London loses again: FTSE 100 landlord Segro will be missed

Takeover of Segro by US firm denudes London’s real estate sector and is another step in hollowing out of UK stock market

For a few hours on Wednesday, it seemed possible we were about to witness a rare stock market event: a FTSE 100 company holding out against a hostile raider from the US and defying some of its own large shareholders to defend its independence.

Sadly, it didn’t happen. Segro, the FTSE 100 warehouse landlord known as Slough Estates for much of its corporate life, capitulated minutes before the deadline and said it was “minded to recommend” the “best and final” offer of £14bn, or £10.32 a share, from US giant Prologis of San Francisco. The two sides now have until 12 August to hammer out a firm agreement.