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Morgan Grenfell rumoured to have won Whitbread estate
An announcement on the outcome of the sale of Whitbread's 3,000-strong pub estate is imminent, with Morgan Grenfell Private Equity rumoured to be the successful bidder. MGPE, backed by Lehman Brothers and Dresdner Kleinwort Wasserstein, was granted a period of exclusivity in negotiations last Friday in a bid rumoured to be worth £1.63bn. According to the Financial Times, Hugh Osmond's endeavours to force rival Luke Johnson out of the race for the Whitbread pubs 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. MGPE, who would have beaten Nomura and Punch Taverns, currently has no pub interests. An announcement from Whitbread is expected this week.
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