To fend off the hostile public takeover bid by the American conglomerate SARA LEE (see EI of 16 February), the British manufacturer COURTAULDS TEXTILES will be selling four of its subsidiaries, namely the French garment maker GEORGES RECH (turnover of around FRF 300 million in 1999) and the British companies CHRISTY, ZORBIT (both specialised in household linens) and LYLE AND SCOTT, which makes golf clothing. With these divestments, COURTAULDS should be able to buy its shares at 175 pence per...