RAC sale: 'yes' vote expected
17/07/1998 in NEWS
The RAC expects the OFT to give its initial verdict before the end of August. Next month's RAC members' vote follows High Court approval for the sale following objections by some associate members, overseas, lapsed and widows of members that they were entitled to benefit from the proceeds of the £450 million sale. The organisation's near 12,000 members stand to collect almost £35,000 each.
A spokesman for the RAC said he expected members to give approval for RAC Motoring Services to be sold to Cendant, which in the UK in recent months has bought PHH Vehicle Management Services, Green Flag, Fleet Cost Management, Overdrive, Dialcard and National Car Parks. The members have already given near to 100% approval for the RAC structure to be changed to allow the sale to proceed.