November 29, 2019 / 7:35 AM / 13 days ago

Northgate to takeover Redde, plans new vehicle renting firm

Nov 29 (Reuters) - Struggling British company Northgate Plc said on Friday it would buy peer Redde, in what would create one of Britain’s largest vehicle rental services firm.

The merged company Redde Northgate will be 54% owned by Northgate shareholders and the remaining 46% by Redde, the companies said, and each Redde shareholder will get 0.3669 new Northgate shares for each Redde share. (Reporting by Yadarisa Shabong in Bengaluru, Editing by Sherry Jacob-Phillips)

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