Qatar Canary Wharf bid thrown out

A $3.4bn takeover bid involving the Qatar Investment Authority (QIA) for London landmark Canary Wharf has been rejected.

 The skyscraper’s owner Songbird Estates said the  joint takeover bid from QIA and US-based Brookfield Property Partners “materially undervalued” the company and said it had unanimously rejected the proposal.

 Chairman David Pritchard said: “This proposal significantly undervalues Songbird and does not reflect the inherent value of the business and its underlying assets.

 “The group has an exceptional management team with a clear vision to deliver additional shareholder value.”

 QIA already owns 28.6% of Songbird, which itself has stakes in Rafael Vinoly’s Walkie-Talkie, and Brookfield has a 22% stake in the Canary Wharf Group. QIA also owns Renzo Piano’s Shard as well as department store Harrods and the Chelsea Barracks site.