International Business

Forte Plans Sale to Whitbread: British hotel and catering group Forte agreed to sell its restaurant and budget hotel businesses to Whitbread in the latest twist in a bitterly fought takeover battle with Granada Group. The $1.6-billion deal with British brewer Whitbread continues Forte’s aggressive bid defense, which has seen the sale of its U.S. budget hotels and disclosure of plans to dispose of its Savoy Hotels Group stake. Granada roundly condemned the planned sale to Whitbread. Sale of the British restaurant and budget hotel business is conditional on approval of shareholders of both companies and on the $5-billion Granada bid lapsing. Forte shares added 7.62 cents to $5.04, Whitbread gained 7.62 cents to $10.20, and Granada added 9.91 cents to $9.78.