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LONDON-Independent shareholders have blocked the merger between the U.K. Commercial Property Trust and F&C Commercial Property Trust. This merger would have created a property group worth GBP1.6 billion. For the general meeting that was held on Monday, about 70% of the shareholders turned up.

The merger proposal was turned down by 50.07% to 49.93%. Had this merger been approved by investors and board members of both the firms, it would have become the sixth-biggest listed property company in the UK. For the full story, go to The New York Times.

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