(MKS.L) Marks & Spencer Group PLC Buy/Sell

Nov 19 (Reuters) - European companies, flush with cash, have started to take actions to make their debt profiles more efficient by buying back bonds and issuing new longer-term debt.
British American Tobacco and Investor AB started the trend . Details of other companies' liability management exercises are listed below:

* BRITISH AMERICAN TOBACCO
BAT invited holders of 1 billion euros ($1.50 billion) of 5.125 percent notes and 350 million pounds ($588.6 million) of 5.75 percent notes due 2013 to participate in a tender offer, arranged by BNP Paribas.
It then issued one tranche of 650 million euros at 4.875 percent, due 2021, and one tranche of 500 million pounds at 6.0 percent, due 2034.
Barclays, BNP Paribas, Royal Bank of Scotland and SG CIB managed the new issues.
BAT said that it had raised approximately 450 million euros net through the deals.

* INVESTOR AB
Investor AB tendered an offer for any and all of its 535 million euro bond due in 2012. The tender offer was managed by Citigroup and Deutsche Bank.
It has also issued a 500 million euro 2021 bond, at 4.875 percent. BNP Paribas, Citigroup and Deutsche Bank managed the deal.
Altogether, Investor AB said it had bought back 320 million euros and issued 500 million euros in new debt, raising 180 million euros.

* DANONE
Danone is offering to buy back any and all of its 1.25 billion euros of 5.25 percent notes due 2011, 1 billion euros of 6.375 percent notes due 2014 and/or 1 billion euros of 5.5 percent notes due 2015.
Danone mandated BNP Paribas and Societe Generale to manage the tender offer which started on Nov. 16 and will end on Nov. 24.

* MARKS & SPENCER
M&S plans to buy back up to 225 million pounds of bonds from investors, inviting holders of its outstanding 375 million pounds 6.375 percent notes due 2011 and holders of its outstanding 400 million pounds 5.875 percent notes due 2012 to participate in a tender offer on Nov. 24.
Citigroup, HSBC, Morgan Stanley and Royal Bank of Scotland are acting as dealer managers for the tender offer.
M&S is planning to raise new sterling-denominated bond financing beyond 2014.

* TATE & LYLE
Tate & Lyle is buying back 70 million pounds of 6.5 percent notes due 2012 and will issue a new 10-year bond. The new issue will be managed by Barclays Capital and Royal Bank of Scotland.

($1=.6680 Euro)

($1=.5946 Pound)

(Editing by Simon Jessop) Keywords: CORP BONDS/ (alex.chambers@thomsonreuters.com, Reuters Messaging: alex.chambers.reuters.com@reuters.net, +44 207 542 8989)

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By James Davey and Mark Potter

LONDON, Nov 18 (Reuters) - British clothing and food retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
M&S shares rose 5.9 percent to a 17-month closing high of 390 pence, as analysts said Bolland's experience in groceries and business systems could speed a recovery in its upmarket food operations as well as drive a cost-saving supply chain upgrade.
The appointment, several months sooner than expected, also brings towards a close a 20-month row with investors over Stuart Rose's move to be both chairman and chief executive of M&S, in defiance of British corporate governance guidelines.
"A superb, credible choice," said Cavendish Asset Management fund manager Paul Mumford.
Some analysts, however, questioned whether Bolland had the expertise to help M&S's clothing business fend off the challenge from discount, fast-fashion chains like Primark.
"Turning around M&S is likely to be harder for Bolland than Morrisons was," Execution analyst Caroline Gulliver said.
Bolland, a 50-year-old Dutchman who has spent most of his career at brewer Heineken, is credited with reviving Morrison, Britain's fourth-biggest supermarket chain, after its bodged acquisition of Safeway in 2004.
Ignoring some analysts' call for a radical overhaul, he stuck with the group's traditional "Market Street" format of fresh food counters but gave it a makeover backed by innovative promotions, new product ranges, and tight cost management.
Shares in Morrison, which has been the fastest growing of Britain's top four food retailers for most of the past two years, fell as much as 5.8 percent to 278.5 pence.
"Has the Morrison story 'got as good as it gets' for Mr Bolland?" said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to 'hold' from 'buy".
"We sense Morrison will miss him materially."

GOLDEN HELLO?
Morrison said Bolland would leave at the end of January and M&S's Rose told BBC radio he probably wouldn't start until late spring, although the date and terms were yet to be confirmed.
Analysts said he would be richly rewarded, as he was walking away from Morrison with 4 million pounds ($6.7 million) of shares unvested.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrison. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
M&S has had a torrid recession. Its shares plunged around 60 percent last year as customers switched to cheaper rivals and two internal candidates for CEO left the business.
But it has bounced back, helped by cutting prices, new clothing ranges like Indigo, and innovative food promotions like "Dine in for two" for 10 pounds.
SG analyst Anne Critchlow said Bolland was well placed to continue the good work, and might be able to speed up the 250 million pounds of benefits M&S hopes to achieve by 2015-2016 from upgrading business systems.
Investec's Katharine Wynne said his background in international brand marketing at Heineken would also strengthen the group's hand with its plans to expand more overseas.
M&S had said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as contenders. Analysts said they failed to impress at an investor day in October.
"We've always said ... we wanted to get the very best candidate," said Rose, who will become part-time non-executive chairman when Bolland joins.
"I'm sure if you were to ask my senior management team whether they thought Marc was a good catch, they'd all say yes," he said, adding there was no reason why any would leave.
Rose said there would be a handover period of around six weeks after Bolland joined and he would not interfere before stepping down as chairman by July 2011, as planned.
Bolland has experience taking over businesses from high-profile leaders, having taken the helm at Morrison from a founding family member and major shareholder, Ken Morrison.
Bolland will be M&S's second non-British boss, following Belgian Luc Vandevelde whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrison, due to issue a third-quarter trading update on Thursday, said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.

