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Live news: UK’s GB News breaches impartiality rules

Pendragon, one of the UK’s largest car retailers, is to sell all its car dealerships for £280m and focus on software, ending a period of tumult at the group that saw attempts to sell itself thwarted by of its largest shareholder.

US group Lithia, which already has 50 sites in the UK, will buy the showrooms, Pendragon said on Monday.

Lithia attempted to buy Pendragon outright last summer, but its £460m bid was blocked by Swede Hedin, Pendragon’s biggest investor. Hedin then tried to buy Pendragon last fall but was rebuffed.

The deal with Lithia requires an absolute majority of Pendragon shareholders to approve it, making it difficult for Hedin, which owns less than a third, to fail.

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