S&N soars on pub buy
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.SHARES IN Scottish & Newcastle, the Edinburgh-based brewer, soared yesterday as the City endorsed its pounds 1.135bn bid for Greenalls' pubs and restaurants division, writes Lucy Baker.
Analysts said the deal, which will force S&N to sell off 600 of its smaller outlets and will strip Greenalls of about 60 per cent of its assets, is earnings enhancing and will boost the Scottish firm's position in the profitable budget hotels market. S&N was the second best performing FTSE stock yesterday and closed up 19p at 612p.
If the deal goes ahead, Greenalls will be left with a streamlined group, said to be worth pounds 600m. The company said yesterday it would return pounds 430m to shareholders if the sale goes ahead and use the balance to clear its debts. The acquisition is subject to regulatory and shareholder approval. Greenalls shares closed down 7p at 361p.
Outlook, above
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments