THE British government yesterday waved through the planned takeover of hotels and catering group Forte after buyer Granada agreed to speed up the sale of roadsides "service stations it acquired with the purchase.
Trade and Industry Secretary Mr Ian Lang said Granada intended to comply with the government's demand that it dispose of 21 motorway service stations by April 25th next year and abide by price controls at the outlets before they are sold.
"A number of changes to the draft undertakings have been made," said Mr Lang in a statement to the stock exchange, adding that these meant the sale would not be referred to the Monopolies and Mergers Commission.
In January, television and leisure group Granada triumphed in a long hostile bid for Forte which was worth £3.9 billion sterling. It has since begun implementing a restructuring plan.
It plans to retain Forte's moderately priced and budget hotel chains, Posthouse and Travelodge, and sell off the White Hart, Meridien and Exclusive hotels.
