Thursday, February 14, 2008
Pendragon's share price rallies
UK’s largest car dealer could be the subject of a takeover bid.
Its share price accelerated 3.75p yesterday to 36.25p as rumours of a bid approach persist.
Reports in the financial press suggest rival Inchcape and Lex Services have been touted as potential suitors.
In November last year Pendragon announced it would miss its 2007 operating profit by £12m.
The giant dealer group, which has a turnover of more than £5bn, also reduced profit expectations for 2008 by £18m.
It blamed a weaker used car market in the UK and sluggish US sales, brought about by the south Californian fires, for the poor trading update.
DATED: 14.02.08
FEED: MT
