PROPERTY giant Slough Estates has made an agreed takeover bid to

rescue Bredero Properties. It already has 49.5% of the Ordinary shares

and is offering 10p per share for those it does not already own, valuing

the whole company at #3.7m.

Bredero plunged into the red in 1992 by more than #106m before tax as

a result of huge provisions, largely against its Centre West offices and

shops development in Hammersmith, west London.

It had to negotiate a debt standstill with its banks and agreed to a

programme of disposals to raise money.

Annual results for last year show a pre-tax loss of just #194,000 in

the absence of any major provisions. However, the directors said the

group remained constrained by its low asset base and the rights of its

Prefernece shareholders.

''In view of the extremely limited prospects for rebuilding its asset

base or providing a meaningful income for shareholders, the board cannot

envisage achieving a return to shareholders equivalent to the value the

offer by Slough places on the Ordinary shares.''