For INSTANT VIEW click on:

For COLUMN click on

For TIMELINE on M&S search for new CEO click on

(Additional reporting by Raji Menon and Matthew Scuffham, Editing by Dan Lalor and Elaine Hardcastle)

($1 = 0.5946 pound) Keywords: M&S/ (james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

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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.

By James Davey and Mark Potter

LONDON, Nov 18 (Reuters) - British clothing and food retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
M&S shares rose 5.9 percent to a 17-month closing high of 390 pence, as analysts said Bolland's experience in groceries and business systems could speed a recovery in its upmarket food operations as well as drive a cost-saving supply chain upgrade.
The appointment, several months sooner than expected, also brings towards a close a 20-month row with investors over Stuart Rose's move to be both chairman and chief executive of M&S, in defiance of British corporate governance guidelines.
Some analysts, however, questioned whether Bolland had the expertise to help M&S's clothing business fend off the challenge from discount, fast-fashion chains like Primark.
"Turning around M&S is likely to be harder for Bolland than Morrisons was," Execution analyst Caroline Gulliver said.
Bolland, a 50-year-old Dutchman who has spent most of his career at Dutch beer group Heineken, is credited with reviving Morrison, Britain's fourth-biggest supermarket chain, after its bodged acquisition of Safeway in 2004.
Ignoring some analysts' call for a radical overhaul, he stuck with the group's traditional "Market Street" format of fresh food counters but gave it a makeover backed by innovative promotions, new product ranges, and tight cost management.
Shares in Morrison, which has been the fastest growing of Britain's top four food retailers for most of the past two years, fell as much as 5.8 percent to 278.5 pence.
"Has the Morrison story 'got as good as it gets' for Mr Bolland?" said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to 'hold' from 'buy".
"We sense Morrison will miss him materially."

GOLDEN HELLO?
M&S said Bolland would join in the new year and on terms to be confirmed. He will stay at Morrison until the end of January.
Analysts said he would be richly rewarded, as he was walking away from Morrison with 4 million pounds ($6.7 million) of shares unvested.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrison. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."

M&S has had a torrid recession. Its shares plunged around 60 percent last year as customers switched to cheaper rivals and two internal candidates for CEO left the business.
But it has bounced back, helped by cutting prices, new clothing ranges like Indigo, and innovative food promotions like "Dine in for two" for 10 pounds.
SG analyst Anne Critchlow said Bolland was well placed to continue the good work, and might be able to speed up the 250 million pounds of benefits M&S hopes to achieve by 2015-2016 from upgrading business systems.
Some analysts were disappointed by the scale and timing of the plan when it was announced last month
M&S had said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as contenders. Analysts said they failed to impress at an investor day in October.
"We've always said ... we wanted to get the very best candidate," said Rose, who will become part-time non-executive chairman when Bolland joins.
"I'm sure if you were to ask my senior management team whether they thought Marc was a good catch, they'd all say yes," he said, adding there was no reason why any would leave.
Rose said there would be a handover period of around six weeks after Bolland joined and he would not interfere before stepping down as chairman by July 2011, as planned.
Bolland has experience taking over businesses from high-profile leaders, having taken the helm at Morrison from a founding family member and major shareholder, Ken Morrison.
Bolland will be M&S's second non-British boss, following Belgian Luc Vandevelde whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrison, due to issue a third-quarter trading update on Thursday, said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.

For INSTANT VIEW click on:

For COLUMN click on

For TIMELINE on M&S search for new CEO click on

(Additional reporting by Raji Menon and Matthew Scuffham, Editing by David Cowell ad Dan Lalor)

($1 = 0.5946 pound) Keywords: M&S/ (james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

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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.

By James Davey and Mark Potter

LONDON, Nov 18 (Reuters) - British clothing and food retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
M&S shares rose 5.9 percent to a 17-month clsoing high of 390 pence, as analysts said Bolland's experience in groceries and business systems could speed a recovery in its upmarket food operations as well as drive a cost-saving supply chain upgrade.
The appointment, several months sooner than expected, also brings towards a close a 20-month row with investors over Stuart Rose's move to be both chairman and chief executive of M&S, in defiance of British corporate governance guidelines.
Some analysts, however, questioned whether Bolland had the expertise to help M&S's clothing business fend off the challenge from discount, fast-fashion chains like Primark.
"Turning around M&S is likely to be harder for Bolland than Morrisons was," Execution analyst Caroline Gulliver said.
Bolland, a 50-year-old Dutchman who has spent most of his career at Dutch beer group Heineken, is credited with reviving Morrison, Britain's fourth-biggest supermarket chain, after its bodged acquisition of Safeway in 2004.
Ignoring some analysts' call for a radical overhaul, he stuck with the group's traditional "Market Street" format of fresh food counters but gave it a makeover backed by innovative promotions, new product ranges, and tight cost management.
Shares in Morrison, which has been the fastest growing of Britain's top four food retailers for most of the past two years, fell as much as 5.8 percent to 278.5 pence.
"Has the Morrison story 'got as good as it gets' for Mr Bolland?" said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to 'hold' from 'buy".
"We sense Morrison will miss him materially."

GOLDEN HELLO?
M&S said Bolland would join in the new year and on terms to be confirmed. He will stay at Morrison until the end of January.
Analysts said he would be richly rewarded, as he was walking away from Morrison with 4 million pounds ($6.7 million) of shares unvested.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrison. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."

M&S has had a torrid recession. Its shares plunged around 60 percent last year as customers switched to cheaper rivals and two internal candidates for CEO left the business.
But it has bounced back, helped by cutting prices, new clothing ranges like Indigo, and innovative food promotions like "Dine in for two" for 10 pounds.
SG analyst Anne Critchlow said Bolland was well placed to continue the good work, and might be able to speed up the 250 million pounds of benefits M&S hopes to achieve by 2015-2016 from upgrading business systems.
Some analysts were disappointed by the scale and timing of the plan when it was announced last month
M&S had said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as contenders. Analysts said they failed to impress at an investor day in October.
"We've always said ... we wanted to get the very best candidate," said Rose, who will become part-time non-executive chairman when Bolland joins.
"I'm sure if you were to ask my senior management team whether they thought Marc was a good catch, they'd all say yes," he said, adding there was no reason why any would leave.
Rose said there would be a handover period of around six weeks after Bolland joined and he would not interfere before stepping down as chairman by July 2011, as planned.
Bolland has experience taking over businesses from high-profile leaders, having taken the helm at Morrison from a founding family member and major shareholder, Ken Morrison.
Bolland will be M&S's second non-British boss, following Belgian Luc Vandevelde whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrison, due to issue a third-quarter trading update on Thursday, said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.

For INSTANT VIEW click on:

For COLUMN click on

For TIMELINE on M&S search for new CEO click on

(Additional reporting by Raji Menon and Matthew Scuffham, Editing by David Cowell ad Dan Lalor)

($1 = 0.5946 pound) Keywords: M&S/ (james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

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Nov 18 (Reuters) - British retailer Marks & Spencer has picked Marc Bolland as its next leader. Here are some key events leading up to his appointment.
March 2008 - M&S says CEO Stuart Rose will stay until July 2011 and will replace Chairman Terry Burns on June 1, 2008. Combining the roles infuriates some investors.
July - Rose survives one of the M&S's biggest shareholder rebellions as 22 percent of investors abstain or vote against his election as executive chairman.
March 2009 - In a fresh challenge to Rose's dual role, investor Local Authority Pension Fund Forum (LAPFF) files a resolution for the AGM calling on him to share power.
June 2009 - Three shareholder advisory groups -- Glass Lewis, Pirc and RiskMetrics -- urge the roles to be split and an independent chairman to be appointed by July 2010.
July 8 - Rose survives a big shareholder rebellion over its management succession plan, as 38 percent of investors urge him to stand down as chairman earlier than envisaged.
Sept. 9 - M&S promotes food chief John Dixon to its executive board, strengthening his chance of succeeding Rose. M&S has always said it would prefer an internal succession with finance director Ian Dyson and Dixon the most likely contenders.
Oct. 1 - Asda boss Andy Bond rules himself out. Bond was favoured partly for driving growth at Asda.
Nov. 18 - M&S appoint Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison.
((For main story please click on)

(Writing by Carl Bagh, Editorial Reference Unit, Bangalore; Editing by David Cutler and David Cowell) Keywords: M&S/CEO (carl.bagh@thomsonreuters.com; +91 80 41355917; Reuters Messaging: carl.bagh@thomsonreuters.com)

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By James Davey and Mark Potter

LONDON, Nov 18 (Reuters) - British retailer Marks & Spencer named Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
Bolland, CEO since 2006 at the UK's fourth largest grocer, will replace Stuart Rose in the new year at a time and on terms to be confirmed, M&S said on Wednesday.
Morrisons said Bolland would stay until the end of January.
His appointment ends M&S's 20-month search for a new CEO and is expected to end a corporate governance dispute with investors over Rose's occupancy of both the chief executive and chairman's roles, analysts said.
M&S, one of Britain's biggest clothing retailers, previously said it would prefer an internal candidate, with Finance Director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as the contenders.
But analysts said they all failed to impress at last month's investor day, which was seen as a beauty parade for one of the biggest jobs in the industry.
"Being CEO of M&S is the job in UK retail," said one of the top 10 investors in Morrisons. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
"It's a very good move for shareholders and it's a good move for corporate governance. It's the positive news of the day," said a top 20 M&S shareholder.
Shares in M&S rose to a 17-month high and were up 6.5 percent at 392.1 pence at 1350 GMT. Shares in Morrison's were down 4.5 percent at 282.1 pence.
Rose will continue as part-time chairman to ensure a smooth transition and as previously stated will leave M&S by July 2011.
Bolland is widely regarded as having delivered a successful turnaround at Morrisons. Previous to that job he was chief operating officer at Heineken based in the Netherlands.
His appointment to M&S was welcomed by sector analysts, but they said it was a blow to Morrisons and some questioned his clothing retail experience.
"On the face of it, a very good appointment," said John Stevenson, analyst at KBC Peel Hunt.
"You could argue Marc hasn't got the public persona of, say, a Justin King (CEO of J Sainsbury), because he's not been in the press as much. But the fact is he's been very successful at Morrisons."
Luca Solca, analyst at Sanford Bernstein, welcomed the appointment but noted. "He (Bolland) doesn't have any non-food retail experience and to be honest his total retail experience is just three years."
Bolland joined Morrison when it was still reeling from the bodged acquisition of larger rival Safeway.
He took the reins from Ken Morrison, son of the founder and a major shareholder, and showed the kind of diplomacy he may need during what could be a period of powersharing with Rose.
Rose said the handover period would be about six weeks.
Ignoring some analysts' calls for him to sell off Morrison's food manufacturing operations and invest in non-food ranges, Bolland stuck with the group's traditional "Market Street" format of fresh food counters and gave it a makeover.
Combined with innovative promotions and new product ranges, he transformed Morrison into the fastest growing of Britain's top four food retailers for most of the past two years.

"Bolland was also an inspirational marketer and we sense Morrison will miss him materially," said Shore Capital analyst Darren Shirley, cutting his rating on Morrison shares to "hold" from "buy."
Netherlands-born Bolland will be M&S' second non-British CEO, following Belgian Luc Vandevelde, whose troubled tenure in the top job culminated in a second failed bid attempt for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
Morrisons said it would consider internal and external candidates to succeed Bolland. Analysts said finance director Richard Pennycook would be a strong contender.
For an INSTANT VIEW on Bolland's appointment click on:
For a column on Bolland's appointment click on

(Additional reporting by Raji Menon and Matthew Scuffham, Editing by David Cowell) Keywords: M&S/ (james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

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LONDON, Nov 18 (Reuters) - Marks & Spencer Plc

By James Davey and Mark Potter

LONDON, Nov 18 (Reuters) - British retailer Marks & Spencer picked Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
Bolland, who has been CEO at Morrisons, the UK's fourth largest grocer, since 2006, will take up his new post in the New Year at a time and on terms to be confirmed, M&S said.
Morrisons said Bolland would stay with the firm until the end of January.
His appointment ends M&S' 20 month search for a new CEO to succeed Stuart Rose.
M&S had previously said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as the contenders. But they all failed to impress at last month's investor day, which was seen as a beauty parade for one of the biggest jobs in the industry.
"Being CEO of M&S is the job in UK retail," said one shareholder. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
Shares in M&S rose to a 17-month high and were up 5.3 percent at 387.7 pence at 1233 GMT. Shares in Morrison's were down 4.8 percent at 281.6 pence.
Rose will continue as part-time chairman to ensure a smooth transition and as previously stated will leave M&S by July 2011.
Bolland is widely regarded as having delivered a successful turnaround at Morrisons. Previous to that job he was chief operating officer at Heineken based in the Netherlands.
His appointment to M&S was welcomed by sector analysts, but they said it was a blow to Morrisons.
"On the face of it, a very good appointment," said John Stevenson, analyst at KBC Peel Hunt.
"You could argue Marc hasn't got the public persona of, say, a Justin King (CEO of J Sainsbury), because he's not been in the press as much. But the fact is he's been very successful at Morrisons."
Bolland, who is Dutch, will be M&S' second non-British CEO, following Belgian Luc Vandevelde, whose troubled tenure in the top job culminated in a second failed bid approach for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
For an INSTANT VIEW on Bolland's appointment click on:
For a column on Bolland's appointment click on
(Editing by Paul Sandle and Andrew Callus) Keywords: M&S/

(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

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.

By James Davey and Mark Potter

LONDON, Nov 18 (Reuters) - British retailer Marks & Spencer picked Marc Bolland as its next leader, passing over internal candidates to poach the marketing expert who led a turnaround at Wm Morrison Supermarkets.
Bolland, who has been CEO at Morrisons, the UK's fourth largest grocer, since 2006, will take up his new post in the New Year at a time and on terms to be confirmed, M&S said.
Morrisons said Bolland would stay with the firm until the end of January.
His appointment ends M&S' 20 month search for a new CEO to succeed Stuart Rose.
M&S had previously said it would prefer an internal candidate, with finance director Ian Dyson, food chief John Dixon and clothing boss Kate Bostock seen as the contenders. But they all failed to impress at last month's investor day, which was seen as a beauty parade for one of the biggest jobs in the industry.
"Being CEO of MKS is the job in UK retail," said one shareholder. "It's a bit like being asked to be England football manager isn't it? You don't turn it down."
Shares in M&S rose to a 17-month high and were up 5.3 percent at 387.7 pence at 1233 GMT. Shares in Morrison's were down 4.8 percent at 281.6 pence.
Rose will continue as part-time chairman to ensure a smooth transition and as previously stated will leave M&S by July 2011.
Bolland is widely regarded as having delivered a successful turnaround at Morrisons. Previous to that job he was chief operating officer at Heineken based in the Netherlands.
His appointment to M&S was welcomed by sector analysts, but they said it was a blow to Morrisons.
"On the face of it, a very good appointment," said John Stevenson, analyst at KBC Peel Hunt.
"You could argue Marc hasn't got the public persona of, say, a Justin King (CEO of J Sainsbury), because he's not been in the press as much. But the fact is he's been very successful at Morrisons."
Bolland, who is Dutch, will be M&S' second non-British CEO, following Belgian Luc Vandevelde, whose troubled tenure in the top job culminated in a second failed bid approach for the retailer from billionaire Philip Green in 2004 and Rose's appointment as CEO.
For an INSTANT VIEW on Bolland's appointment click on:
(Editing by Paul Sandle and Andrew Callus) Keywords: M&S/

(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

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12:14GMT 18Nov2009-M&S up, Morrison down on Bolland appointment

Shares in Marks & Spencer rise 5 percent as analysts welcome the appointment of Marc Bolland as its new chief executive.

Bolland, currently chief executive of William Morrison Supermarkets, has been widely credited with turning around Morrison's performance. Shares in Morrison, Britain's fourth-biggest grocer, fall 5 percent as his departure raises questions over the sustainability of its revival.
"Bolland has an extremely good track record at Morrison. It's definitely a good appointment in our view but certainly a surprise," says Sam Hart at Charles Stanley.
"Bolland was probably only two-thirds of the way through the turnaround and restructuring programme at Morrison. That definitely leaves a big void for someone to fill," Hart adds.
For more please click on

Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net
12:00GMT 18Nov2009-UK small caps up 0.1 pct at midday

The FTSE Small Cap index gains 0.1 percent in midday trade, underperforming both the blue chips and the midcaps, which put on 0.4 percent and 0.8 percent, respectively.

Namibia-focused miner Kalahari Minerals climbs more than 4 percent after the firm announces "exceptional assay results" at Rossing South, which is owned by Australia's Extract Resources, in which Kalahari holds a 40.43 percent stake.
Hasgrove sheds 8.5 percent after the marketing and communications services group issues a trading update, with KBC Peel Hunt cutting its rating on the stock to "hold" from "buy".

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11:40GMT 18Nov2009-PureCircle up following surprise placing

Shares in PureCircle Ltd rise as much as 6 percent after the Malaysia-based group says it raises 40 million pounds through a share placing to boost production of its natural sweetener.
The company says it placed 20 million shares at 2 pounds each, a 3.6 percent discount to the stock's Tuesday closing price.
FinnCap analyst Charles Pick says the surprise discounted placing suggests an increase in confidence by the company's management in the potential of Reb A, a natural sweetener extracted from stevia leaves.
Pick, who keeps a "hold" rating pending further information from the company, says the liquidity of shares will be improved.
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10:33GMT 18Nov2009-GTL Resources up on first-half results

Shares in GTL Resources gain 5.2 percent after the AIM-listed ethanol producer swings to first-half pretax profit, which prompts Hoodless Brennan to repeat its speculative "buy" rating, saying the "performance should go some way to restoring confidence".
GTL reports a pre-tax profit of $2.5 million from a loss of $5.9 million for the same period in the previous year, partly as a result of substantially improved market commodity margins, as revenue increased 48 percent to $107 million.
"If this performance continues the group is extremely cheap on a 2010 view at only around 3.3 times earnings," says Hoodless Brennan in a note.
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09:379MT 18Nov2009-Dimension Data up on FY results

Shares in South African IT firm Dimension Data rise 4.7 percent after the company reports a 25.4 percent rise in full-year operating profit, which prompts Altium Securities to raise its target price to 90 pence from 82 and repeat its "buy" rating.
Dimension Data posts operating profit of $194.4 million and says revenue for the year rose 0.4 percent to $4 billion and earnings per ordinary share rose to 7.6 U.S. cents from 7.4 in the year-ago period.
Altium Securities says results came in ahead of its expectations and well ahead of consensus forecasts, adding further upgrades are likely to its top of the range estimates.
"Dimension Data is well positioned to take advantage from both the material increase in network technology and solutions spending over the next few years," says the broker in a note.
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09:33GMT 18Nov2009-Capita falls, wins less new work in 09

Shares in Capita fall 4 percent after Britain's biggest back-office outsourcer says it won less new work in the ten months to the end of October than it did in the same period last year, with analysts concerned about its slowing growth rate.
The outsourcing group won 1 billion pounds of work in the year to date, as opposed to 1.2 billion this time last year. This compares unfavourable with rival Serco, which has won 4.5 billion pounds of new work so far this year, up from 2.6 billion at the same point in 2008.
"Capita has been a big underperformer this year -- it has only appreciated by 4 percent, compared to the FTSE100 and Serco who have both appreciated by 23 percent and 17 percent respectively," says Astaire analyst Andy Smith.
"At the interim the organic growth rate was 8 percent, having coming down from 12 percent and 14 percent in December 08 and June 08 but we still expect Capita to post a robust set of results in 2009."
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09:10GMT 18Nov2009-Ladbrokes higher as BoA/Merrill upgrades

Shares in bookmaker Ladbrokes rise as much as 5.5 percent to 134 pence, hitting a four-week high, after Bank of America-Merrill Lynch upgrades the stock to 'buy' from 'underperform' and raises its price target to 160 pence from 140 previously.
The broker says the worst news is over after a run of punter-friendly football results impacted margins, causing the stock to hit an all-time low.
"Since the last trading update football results have normalised. The proportion of draws has risen through the season which should lead to a normalisation of margins," say BoA/Merrill analysts in a research note.
Rival William Hill gains 1.6 percent to 190.3 pence.

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08:31GMT 18Nov2009-Cadbury up on hopes of Hershey-Ferrero rival bid

Cadbury shares rise as much as 1.8 percent on hopes chocolate makers Hershey Co and Ferrero SpA will mount a joint bid for he British confectioner, which could help it fend off a hostile takeover by Kraft Foods Inc . Analysts said they were unlikely to rush into any move, however.
A source familiar with the talks between U.S.-based Hershey and Italy's Ferrero told Reuters on Tuesday that discussions between the two sides were at a preliminary stage, giving the strongest signal yet of a possible rival bid to Kraft's $16.7 billion offer, which Cadbury has rejected as "derisory".
"A combination of Hershey and Nestle was initially talked about and Ferrero has been mentioned this week so perhaps they have got together, which would probably be good news for Cadbury, but it could be wishful thinking," said FinnCap analyst Charles Pick.
"But there could be something in it and if there is they (Hershey and Ferrero) would have plenty of time and could just wait and see how events unfold and look at the offer document when it's released."
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08:24 GMT 18Nov2009-FTSE small caps up 0.2 pct at the open

The FTSE Small Cap Index gains 0.2 percent in early trade, taking its cue from London's blue chips which also add 0.2 percent, while the FTSE 250 rises 0.4 percent.
Building-maintenance firm Rok Plc rises 6.4 percent, topping the small cap risers in early on, after the firm announces it has been awarded Preferred Bidder as part of consortium in Oldham Housing Project worth 130 million pounds.
British driving services firm Trafficmaster Plc falls 1.6 percent after the company reports a fall in consumer services revenues and decreased visibility over the timing of future revenues for its business services division, but says it is on track to deliver a similar level of operating profit in 2009 as in the previous year.

