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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/12/simon-ups-pressure-on-mall-owner.jpg"><img class="alignnone size-full" title="Lakeside Shopping Centre owners CSC are under increasing pressure from US firm Simon Property Group" src="http://londonglossy.com/wp-content/uploads/2010/12/min-simon-ups-pressure-on-mall-owner.jpg" alt="Lakeside Shopping Centre owners CSC are under increasing pressure from US firm Simon Property Group"/></a></p>
<p>A US property giant has stepped up the pressure on Britain&#8217;s biggest shopping centre owner as it seeks to garner support for a £3 billion takeover approach.</p>
<p>Simon Property Group said its board had given the go-ahead to make a full offer at 425p a share for Capital Shopping Centres, which owns the Lakeside and Metro shopping centres, and confirmed it had pulled together a loan to enable it to fund the purchase.</p>
<p>But Simon, which already owns a 5% stake in Capital, claims the company it is circling refuses to speak to it or give it the financial information it needs to make a full offer.</p>
<p>The bitter row has been complicated because Simon wants Capital to drop a £1.6 billion bid for the Trafford Centre in Manchester, which it says is overpriced.</p>
<p>The US giant believes the bid for the Trafford Centre undervalues Capital by giving away up to 20% of shares to the mall&#8217;s owner Peel Holdings, which is controlled by billionaire John Whittaker.</p>
<p>Simon has now renewed its previous appeal for Capital&#8217;s board to return to the negotiating table as its &#8220;put up or shut up&#8221; deadline fast approaches. The Takeover Panel recently gave Simon until 5pm on January 12 to make a bid or walk away, after which time it cannot bid for six months.</p>
<p>However, Capital has already rejected Simon&#8217;s indicative proposal at 425p a share, accused it of trying to &#8220;frustrate&#8221; its bid to buy the Trafford Centre.</p>
<p>Capital was forced to postpone a shareholder vote on the Trafford acquisition until January 26, after Simon&#8217;s deadline to make a bid has expired.</p>
<p>Capital believes the Trafford Centre acquisition would cement its position as the leading UK shopping centre group with 14 centres, including four of the country&#8217;s top six out-of-town destinations.</p>
<p>Simon Property, which operates regional malls across the world, currently owns 387 properties comprising 263 million square feet and employs more than 5,000 staff.</p>
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