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S&N sells $970M parks
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November 21, 2000: 3:58 a.m. ET
U.K.'s No. 2 brewer exits holiday parks business
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LONDON (CNNfn) - Brewer Scottish & Newcastle PLC unveiled the long-awaited sale of its holiday parks operation Tuesday, saying it would recoup £670 million ($970 million) from the deal.
The Center Parcs unit, which operates resorts in Britain and the Netherlands, is being bought jointly by DB Capital Partners, a unit of Deutsche Bank AG, and French holiday firm Pierre & Vacances SA.
Scottish & Newcastle, Britain's second-biggest brewer, has decided to concentrate on its brewing activities, disposing of its various retail operations. S&N bought France's Kronenbourg for $2.7 billion earlier this year. The cash from the center Parcs deal, expected to close by the end of 2000, will be used to reduce S&N's borrowings.
Center Parcs, which caters mainly to families with young children, generated profit before interest and tax of £58 million in the year through April 2000. Pierre & Vacances said Tuesday it would launch a capital increase in the first half of 2001 to pay for its share of Center Parcs, according to Reuters.
S&N (SCTN) shares rose 1.3 percent to 523 pence in early London trading Tuesday. 
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Scottish & Newcastle
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