CB Richard Ellis (CBRE) is to sell Trammell Crow’s 19.2% shareholding in Savills.
Following the completion of CBRE’s acquisition of Trammell Crow yesterday, it has decided to end the “strategic alliance” between the US-based company and Savills.
The two Trammell Crow nominated directors on the Savills Board, William Concannon and Derek McClain, have resigned with immediate effect.
Trammell Crow retain a right to nominate one non-executive director while they hold over 7.5% of the issued share capital of Savills.
Trammell Crow entered into the alliance with Savills in 2000, and has steadily built up its shareholding since then.
CBRE entered into an agreement to buy US-based Trammell Crow for $2.2bn (£1.15bn) in October this year.
Completion of the deal gives CBRE combined pro-forma 2006 revenues of $4.4bn (£2.3bn) and will be the first commercial real estate services company to qualify for the FORTUNE 500 list of the largest U.S. corporations.
References: EGi News 21/12/06
