OFT to inspect Broadmarsh takeover
An investigation into Capital Shopping Centres' (CSC) takeover of Nottingham's Broadmarsh Centre is set to take place.
The Office of Fair Trading said it would examine whether the company's takeover from Westfield, which was announced in November, breached any competition rules.
If a case is found, it could then be reported to the Competition Commission.
A spokesperson for CSC told reports that it did not believe there was "any competition issues" in relation to the deal.
Late last year, CSC announced it would pay £55m for the 75 per cent stake owned by Westfield.
Weeks later, the company revealed it would take full control of the centre, agreeing a deal worth £18.3m for the remaining 25 per cent.
It bought the chunk from Possfund Custodian Trustee Limited, represented by LaSalle Investment Management
Westfield had previously pledged to spend £500m on extending and renovating the site, in a move which it claimed would create up to 6,000 jobs.
In a statement, the OFT said: "Should it [the takeover] be found to be a relevant merger situation, the OFT will further consider whether the creation of that situation may be expected to result in a substantial lessening of competition within any market in the United Kingdom for goods or services that warrants reference to the Competition Commission for investigation and report."
