STOCKWATCH: First Pacific down after sale of Savills

First Pacific(0142) went soft with the broad market as investors gave cold shoulder to sale of Savills Plc, dealers said.An analyst said First Pacific would not gain extra earnings from selling Savills with 5.5% discount compared with London closing price. The company offloaded 19.6% Savills stake at HK$27.48 each today after it sold about one third of Savills stake to Trammel Crow Co last June.First Pacific acquired 20% of Savills Plc in 1997. At that time, Savills and First Pacific subsidiary First Pacific Davis formed strategic union. The two companies were combined last April with First Pacific holding 30% shares.

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