UK's Inchcape rises on $431 mln sale of UK retail operations

Group 1 Automotive

15/04/2024 08:56

** Shares of UK automotive distributer Inchcape  INCH.L  up
4.2% at 727.5p; among top gainers on the FTSE mid-cap index
 .FTMC   
    ** Co agrees to sell its UK retail operations to
international car retailer Group 1  GPI.N  for 346 mln pounds
($431.32 mln) 
    ** After completion in Q3, co says it intends to return 100
mln pounds to shareholders via buyback
    ** Co says following the disposal, Inchcape will
substantially be a distribution-focused business 
        ** Stock on track to snap four straight sessions of
losses, it logged a weekly decline until Friday after four weeks
of gains
  
    ** As of last close, stock down ~7.5% in the last 12 months


($1 = 0.8022 pounds)

 (Reporting by DhanushVignesh Babu in Bengaluru)
 ((DhanushVignesh.Babu@thomsonreuters.com;))