Southern Cross (SCHE.L), Britain's biggest care homes operator, is set to begin negotiations with its care home landlords with the aim of cutting down its 200 million pound annual rental bill. Jamie Buchan, Southern Cross chief executive, has enlisted investment bank Morgan Stanley and the law firm Clifford Chance to begin the negotiations, although the outcome will depend on the attitude of Royal Bank of Scotland (RBS.L) and Lloyds Banking Group (LLOY.L), both of which are big lenders to Southern Cross's landlords. Ten days ago Southern Cross rejected a takeover approach from private equity firm TowerBrook Capital Partners. Shares in Southern Cross closed on Friday at 35 pence
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Source : http://www.reuters.com/article/idUSLDE68500K20100906
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