DTZ speculation focuses on SGP and a possible sale to BNP Paribas
Speculation has been rife since DTZ informed the London Stock Exchange yesterday that it had received a number of approaches for investment in its shares, including a possible offer for the whole company. The Telegraph today says French family-run property group SGP, which already owns 55% of DTZ, is considering buying up the rest of the company and will then sell it on to BNP Paribas Real Estate.
DTZ said yesterday that the talks were at a very preliminary stage. Shares in DTZ rose 22% yesterday to 39p.
The Telegraph says SGP is considering a bid of 60p per share, which would value DTZ at £162m. It says SGP has an “understanding” with BNP Paribas, which would merge DTZ with its real estate business and then float it on the French stock market within five years.
Property Week’s editor Giles Barrie says the SGP deal to take DTZ private makes sense, but is less swayed by talk of the plan to sell it on to BNP. He tweeted this morning: “I am less convinced by rumours of subsequent merger with BNP. Its focus is continental Europe, where it doesn’t need DTZ”.
