Reichmann rapped over Canary

THE Takeover Panel rapped Canary Wharf chairman and founder Paul Reichmann amid growing confusion in the bid battle for the Docklands developer.

Reichmann, 72, was forced to clarify his intentions after weekend reports he was planning a £1.8bn bid were followed by a confusing statement from CW's board. After the market close, the veteran property tycoon admitted for the first time he was in talks about joining forces with potential bidders.

He also revealed he 'may consider' forming a consortium to make an offer, said to be worth 310p a share. Reichmann developed CW, bought it back after it collapsed into receivership, and refloated it at 330p.

Possible bidders for CW, up 14p to 267p, include Goldman Sachs' Whitehall Fund, Morgan Stanley and Brascan, a Canadian property group.