Cendant unveils Green Flag sale

Monday 24 May 1999 23:02 BST

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Cendant unveils Green Flag sale

CENDANT Corporation of the US yesterday unveiled plans to sell its British motoring services business Green Flag after owning it for just 12 months But it said it would hold on to Green Flag's former owner, National Car Parking Corporation, which it bought for pounds 801m last year

Cendant separated the two businesses before bidding pounds 450m bid for the Royal Automobile Club with the aim of merging the roadside assistance giant with Green Flag But the deal collapsed after the move was blocked by the Department of Trade and Industry Cendant's chief executive, Henry Silverman said Green Flag was one of several assets that were "no longer a strategic asset" Merrill Lynch will oversee the Green Flag sale

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