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. Last Updated: 07/27/2016

Whitbread Buys Pubs

LONDON -- British brewing and leisure group Whitbread PLC, which lost a lengthy battle to buy pounds 3 billion ($4.86 billion) worth of pubs last summer, Monday won a smaller contest for a national hotel chain with a single punch.

Whitbread said it will pay an agreed pounds 578 million for British hotel and pub group Swallow Group PLC, just two weeks after the pair opened negotiations.

Whitbread has under performed the broader market by 37 percent since failing to buy Allied Domecq PLC's pub business in an acrimonious contest with Punch Taverns, a vehicle for U.S. venture-capital group Texas Pacific.