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Whitbread found a buyer for its pubs and bars estate. The private equity arm of Deutsche Asset Manag...

Whitbread found a buyer for its pubs and bars estate. The private equity arm of Deutsche Asset Management will pay £1.6bn for the 1,710 leased pubs, 1,095 managed pubs and 193 branded pubs and bars. Around £1.1bn of the money will go to shareholders who will receive 230p for every share they hold. Dutch company Philips joined the long queue of chip makers issuing a first quarter profits warning. It cited all the usual suspects for the problems.

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