Shares in property developer Hammerson (LON:HMSO) tumbled on Friday morning, after European shopping centre group Klepierre abandoned its attempts to make a deal.

Hammerson rejected another bid from rival Klepierre earlier this week, after the group made a revised bid of 635p per share, consisting of 50pc cash and 50pc in new Klépierre shares.

Hammerson, who own the Birmingham Bull Ring centre, said the deal “significantly undervalued” their company and turned it down.

On Friday morning Klepierre confirmed its decision decision to pull out of any further deal talks, ahead of its deadline on April 16, 5.00 p.m. A successful takeover of Hammerson by Klépierre would have got in the way of the £3.4bn all-share deal made earlier this year between Hammerson and Intu.

Hammerson’s share price is currently down 12.54 percent at 454.80 (0840GMT).