Land Securities could face takeover


Commercial property company, Land Securities, could face a takeover after the break-up of the firm into three separate businesses, the Times has reported.

It said the company is in talks with a trio of City and industry experts so it can proceed quickly with its plan.

It appointed Rick Haythornthwaite, Kevin O’Byrne and Sir Christopher Bland, to its group board and once separated, Land Securities will consist of Trillium, its London operations and its retail concerns.

Trillium will be demerged as a separately owned business and Mr Salway (need his first name), the chief executive, has confirmed that there are already a number of bidders.

He said the new appointments to the group’s board "were a good stepping stone" and, according to the Times, he dismissed any worries about the cost of refinancing.