ProLogis, AMB in Merger Talks
- Jan 28, 2011
January 27, 2011
By Allison Landa, News Editor
The industrial industry’s two major players have confirmed that they are discussing a merger. ProLogis and AMB Property Corp. said that they are considering a potential teaming of equals in which the two firms would combine in an all-stock, at-market transaction.
However, in statements issued late Wdnesday, both companies declined to further discuss their plans until a final agreement is reached.
Shares of ProLogis were up 15.81 points on Thursday afternoon, while shares of AMB had risen 34.35 points on the news. The merger would cut costs for both parties, which own a combined portfolio of just shy of 600 million square feet.
Both firms are REITs. ProLogis has a presence in markets across North America, Europe and Asia; AMB focuses on the same geographic areas, as well as Brazil.