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MGPE buys Whitbread pubs
Whitbread has confirmed that Morgan Grenfell Private Equity is the successful bidder in the auction of its pub estate. MGPE, backed by Lehman Brothers and Dresdner Kleinwort Wasserstein, acquired the 3,000 pubs for £1.625bn beating off competition from Hugh Osmond's Punch Taverns and Japanese bank, Nomura, the UK's largest pub landlord and Pubmaster. Osmond's endeavours to force rival Luke Johnson out of the race for the estate failed as MGPE, who backed Johnson's bid, decided to make a bid itself following Johnson's withdrawal from the race. However, once a deal is complete, MGPE could sell the business to Luke Johnson if it so desired. Chair of Whitbread Holdings, Sir John Banham says the division realised its full value and will provide a 'very favourable outcome' for shareholders. MGPE's chief executive, Graham Hutton, hopes to 'significantly develop' the business. The deal has angered a number of pub landlords, who wanted the opportunity to buy their individual pubs, and argue the new owner will not be interested in their rights.
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