Mall operator Simon Property terminates $3.6 billion deal to buy rival Taubman

(Reuters) – Simon Property Group Inc , the biggest U.S. mall operator, said on Wednesday it would terminate its $3.6 billion deal to buy Taubman Centers Inc due to the damage done by the coronavirus pandemic to its rival’s business.

Simon Property said that COVID-19 caused an adverse impact on Taubman’s business, leading it to breach the covenants in the merger agreement.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Maju Samuel)