake in the company, which he founded in 1986, was seen previously as a barrier to a potential suitor.