15:01 DTZ commences formal sale process | |
| Listed international real estate broker DTZ has announced plans to start
a formal sale process two days after the collapse of negotiations with a
consortium of its majority shareholder St. George Participations and
French real estate group BNP Paribas. In a statement early on Wednesday, the London-based services group said that 'it has received preliminary indications of interest from a number of parties potentially interested in acquiring DTZ'. 'In order to evaluate this option in the most effective manner, the company will implement a formal sale process which it will conduct alongside consideration of the other strategic options available to DTZ, aimed at ensuring the long-term growth of the business, addressing the capital structure and providing funds for future investment', DTZ said. Oriel Securities is advising on the sale. Earlier this week French family-run group St George Participations (SGP) ended talks about a possible offer, blaming the global financial turmoil. SGP, which owns about 55% of DTZ, had been given a deadline of 17 October to make an offer for DTZ. The French family, acting in concert with BNP Paribas, had been in discussions with DTZ since early May about a potential bid, but takeover talks failed to progress due to ongoing instability in financial markets. Lack of progress on a concrete takeover bid is believed to have prompted the resignations in early August of CEO Paul Idzik and finance director Robert Rickert. Source: Propertyeu.info | |
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