Saga has shortlisted a number of private equity firms for its possible auction, although the firm has not ruled out a possible IPO, said a report.

It named private equity firms JP Morgan Partner, Candover Investments, Hg Capital, Permira, BC Partners, Apax and Cinven, Ripplewood and MidOcean Partners.

Saga said it was still pursuing a “dual track process”, and hoped to conclude the process by the fourth quarter of 2004.

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