2nd Apr 2024 06:55
(Alliance News) - Inchcape PLC's UK offering has attracted bid interest from New York-listed AutoNation Inc, Sky News reported on Monday.
AutoNation is mulling a bid for the automotive distributor's UK operations. An offer could be worth around GBP350 million, Sky News reported, citing "insiders".
Inchcape's UK arm includes around 70 sites. It works with carmakers such as BMW AG, Toyota Motor Corp and Volkswagen AG.
https://news.sky.com/story/us-giant-autonation-eyes-driving-seat-at-inchcape-uk-13105963
Inchcape shares had fallen 0.1% to 724.03 pence each in London on Thursday. The company has a market capitalisation of GBP2.99 billion.
Selling the UK unit will allow Inchcape to focus on its international offering. The company operates in around 40 markets worldwide.
Inchcape in January said it is reviewing its options for its UK business, after receiving "approaches from a number of interested parties". The review could lead to a sale of the unit.
AutoNation in October had pulled out of the race to acquire Pendragon.
In February, Pendragon completed the sale of its dealership and leasing business to Lithia Motors Inc, becoming Pinewood Technologies Group PLC, a dealer management software business.
By Eric Cunha, Alliance News news editor
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