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Mall operator Simon Property abandons $3.6 billion acquisition of Taubman

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Simon Property Group Inc , the biggest U.S. mall operator, said on Wednesday it was ending its $3.6 billion deal to buy Taubman Centers Inc , citing the beating the retail sector has taken during the COVID-19 pandemic.

Simon Property said that the coronavirus outbreak “disproportionately hurt” Taubman’s malls because they are located in densely populated metropolitan areas, depend on tourism and feature high-end retailers whose sales have shrunk.

There are no discussions about renegotiating the transaction at a lower valuation, a person familiar with the matter said.

 

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2020 is not a good year for M&A. I know in the LATAM we are about 50% down in trx….

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