A deal has been bogged down by the Savoy's complicated share structure which

A deal has been bogged down by the Savoy's complicated share structure which has lead to a heated debate between the group and family shareholders.Granada believes that the groups B-shares should be valued at only two- times the A-shares, at odds with the family which believes they should be priced at up to seven-times the A-shares. Starwood Hotels & Resorts, Meditrust and Patriot American Hospitality have also submitted informal bids for the Savoy.However, no firm offers have been received and the bidding process could be delayed until the group's shareholders can reach a settlement on the share structure.Granada has made no secret of the fact it wants to sell the 68 per cent in the Savoy it inherited when it acquired Forte. However, there is likely to be a fierce bidding war for the group's trophy hotel assets, Claridge's, The Connaught and The Berkeley. There is always a chance it could happen again," said one source close to the talks.Blackstone, the US investment bank, has emerged as front runner to buy the hotel chain after indicating it could offer pounds 520m for the group.

However, intense negotiations are likely to rumble on for weeks, if not months, and continued opposition from some members of the family could even scupper the sale completely.The Wontner family have controlled the group for more than 40 years, fighting off numerous takeover attempts, and it has taken Granada two years to get this close to a deal. But there are doubts it can muster enough support for a sale."We have got this far so many times before and then seen a deal crumble. Family resistance to the deal is likely to extend one of the longest-ever running corporate sagas. Some of the family members, including Lady Wontner, are understood to be lukewarm about the prospect of the Savoy falling into American hands, according to sources close to the talks. Others are pushing for a sale but are unhappy about the way Granada, the leisure and media giant which has a large stake in the group, has proposed to divide the proceeds between the holders of the Savoy's B-shares, which carry full voting rights, and the A-shares, which have fewer voting rights. Advisers working for Granada and the Wontners are believed to have met in an effort to thrash out a deal. THE SALE of the Savoy Group of hotels, which could fetch more than pounds 500m, may be threatened by a split in the Wontner family, which hold a substantial stake in group. Before tax, NatWest Markets lost pounds 706m in the year to December, a fall of pounds 804m..

Richard Delbridge, NatWest's finance director, received pounds 478,000, including a bonus of pounds 140,000.Last month, NatWest's profits fell by 10 per cent, and the bank admitted to difficulties in several non-core businesses. He is entitled to pounds 333,333 this month and a further pounds 333,333 in March 1999.In addition to their salaries, Mr Wanless and Lord Alexander may be eligible for "medium-term" incentives in the wake of NatWest's recent performance, although they will not be payable until at least 2000.Martin Gray, chief executive of NatWest UK, the retail bank, received a total of pounds 405,000 last year, including a pounds 105,000 bonus. In addition, under a Gartmore "short term incentive plan", he received a payment of pounds 333,333 last March. In 1996, he received pounds 564,000, including a performance-related bonus of pounds 154,000.Mr Myners, who is responsible for Gartmore, NatWest's fund manager, received pounds 109,000 last year. In 1996, he earned pounds 639,000, including a performance-related bonus of pounds 225,000 Lord Alexander's pay last year was pounds 434,000. The remaining sum - approximately pounds 275,000 - was not disclosed in the annual report and was paid into a personal pension plan.Derek Wanless, NatWest's chief executive, has waived his 1997 bonus in the light of the bank's performance last year, as has Lord Alexander, chairman, and Paul Myners, responsible for Gartmore, the bank's embattled fund manager.Mr Wanless's pay for last year totalled pounds 450,000. Under the terms of his contract with NatWest, he also netted a pay-off of more than pounds 300,000 when he resigned, of which pounds 35,000 was taken in cash and is detailed in the bank's reports.

pounds 175,000 of this total relates to the 1995 performance, pounds 214,000 relates to 1996 and pounds 350,000 relates to 1997 - the year not only of the options mis-pricing scandal but also of NatWest's decision to withdraw from certain parts of investment banking.In addition, Dr Owen received a salary of pounds 150,000 for the six months of last year when he was NWM's chief executive. Adjourning a meeting would be a device to bring into play big resources to lobby members They want a device to bring the big guns to bear.". THE NATWEST director who quit in the wake of last year's pounds 90m options mis-pricing losses is set to receive a package of pounds 1.2m, it emerged yesterday. This includes a pay-off of more than pounds 300,000, a salary of pounds 150,000 and almost pounds 750,000 in performance-related bonuses, payable next month. But the chairman and the chief executive of NatWest have waived their 1997 bonuses following the bank's "disappointing" year.Martin Owen, formerly chief executive of NatWest Markets (NWM), the bank's investment banking arm, resigned last summer and handed back pounds 200,000 - two-fifths of his 1996 bonus after options mis-pricing by a NWM trader left an pounds 90m "black hole" in the bank's accounts.NatWest's annual report to shareholders, published yesterday, reveals that Dr Owen, a former Salvation Army officer, will next month receive a total of pounds 738,000 because NatWest Markets met "certain performance criteria" between 1995 and 1997.