Talks are taking place that may see Liberty International team up with a major rival to become the world's largest shopping mall group. The Independent

Australia's Westfield Group, which has had a long-standing interest in the UK company, and GIC Real Estate, the property arm of Singapore's sovereign wealth fund, have been mooted as potential suitors.

A source close to the negotiations said talks had occurred, although Liberty may not yet have been approached. The source declined to name the interested party, but added that it was an international company bigger than Liberty.