Buying remainder of Savills not an option, says First Pacific

PUBLISHED : Saturday, 09 October, 1999, 12:00am
UPDATED : Saturday, 09 October, 1999, 12:00am

First Pacific has denied reports wholly owned subsidiary, First Pacific Davies (FPD) is preparing a GBP143 million (about HK$1.83 billion) cash offer for the 80 per cent of British estate agency Savills it does not already own. FPD, which last year bought a 20 per cent stake in Savills for GBP17 million, said the reports were 'unfounded rumour and speculation'. It said it had no intention of privatising the London-listed Savills.