Coming in the wake of the QE2 and Rolls-Royce sales, it might be
assumed that the purchaser of the Savoy Group by a US investment house
would raise more howls of press protest.
In fact, apart from the Daily Mail branding it a ’devastating blow to
national pride’, most commentators agreed that foreign ownership could
often be a vital factor in the resurgence of British companies.
Most of the business stories agreed that it had been a win-win deal for
Granada and the Wontner family on the one hand, and new owners
Blackstone, who had bought an opportunity to export the Savoy name
There was minor criticism that, at a premium price of pounds 750,000 a
room, the deal would take a long time to turn a profit unless some of
the other famous names in the package were sold.
Two journalists - the Sunday Times’ Rufus Olins and the Daily
Telegraph’s Charles Pretzlik - penned ’behind the scenes’ reports which
hinted at close access to those involved in the merger.
Evaluation and analysis by CARMA International. Cuttings supplied by The
Broadcast Monitoring Company. ’What The Papers Say’ can be found at: