Rootes Brothers Sell Shares For Death Duties
London. To make- provision for death duties, Sir William and Sir Reginald Rootes, the brothers who control Rootes Motor Group are selling 1,250,000 of the shares in the company. The deal will bring in more than £1,250,000 and will be carried out by Rootes Motors' existing shareholders at 21s per 4s share. Sir William Rootes said: "My brother and I are most reluctant to sell part of the holding but we are forced to do so in order to protect the business, the workers and our families from the disrupting effect of death duties. After 30 years' hard work we find ourselves in this position."
Both Sir William and Sir Reginald are believed to be millionaires. Their group of companies emplov 20,000 workers.
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https://paperspast.natlib.govt.nz/newspapers/BPB19501011.2.9
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Bay of Plenty Beacon, Volume 16, Issue 6, 11 October 1950, Page 3
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130Rootes Brothers Sell Shares For Death Duties Bay of Plenty Beacon, Volume 16, Issue 6, 11 October 1950, Page 3
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