MARKET TALK: Greene King Has A Good Record With Acquisitions

11th Jun 2010 08:14

0714 GMT [Dow Jones] Greene King (GNK.LN) agrees to buy four pub restaurants from Punch Taverns (PUB.LN) for GBP5.3M. Seymour Pierce says Greene King has a history of buying quite dear, but making the acquisitions work at the level of trading improvement and these latest acquisitions seem to fit that story. Seymour is confident Greene King will succeed in its turnaround. It says Punch continues to wind down and the level of profit of these units compared with where Greene King thinks they should be, further backs up the negative underlying trading story in the Punch managed houses division. Buy rating on Greene King. Shares +1.3% at 391p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 11, 2010 03:14 ET (07:14 GMT)