DTZ considers bids but stresses discussions are at an early stage

Property consultant DTZ said yesterday it was still considering bid approaches, including one from majority shareholder Saint George Participations.

Last month, DTZ said it had received a possible bid for the company, sending its shares up more than 30 per cent.

Yesterday's statement said the board was "continuing to review approaches", but stressed that discussions were at an early stage.

"There can be no certainty that any proposals will be progressed or that any offer will be ultimately made."

DTZ, led by former Barclays chief operating officer Paul Idzik, said the board continues to "provide information to parties to facilitate their investment evaluation processes".

French family-run property group SGP owns about 55 per cent of DTZ. There has been speculation that SGP is planning to take DTZ private at about 60p a share before selling it on to BNP Paribas Real Estate.

Last month, rival property firm King Sturge was snapped up by rival Jones Lang LaSalle in a deal which will see employees share a 197m pay-out. The 12 partners across King Sturge's Edinburgh and Glasgow offices will be among those benefiting from the deal. It will see the combined business become the largest commercial property consultancy in both the UK and Europe, overtaking CB Richard Ellis. In Scotland, the group will have a workforce of about 140 Shares in DTZ closed up at 1p at 42p yesterday valuing the company at around 115m.