MEDIA: What The Papers Say - Savoy foreign sale fails to whip up a storm

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.

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

internationally.



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:

www.carma.com.



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