Pizza and pubs entrepreneur Hugh Osmond must be kicking himself, says The Sunday Telegraph, that he failed with his £5.4bn bid for Six Continents. The paper argues he should have been a little less greedy, because shareholders thought he was trying to take too big a slice for himself. Since then though SixC has demerged into a focused hotels group, Intercontinental, and the Mitchells & Butler pubs group. They have a combined market capitalisation of £6.3bn, and shareholders have received £1.2bn in special dividends, £250m in share buybacks and more than £200m in ordinary dividends. Moreover, there is almost certainly plenty more to come. Around £4bn will probably have been returned to shareholders by the end of 2006. That means the adjusted share price would only have had to rise another 17% for Osmond to have made £1bn from the deal. The Sunday Telegraph 28/11/04 (Business) page 10