Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Bizarre news of the day among the larger cap stocks on Wednesday was undoubtedly the announcement that property behemoth Hammerson (HMSO) was buying shopping centre peer Intu (INTU) with a £3 billion+ all share (naturally) offer which creates a 'top three pan-European REIT' (real estate investment trust) with £21 billion of property baggage on its book. And, yes, you have guessed it, the transaction will be earnings accretive despite synergy levels (£25 million) that are more like a rounding error.
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