Klepierre has abandoned plans to bid for Hammerson after the British property company failed to provide "meaningful engagement" after it increased its offer this week, the French shopping centre operator said today.
Hammerson advised shareholders earlier this week to reject a raised offer of 635 pence per share.
The company said it was only a marginal increase on Klepierre's previous offer of 615 pence and still undervalued the company.
The original offer, split equally between cash and shares, had been worth £4.9 billion.
Klepierre confirmed its executive board chairman Jean-Marc Jestin had met Hammerson counterpart David Tyler on April 9 and made the improved offer.
"The board of Hammerson did not provide any meaningful engagement with respect to the increased proposal and, after careful consideration, Klepierre has concluded that it does not intend to make an offer for Hammerson," the French company said in a statement.
Hammerson, which is the co-owner of the Dundrum Town Centre, the Ilac Centre in Dublin city centre and the Pavilions in Swords in Co Dublin, declined to offer any immediate comment.
