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Business Live: Pendragon to sell UK motor and leasing unit


Business Live: Pendragon to sell UK motor and leasing unit

The FTSE 100 will open at 8am. Companies with reports and trading updates today include Pendragon, Mondi, Phoenix Group, S4 Capital, Majestic and BP Marsh. Read the Monday 18 September business live blog below.

> Click here to read Business Live if you are using our app or a third-party site

Mondi will finally put an end to the Russian plan

British paper and packaging firm Mondi has agreed to sell its largest plant in Russia to a unit of Moscow-based real estate development firm Cesar Group for 80 billion rubles (£666 million) in cash.

The announcement comes nearly three months after the company canceled a 95 billion ruble deal to sell Mondi Syktyvkar to an investment vehicle owned by Russian billionaire Viktor Kharitonin due to ‘lack of progress’ in obtaining approvals.

Heineken buys stake in Ellie Goulding’s Can Cocktails

Heineken has bought a minority stake in Ellie Goulding’s cocktail-in-a-can brand.

Served, which was created in 2020 by the British songwriter with entrepreneur brothers Dean and Ryan Ginsberg, produces premade mojitos and pina coladas as well as alcoholic sparkling water hard seltzer – which costs around £3 a can.

The firm said the partnership with the Dutch brewing giant would help Served grow into the UK ‘ready to drink’ products market, which was worth an estimated £866 million in 2022.

Pendragon to sell UK motor and leasing units

British automotive retailer Pendragon is set to sell its entire UK motor and leasing businesses to Lithia UK Holding for a total gross consideration of £250 million.

Pendragon chief executive Bill Berman said:

‘Pendragon has built one of the UK’s leading automotive retailing businesses, based on a market leading dealer management system, the quality of our people, long-standing relationships with OEMs and excellent execution for customers.

‘The Pendragon Board believes that Lithia is perfectly positioned to drive this progress.

‘The launch of Pinewood as a standalone company is a unique and exciting opportunity to create a best-in-class product for customers, which we can market globally and capture substantial value for our shareholders and our customers in Lithia. Pass is the perfect partner to help you accelerate. Pinewood’s entry into the highly attractive North American DMS market.’

Source: www.dailymail.co.uk

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