Robert Tchenguiz "sells M&B stake
Property tycoon Robert Tchenguiz is reported to have sold his 29.7 per cent stake in managed pub group Mitchells & Butlers (M&B).
The Daily Telegraph said it was not clear whether the tycoon, who built up his stake in M&B partly to force the group into splitting out its property assets, had sold his near-£200m investment to a single party or a group.
Nor was it clear if a statement confirming the sale would be issued by either Tchenguiz or M&B this morning.
Tchenguiz was backed in his M&B stakebuilding by troubled Icelandic bank Kaupthing, which last week was reported to have offloaded a chunk of its own investments in UK companies, including several brewers, to raise cash.
If confirmed, the sale of Tchenguiz's stake brings to an end an unhappy relationship between the tycoon and the pub operator.
Tchenguiz courted M&B for months, building up his stake in the group, before launching an ultimately unsuccessful bid for the business last year.
Although it saw off Tchenguiz's bid effort, M&B did not escape scot-free from the situation, losing close to £400m after a disastrous hedging position linked to a proposed property joint venture - never implemented - went wrong.
