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Monday, November 10, 2008

And then there were two....

Apollo has pulled out of the RBI auction leaving just two runners in the race. The heat is fast vanishing from this auction. The double whammy of worsening trading and the difficulty of putting debt finance in place is cooling the deal rapidly.

The price will keep falling (we would be surprised if the deal gets done at more than £800m if it gets done at all.

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