Canary Wharf nears decision on takeover deal

DIRECTORS at Canary Wharf Group, the builder of London’s second financial district, are moving closer to reaching a decision on whether to sell the company.

Canary Wharf is “actively involved in the process of reviewing indicative proposals,” Martin Jacomb, head of a committee of non-executive directors that is reviewing takeover bids said.

The company, led by Chairman Paul Reichmann who built Canary Wharf during the 1990s on derelict land near the River Thames, may be “asked to make some form of announcement this week, even if there is no conclusion,” said Alan Patterson, an analyst at HSBC Holdings. Canary Wharf has a market value of £1.6 billion.