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LONDON, Nov 18 (Reuters) - British clothing, homewares and food retailer Marks & Spencer said on Wednesday it had appointed Marc Bolland as its new chief executive.
Bolland, currently CEO of William Morrison Supermarkets , the UK's fourth largest grocer, will take up his new post in the New Year at a time and on terms to be confirmed.
He will succeed Stuart Rose as CEO but Rose will continue as part-time chairman to ensure a smooth transition, M&S said in a statement.
As previously stated Rose will leave M&S by July 2011.
Bolland has been CEO of Morrison's since 2006.
Shares in M&S were up 4.3 percent at 384.9 pence at 1142 GMT. Shares in Morrison's were down 3.7 percent at 284.8 pence.
(Reporting by James Davey, editing by Paul Sandle) Keywords: M&S/

(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

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LONDON, Nov 18 (Reuters) - Marks and Spencer Group PLC:

MARKS & SPENCER SHARES EXTEND GAINS, UP 4 PCT AFTER APPOINTMENT OF NEW CHIEF EXECUTIVE

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By Kate Holton and Paul Hoskins

LONDON, Nov 18 (Reuters) - Britain's biggest free-to-air commercial broadcaster ITV has turned to Archie Norman, a turnaround specialist and former Conservative politician, to end its error-strewn seven-month hunt for leadership.
Norman, who is known for turning around supermarket chain Asda and the telecoms business Energis before selling both, will take up the position of non-executive chairman in January, replacing industry veteran Michael Grade.
The former boss of Kingfisher will then be in charge of appointing a chief executive to lead the group as it emerges from the worst advertising downturn for decades.
He will also be responsible for lobbying politicians and regulators in a bid to ease the burden on the broadcaster, at a time when the Conservative party is well ahead in the polls as a general election approaches. Norman is a former chief executive of the Conservative party.
"We see the appointment of a heavyweight Chairman with an established track record as a positive move," UBS analysts said.
"Amid a backdrop of improving ad momentum and a strong viewing share performance, there may be a possibility that Norman may make limited changes to the current executive line-up rather than look externally."
Citi analysts said Norman would become a useful asset if the Conservatives win the next election.
ITV, home to the talent show X-Factor and soap opera Coronation Street, has been hammered by the advertising downturn but it has recently shown signs of recovery and has forecast its first monthly gain in net ad revenue since the first half of 2008.

To maintain continuity, Norman said insider John Cresswell would remain in his position as interim chief executive while he starts afresh the hunt for a new chief executive.
Cresswell has said he intends to step down from ITV when a new chief executive is found but analysts have speculated that he could be persuaded to stay.
Shares in ITV were up 5.8 percent at 54.9 pence by 1050 GMT, outperforming the DJ Stoxx Media Index, which was up 0.2 percent.
"It is an irresistible challenge," Norman, 55, said. "A great brand, a people business with enormous talent, but facing an imperative for change: the challenge of adapting to compete in a fragmented digital media world."
Analysts welcomed the appointment of Norman, who became the youngest partner at McKinsey and Co after earning an MBA from Harvard Business School and an MA from Cambridge University.
The announcement also goes some way to bringing an end to the very public leadership search saga that has embarrassed the broadcaster since Grade said he would step back from the day-to-day running of the company.
Grade, who jumped ship from the BBC to join ITV as executive chairman and its apparent saviour in 2006, then said he would stand down completely and appoint a chairman to find a new chief executive after a host of high-profile executives ruled themselves out of the running.
During his time at the broadcaster, Grade cut costs heavily and boosted viewing figures by focussing on the cheaper-to-make shows such as Simon Cowell's X-Factor and Britain's Got Talent which discovered Scottish singer Susan Boyle.
"I don't mind whether I'm first choice or 51st choice," Norman told reporters after accepting the role, which would rule him out of the top job at Marks & Spencer.
"Transformational challenges (are)... what I do," he said, before adding that people should not read too much into how he had tackled problems in his previous roles.
"ITV's a very different business from the ones I've worked in in the past, and I absolutely don't think a formulaic approach is going to work," he said.
James Crosby, the head of the nomination committee, said on Wednesday he would also step down.
Norman will be paid 300,000 pounds per year and will also be allocated 1.2 million shares at Wednesday's value, to be given out over the next three years.

(Reporting by Kate Holton, editing by Paul Hoskins/Will Waterman and Hans Peters) Keywords: ITV CHAIRMAN/ (kate.holton@reuters.com; +44 207 542 8560; Reuters Messaging:kate.holton.reuters.com@reuters.net)

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RNS Number : 6959C Marks & Spencer Group PLC 18 November 2009

Issued: Wednesday 18 November 2009

Marks & Spencer appoints MARC BOLLAND as its new Chief executive

Marks and Spencer Group plc today announces the appointment of Marc Bolland as its new Chief Executive. He will take up his position in the New Year at a time and on terms to be confirmed. Marc, 50, joins from Morrisons where he was Chief Executive.

