AA considers pounds 1.5bn sale members selling up
Wednesday 21 April 1999
The AA could be sold to another motoring group in a pounds 1.5bn deal. As the AA is a mutually owned, non-profit organisation, the proceeds would be distributed to the 4.3 million full members. But the 1.7 million associate members, such as the spouses of members and children under 21 named on the membership forms, would not qualify for a payout.
Ford, the US motor giant that paid pounds 1bn for Kwik Fit earlier this month, might be interested in acquiring the AA. But it is thought the AA is a long way from any deal and is merely exploring its options as competition in the roadside breakdown market hots up.
An AA spokesman said: "The AA has always kept in mind its prime purpose - to serve the best interest of our members. No decisions have been made."
The move follows the RAC decision to sell its motoring services division for pounds 450m to Cendant, a US group that owns Green Flag. This was blocked by the competition authorities last year.
- 1 Home Office says Nigerian asylum-seeker can’t be a lesbian as she’s got children
- 2 What happens to your body when you give up sugar?
- 3 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 4 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 5 Apple and Google users being spied on for a decade because of 'Freak' security flaw
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
Japanese island overrun with cats after population explodes
London property boom built on dirty money
Becky Watts: Stepbrother and his girlfriend named locally as two arrested on suspicion of murder
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
£25000 - £35000 per annum: Recruitment Genius: This firm are focussed on assis...
£7 per hour: Recruitment Genius: A vacancy has arisen for a General Processor ...
£18000 - £22000 per annum: Recruitment Genius: A great opportunity has arisen ...
£14000 - £16000 per annum: Recruitment Genius: Full time and Part time positio...