Savills dismisses takeover talk

PUBLISHED : Wednesday, 13 January, 1999, 12:00am
UPDATED : Wednesday, 13 January, 1999, 12:00am

Savills, the British real estate company, said yesterday it had not received any approach from First Pacific Davies (FPD), the Hong Kong property group which already owns 20 per cent of the company.

'It is pure speculation. We are not in talks with First Pacific Davies,' Savills managing director Aubrey Adams said.

Responding to reports that FPD, the property arm of Hong Kong conglomerate First Pacific, was set to acquire a controlling stake in Savills, Mr Adams pointed out that FPD was bound by a standstill agreement not to raise its holdings higher than 20 per cent.

The standstill agreement, however, expires in April, and Mr Adams said that as a quoted company the board of Savills had to consider any offer that might be beneficial to shareholders.

He said: 'If someone came in and offered the shareholders a lot of money, we would have to think hard about it.'