(SPD.L) Sports Direct International PLC Buy/Sell

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

COPYRIGHT

Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.