Commenting on Marc's appointment, M&S Chairman Sir Stuart Rose said, "I am delighted that Marc is to be M&S' next Chief Executive. He brings a wealth of consumer marketing experience and has made a great success of his time at Morrisons. We very much look forward to welcoming him and working together."

Marc Bolland said, "M&S is one of the world's great brands and I am very pleased to be given the opportunity to lead the company forward at this exciting stage. I am greatly looking forward to working closely with Stuart and the M&S team."

On Marc taking up his position as M&S' new Chief Executive, Sir Stuart Rose will continue as part-time Chairman of M&S to ensure a smooth transition. As previously announced, Sir Stuart will leave M&S by July 2011.

Marc joined Morrions in September 2006 as Chief Executive. Prior to that he was Chief Operating Officer and Executive Board Member at Heineken NV based in the Netherlands. He is also currently a Non-Executive Director of Manpower Inc in the USA.

LONDON, Nov 17 (Reuters) - News, details on corporate bond issues in the European markets on Tuesday:

Roadshow: The UK airports operator is on the road from Nov. 18 to update fixed income investors following its equity capital raising last week, an official at one of the banks managing the roadshow said.
Last week, parent Ferrovial said BAA was planning a bond issue in the first quarter of 2010.
Managing banks: Citi, RBS, HSBC, BNP Paribas, Calyon

Issue: $500 million six-year senior unsecured bond registered with SEC, as reported by IFR Markets, a Thomson Reuters online news and market analysis service.
Managing banks: Deutsche Bank, Goldman Sachs and Morgan Stanley
Rating: Moody's Baa1, S&P A-, Fitch A-

IBERCAJA - priced
Issue: the Spanish regional savings bank plans a debut 500 million euro five-year covered bond, as reported by IFR.
Guidance: mid-swaps plus 65 basis points, at the tight end of an initial range of 65-70 basis points
Managing banks: BBVA, LBBW, Natixis

Mandate: plans a 12-year 300 million pound bond, according an official at one of the banks managing the sale.
Guidance: Gilts plus 282-292 basis points, refined from earlier 300 basis points.
Managing banks: Barclays, HSBC

MARKS & SPENCER
Mandate: plans new issue following a buyback of two outstanding bonds following investor meetings this week, the company said. The tender for the outstanding bonds takes place on Nov. 24.
Managing banks: Citi, HSBC, Morgan Stanley, RBS

BANCO ESPIRITO SANTO - priced
Mandate: plans a 1 billion euro senior unsecured FRN to mature in February 2013, as reported by IFR.
Guidance: three-month Euribor plus 105 basis points, versus initial guidance of plus 110 basis points
Managing banks: BESI, JP Morgan, Morgan Stanley, UBS
Ratings: S&P A, Moody's A1, Fitch A+

Mandate: plans a January 2015 euro fixed senior benchmark bond, according to IFR Markets.
Guidance: Mid-swaps plus 85 basks points area.
Managing banks: Barclays, JP Morgan, NAB
Ratings: S&P AA, Moody's Aa1, Fitch AA

Issue: 500 million euro 10-year Lower Tier 2 bullet bond issue, IFR reported.
Guidance: mid-swaps plus 230/240 basis points.
Managing banks: BNP Paribas, Deutsche Bank, HSBC

TATE & LYLE - priced
Issue: 10-year 200 million pound bond, as part of liability management exercise, IFR reported.
Guidance: Gilts plus 300 basis points.
Managing banks: Barclays, RBS

UNITYMEDIA - priced
Issue: Unitymedia has increased its three-tranche deal by 100 million euros, IFR reported.
The dollar tranche is increased to $825 million from $750 million and the senior unsecured tranche is increased to 650 million euros from 600 million, IFR said.
Yield guidance: 8.5 percent area on the senior secured 8-year and 10 percent area on the senior unsecured 10-year.
Managing banks: Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan
Ratings (Senior secured): Moody's B1, S&P BB-
Ratings (Senior unsecured): Moody's B3, S&P B-
(London Corporate Finance: +44 207 542 8389)

($1=.5941 Pound)

Keywords: BOND ISSUES/

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LONDON, Nov 17 (Reuters) - News, details on corporate bond issues in the European markets on Tuesday:

Roadshow: The UK airports operator is on the road from Nov. 18 to update fixed income investors following its equity capital raising last week, an official at one of the banks managing the roadshow said.
Last week, parent Ferrovial said BAA was planning a bond issue in the first quarter of 2010.
Managing banks: Citi, RBS, HSBC, BNP Paribas, Calyon

Issue: $500 million six-year senior unsecured bond registered with SEC, as reported by IFR Markets, a Thomson Reuters online news and market analysis service.
Managing banks: Deutsche Bank, Goldman Sachs and Morgan Stanley
Rating: Moody's Baa1, S&P A-, Fitch A-

Issue: the Spanish regional savings bank plans a debut 500 million euro five-year covered bond, as reported by IFR.
Guidance: mid-swaps plus 65 basis points, at the tight end of an initial range of 65-70 basis points
Managing banks: BBVA, LBBW, Natixis

Mandate: plans a 12-year 300 million pound bond, according an official at one of the banks managing the sale.
Guidance: Gilts plus 300 basis points.
Managing banks: Barclays, HSBC

MARKS & SPENCER
Mandate: plans new issue following a buyback of two outstanding bonds following investor meetings this week, the company said. The tender for the outstanding bonds takes place on Nov. 24.
Managing banks: Citi, HSBC, Morgan Stanley, RBS

