Centrica confirms talks with AA
Thursday 24 June 1999
CENTRICA, the energy company, yesterday confirmed it is in talks with the Automobile Association, the UK's largest provider of vehicle breakdown services.
In a Stock Exchange announcement, Centrica said it was "currently in discussions with the committee of the AA about the options for the future" of the organisation. Sources said Centrica is attempting to close negotiations over an agreed cash offer at about pounds 1.2bn that will see the 9 million members of the AA receive a cash windfall of roughly pounds 150 each. However, Centrica is believed to be battling with other interested parties for control of the AA, including the US car giant General Motors. The group's shares have risen in recent weeks in anticipation of a deal with the AA. Yesterday they closed unchanged at 136.75p.
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