RAC members approve spin-off

Friday 19 June 1998 23:02 BST

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RAC members approve spin-off

THE ROYAL Automobile Club yesterday moved closer to demutualisation as its members overwhelmingly endorsed a proposal to spin off its roadside assistance service. The vote at an extraordinary general meeting was the first step in a two-stage process to sell RAC Motoring Services to US direct marketing group Cendant for pounds 450m. Following the reorganisation, members plan to vote again in August on whether to complete the sale.

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RAC members approve spin-off

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