The Times
FRESH TAKEOVER OFFER FOR NATIONAL EXPRESS
The saga over the future of National Express has
taken a new twist after the company confirmed on Sunday night
that it had received a fresh all-share offer from
Stagecoach, despite its rival's decision to withdraw its
bid in September. In an unusual moment, National Express said it
would consider the Stagecoach takeover approach, but added it
wanted to push ahead with plans for a rights issue to shore up
its finances.
E.ON CONDEMNS OVERAMBITIOUS TARGETS FOR GREEN ENERGY
Wulf Bernotat, the chief executive of E.ON, has
slammed the government's ambitious 2020 plans to generate 30 per
cent of UK electricity from renewable sources as unrealistic. He
urged British politicians to stop misleading the public about
what could be achieved and called for a better channel of
communication with the industry. A spokesperson for the
Department of Energy and Climate Change conceded that the target
was "ambitious" but stressed that there is "a strategy to meet
it by 2020."
FOR SALE: FORMER STYLE ICON IN NEED OF SOME STARDUST
Habitat, the loss-making retailer that was founded in 1964
by Sir Terence Conran, has been put up for sale by its Swedish
owners. The Kamprad family, who also own Ikea, have appointed
Lazard to conduct a strategic review of the chain, which has
been a victim of the housing market downturn and the recession.
It has also emerged that Sir Terence has been approached to
offer his advice on how to restore the retailer to its former
glory. "I was asked by one of the sons of Kamprad family a
couple of months ago what I thought was missing. I said I
thought charm and humour were missing, which always seemed to me
important," Sir Terence said.
The Daily Telegraph
GERALD RONSON SLASHES OWN PAY FROM 12.9 MILLION POUNDS TO
1.7 MILLION POUNDS
The chairman and chief executive of Heron International cut
his pay package to 1.67 million pounds in 2008, down from 12.89
the year before, following the slump in the commercial property
market. As well as slashing his own pay, Gerald Ronson's
dividend declined from 83 million pounds to 20.1 million pounds.
The property entrepreneur did not receive any payments under
Heron's long-term management incentive scheme, which is
associated with rises in net asset value at the group. Heron
also reported a pre-tax loss of 9.9 million pounds, against a
profit of 35.1 million pounds in 2007, primarily due to smaller
profit on disposals.
MOULTON SET TO RETURN TO PRIVATE EQUITY - BUT THIS TIME IT'S
BETTER
Just six weeks after quitting Alchemy Partners, Jon Moulton
is poised to return to private equity this week with the launch
of a new investment vehicle, Better Capital. It is understood
that the new fund, which will focus on turnarounds, has not yet
received regulatory clearance by the City watchdog, but it is
widely believed that it could readily put together a 100 million
pounds plus investment pot from pension funds and other
strategic investors.
ODDBINS TELLS SUPPLIERS IT IS 'ALIVE AND KICKING' AFTER SPAT
Oddbins, the 130-store off-licence chain, has hit back at
rumours claiming that it faces financial problems by telling its
suppliers that it is "very much still alive and kicking". The
company's response comes after its former owner Castel, which
also controls the Nicolas chain, lodged a claim against the
business at Companies House following a disagreement over money.
In a separate statement, Simon Baile, managing director, and
Henry Young, chairman, said that Oddbins is expected to become
profitable in 2010 "following substantial losses under its
former owners and this action is not helpful to anyone".
The Independent
SINO-INDIAN FIRM ADDS TO FIREPOWER
Aim-listed private equity group Origo Sino-India has struck
a merger deal with Origo Resources Partner, its separately
listed natural resources fund, in a bid to reduce costs and
expand its shareholder base. The agreement will provide the
combined group with additional firepower, with an investment
portfolio of 15 companies and an aggregate value of 53.8 million
pounds, based on valuations earlier in 2009. In June, Origo
Sino-India revealed an annual 200 per cent jump in revenues from
investments predominantly in China and India.
ASHLEY PUTS 80 MILLION POUNDS PRICE ON NEWCASTLE
The want-away owner of Newcastle United Football Club has
reduced the team's price tag from 100 million pounds to 80
million pounds, in a bid to sell the St James' Park club in one
deal and not wait for a second cash instalment. Mike Ashley, who
is also the majority stakeholder in the sportswear group Sports
Direct, has publicly challenged Tyneside businessman
Barry Moat to make a move. "If he wants to buy the club, he's
got a one-off opportunity to come up with the cash, 80 million
pounds upfront," Mr Ashley said. The football club could be
worth up to 150 million pounds if it returns to the Premiership,
Mr Ashley added.
AVIVA TO OFFER DELTA LLOYD AT A DISCOUNT
Aviva, the insurance group which is aiming to list
between 30 and 40 per cent of its Dutch division, Delta Lloyd,
is reportedly set to offer the shares at a discount. The company
is set to launch price guidance on the IPO on Monday morning,
with analysts expecting it to bring in between one billion euros
and 1.5 billion euros, while a bookbuilding process is likely to
last up to two weeks. Bank of America, Merrill Lynch, Goldman
Sachs, JP Morgan and RBS are handling the deal.
The Guardian
NETWORK RAIL FACES CLAIM STAFF PAID OFF OVER DISCRIMINATION
The Equality and Human Rights Commission has launched an
investigation into Network Rail following accusations that the
company spent millions of pounds of public money paying off
staff forced out by discrimination and management bullying.
According to the claims, made by a trade union and an MP, a
series of staff departures was linked to the behaviour of one
unnamed senior Network Rail manager who was accused of routinely
demeaning female colleagues. The departure of 95 staff during
2007 and 2008 could potentially have cost up to six million
pounds, Jim Devine, a Labour backbencher with close ties to the
Transport Salaried Staffs Association, told MPs.
BANKS MAY FACE WINDFALL TAX OVER BONUSES
Big banks in Britain could face a windfall tax on their
profits if they fail to curb executive bonuses amid growing
public discontent following indications that a series of
bailed-out investment banks will award key traders with
seven-figure payouts. "If we cannot control bonuses by
agreement, it is the iron fist inside the velvet glove," a
government source has said. City minister Lord Myners, who has
taken a tough stance on executive remuneration, pledged on
Sunday that the Government would block banks in which it had a
stake, such as RBS and Lloyds Banking Group, from
paying large bonuses.
BUSINESS TOLD TO ESCAPE THE EMBRACE OF GOVERNMENT BANKS
David James, one of Britain's most celebrated business
consultants, has accused the government of blocking efforts
aiming to revive the county's industry, arguing that state-owned
banks have been impeding hundreds of companies they control or
part-own through equity stakes or massive loans. The corporate
turnaround specialist, who became best known for winding up the
Millennium Dome, said indebted businesses needed to escape the
embrace of state-owned banks and be allowed to restructure their
borrowings. He urged the government to create a venture fund
that would help "the banks restructure, write off debts, push
through mergers and get industry motoring again".
Prepared for Reuters by Durrants
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