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IMPERIAL -- to take control of Midas
24 August 2009
IMPERIAL Holdings, the listed transport and mobility group, intends to acquire a majority shareholding in Midas through the purchase of a further 50% stake in the distribution of automotive parts. The value of the transaction, which will increase IMPERIAL's shareholding in Midas to 56% if it is approved by the Competition Tribunal, has not been disclosed. Gordon Odgers Chief Executive of Midas said the rationale for the transaction was that Midas believed it could get some benefits from being part of a big group such as IMPERIAL. The effective target date for the implementation of the transaction was October and in terms of the sale contract Midas' current management would continue to run the company, he said.
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