DEVELOPER Peel has welcomed an announcement by the Office of Fair Trading that it does not intend to refer its proposed takeover of Pinewood Shepperton to the UK Competition Commission.

Peel Acquisitions, which is spearheading the takeover process, said all conditions to its offer have been satisfied or waived, and that the offer has now been declared unconditional.

The acquisition of the TV and film studios business should be completed by early next month.

Peel, which owns the Port of Liverpool and a 35% stake in Liverpool John Lennon airport, agreed a recommended £96m takeover deal with the board of Pinewood Shepperton two months ago. James Bond and Harry Potter movies have been shot at the studios, as well as TV programmes such as Dancing On Ice, Dragons’ Den and Piers Morgan’s Life Stories.

Peel already owns about 30% of Pinewood’s shares and had to increase its offer by about £8m in the face of rival takeover interest from former Harrods owner Mohamed al Fayed. But the Pinewood board described Peel as a “supportive shareholder”.