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Business News

L&S eyes a swoop for £200m Metric


London & Stamford has agreed to take over Metric Property Investments, in a merger that analysts say could herald a wave of similar deals among smaller property firms.

Shareholders in London & Stamford, which develops offices and luxury homes in London and warehouses across Britain, will own 75 per cent of the enlarged company if the offer of 0.94 shares for every Metric share goes ahead.

London & Stamford has until 4 December to table an offer for Metric, which owns supermarkets and retail parks in Britain and is valued at about £200m by the deal.

Shares in Metric rose 9p to 102p while L&S fell 3p to 114p.