Genting has stake in Rank
6 Dec 2007
LONDON, England -- As reported by Reuters: "Casino and Mecca bingo firm Rank Group said on Monday Malaysian gaming giant Genting had taken a 9.4 percent stake in the firm.
"Genting bought into the British casino market in 2006 when it acquired its biggest player, Stanley Leisure, for 640 million pounds ($1.32 billion). Combining the business with Rank's 45 casinos would see it become the clear leader in the UK with 91 venues in total.
"However analysts say Genting would face a difficult task gaining regulatory approval for such a deal.
"Rank, which owns the Grosvenor Casino chain, has been tipped as a takeover target since a recent profit warning hit its shares..."