Mandate: plans a 1 billion euro senior unsecured FRN to mature in February 2013, as reported by IFR.
Guidance: three-month Euribor plus 105 basis points, versus initial guidance of plus 110 basis points
Managing banks: BESI, JP Morgan, Morgan Stanley, UBS
Ratings: S&P A, Moody's A1, Fitch A+

Mandate: plans a January 2015 euro fixed senior benchmark bond, according to IFR Markets.
Guidance: Mid-swaps plus 85 basks points area.
Managing banks: Barclays, JP Morgan, NAB
Ratings: S&P AA, Moody's Aa1, Fitch AA

Issue: 500 million euro 10-year Lower Tier 2 bullet bond issue, IFR reported.
Guidance: mid-swaps plus 230/240 basis points.
Managing banks: BNP Paribas, Deutsche Bank, HSBC

TATE & LYLE - priced
Issue: 10-year 200 million pound bond, as part of liability management exercise, IFR reported.
Guidance: Gilts plus 300 basis points.
Managing banks: Barclays, RBS

Issue: Unitymedia has increased its three-tranche deal by 100 million euros, IFR reported.
The dollar tranche is increased to $825 million from $750 million and the senior unsecured tranche is increased to 650 million euros from 600 million, IFR said.
Yield guidance: 8.5 percent area on the senior secured 8-year and 10 percent area on the senior unsecured 10-year.
Managing banks: Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan
Ratings (Senior secured): Moody's B1, S&P BB-
Ratings (Senior unsecured): Moody's B3, S&P B-
(London Corporate Finance: +44 207 542 8389)

($1=.5941 Pound)

Keywords: BOND ISSUES/

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LONDON, Nov 17 (Reuters) - News, details on corporate bond issues in the European markets on Tuesday:

Roadshow: The UK airports operator is on the road from Nov. 18 to update fixed income investors following its equity capital raising last week, an official at one of the banks managing the roadshow said.
Last week parent Ferrovial said BAA was planning a bond issue in the first quarter of 2010.
Managing banks: Citi, RBS, HSBC, BNP Paribas, Calyon

Mandate: plans a 12-year 300 million pound bond, according an official at one of the banks managing the sale.
Guidance: Gilts plus 300 basis points.
Managing banks: Barclays, HSBC

MARKS & SPENCER
Mandate: plans new issue following a buy back of two outstanding bonds following investor meetings this week. The tender for the outstanding bonds takes place on Nov. 24.
Managing banks: Citi, HSBC, Morgan Stanley, RBS

Mandate: plans a euro senior unsecured benchmark FRN, as reported by IFR Markets, a Thomson Reuters online news and market analysis service.
Price talk: 3-month Euribor plus 100 basis points area
Managing banks: BESI, JP Morgan, Morgan Stanley, UBS
Ratings: S&P A, Moody's A1, Fitch A+

Mandate: plans a January 2015 euro fixed senior benchmark bond, according to IFR Markets.
Guidance: Mid-swaps plus 85 basks points area.
Managing banks: Barclays, JP Morgan, NAB
Ratings: S&P AA, Moody's Aa1, Fitch AA

Issue: 500 million euro 10-year Lower Tier 2 bullet bond issue, IFR reported.
Guidance: mid-swaps plus 230/240 basis points.
Managing banks: BNP Paribas, Deutsche Bank, HSBC

TATE & LYLE
Issue: 10-year 200 million pound bond, as part of liability management exercise, IFR reported.
Guidance: Gilts plus 300 basis points.
Managing banks: Barclays, RBS

Issue: Unitymedia has increased its three-tranche deal by 100 million euros, IFR reported.
The dollar tranche is increased to $825 million from $750 million and the senior unsecured tranche is increased to 650 million euros from 600 million, IFR said.
Yield guidance: 8.5 percent area on the senior secured 8-year and 10 percent area on the senior unsecured 10-year.
Managing banks: Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan
Ratings (Senior secured): Moody's B1, S&P BB-
Ratings (Senior unsecured): Moody's B3, S&P B-
(London Corporate Finance: +44 207 542 8389)

($1=.5941 Pound)

Keywords: BOND ISSUES/

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LONDON, Nov 17 (Reuters) - British retailer Marks & Spencer said on Tuesday it plans to buy back up to 225 million pounds ($378.7 million) of bonds from investors and issue new debt, becoming the latest firm to take advantage of attractive market conditions.
The clothing, homewares and food retailer has invited holders of its outstanding 375 million pounds 6.375 percent notes due 2011, and holders of its outstanding 400 million pounds 5.875 percent notes due 2012 to participate in a tender offer on Nov. 24.
M&S said the buyback was subject to it raising new sterling-denominated bond financing on satisfactory terms.
"The purpose of the invitation and the company's contemplated raising of new financing is to take advantage of current favourable market conditions in the debt capital markets and to extend the company's debt maturity profile," said M&S.
A spokeswoman for M&S said the firm was seeking debt maturity beyond 2014.
Shares in the firm were down 0.4 percent at 370.6 pence at 0957 GMT, valuing the business at about 5.9 billion pounds.
Citigroup, HSBC, Morgan Stanley and The Royal Bank of Scotland are acting as dealer managers for the tender offer.
British American Tobacco, Swedish holding company Investor AB, and French dairy group Danone have all said they plan to buy back bonds.
Bankers say healthy firms will increasingly seek to buy back debt and issue new longer-term paper debt via bond exchanges.
(Reporting by James Davey, editing by Mark Potter) ($1=.5941 Pound) Keywords: MARKS & SPENCER/

(james.davey@thomsonreuters.com; +44 20 7542 7674; Reuters Messaging: james.davey.thomsonreuters.com@reuters.net)

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