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Minerva deal falls though

It was billed as the deal which turned the property sector, it was seen by many as the start of a wave of substantial investment by Middle East investors but the takeover deal has turned sour. The deal to buy Minerva had been pitched at 160p per share but on the news late on Friday they fell 45p to 35p reflecting the uncertainty in the sector. The strange thing was that even when the deal was supposed to have been nailed on, the discount between the share price and the offer was too large - something was happening.

It seems as though the deal broke down when Dubai world was unable to come to a satisfactory agreement with Minerva's banks. Quite what the issue(s) was remains to be seen but no doubt we will hear more this week.

However, it has also been revealed that Minerva has enough money to continue trading in its own right and all of its projects are fully funded. That is not to say that times will not be difficult for the group, but the offer by Dubai World was not a rescue offer by any means.

While obviously a set back for the troubled property sector this cannot be compared to the financial sector where one group suffers and the rest fall. Minerva will no doubt be touring analysts over the next few weeks to reassure them about the group's future.

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