Paul Reichmann, the founder of UK property developer Canary Wharf, has teamed up with Brascan Corporation of Canada to oppose Morgan Stanley's £1.56bn (€2.1bn) offer for Canary Wharf, owner of the UK's tallest building.

In a statement the Canadian property company also said it had agreed with Reichmann a price at which they would be willing to sell their respective stakes to one another. Brascan said it would accept an offer from Reichmann of 275p to 280p for its 9% stake. Reichmann will accept 267p from Brascan for his 8.9% holding.