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Date: Fri 20-Feb-1998

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Date: Fri 20-Feb-1998

Publication: Ant

Author: SHIRLE

Quick Words:

Phillips

Full Text:

Phillips Announces Merger

NEW YORK CITY -- Phillips Fine Art Auctioneers and Foster & Cranfield have

joined forces. Phillips, the world's third largest auction house, and Foster &

Cranfield, which auctions life assurance policies and reversionary interests

in trusts, will continue to trade under their own names.

Chris Thomson, formerly chief executive of Austin Reed Group, has been

appointed group chief executive of the combined entity. He will be joined on

the board by Bill Weston, managing director of Foster & Cranfield. The merger

of the two companies follows the decision of the latter's brother and majority

shareholder, Christopher Weston, to sell his shares to his brother and retire

from the business.

3i, a UK provider of investment capital, has acquired a majority shareholding

in the enlarged group, and additional finance has been provided by the Bank of

Scotland. The management team has secured the remaining shares.

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