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04 July 2011

Kesa rethinks Comet sale

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Comet new fascia

Kesa Electricals, which only a week and a half or so ago confirmed that its UK electrical group Comet was up for sale, now appears to be backtracking on its decision.

According to a report in The Times newspaper, Kesa had hired Bank of America Merrill Lynch to sell the UK business. However, it has been urged by activist shareholder Knight Vinke, which owns 20 per cent of Kesa, to think again.

Knight Vinke is apparently concerned that Kesa will be forced to sell Comet at a big loss because of its responsibilities for leaseholds and pensions.

According to the report, Kesa is now considering abandoning the sale.