Compass to unveil Selecta disposal, extra share buybacks this week - report |
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Sun, 13 May 2007 15:34
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LONDON (Thomson Financial) - UK contract catering giant Compass Group PLC will likely unveil the 772.5 mln stg disposal of Selecta vending business to German private equity firm Allianz Capital Partners tomorrow morning, according to a report in the Sunday Telegraph.The proceeds will be used to fund an extra 500 mln stg in share buybacks, doubling to 1 bln stg the amount of its own stock that Compass is re-purchasing, said the paper.Selecta was put up for sale in November, and was expected to fetch around 600 mln stg, according to analysts.Compass, which is due to report interim results this Thursday, was unavailable for comment.simon.duke@thomson.comsd/cmlCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Compass says 1st five months trading ahead of expectations UPDATE 