The Times

KRAFT READY TO GO HOSTILE WITH BID FOR CADBURY AS DEADLINE

LOOMS

Kraft is poised to commence a hostile takeover bid for British owned rival Cadbury on Monday, according to a person familiar with the deal. The American food conglomerate is understood to be finalising plans to go directly to shareholders with an offer of around 720p per share or more, which values the Cadbury at around 10.2 billion pounds. The Cadbury board which will meet on Monday is expected to rebuff Kraft's initial offer and is said to have the support of some key shareholders, who do not want the board to engage with Kraft without an offer in excess of 850 pence a share.

BROKERS UNITE OVER CLAIMS OF BANKS BULLYING THEIR CLIENTS

Three leading City stockbrokers have written to the City minister, Lord Myners, accusing Lloyds Banking Group and Royal Bank of Scotland of corporate bullying by forcing debtors of the banks to use their investment banking services. Tim Linacre, chief executive of Panmure Gordon, Oliver Hemsley, chief executive of Numis, and Alex Snow, chairman of Evolution, say that when a company raises capital through a rights issue, the banks will continue to lend to it only if it uses their brokerage and capital markets units for the deal. RBS declined to comment. Lloyds could not be contacted.

BRIGHTHOUSE SHINES

The hire-purchase furnishing group BrightHouse has reported a 23.7 percent increase in earnings to 14.6 million pounds, before interest, tax and depreciation. The retail chain, owned by the private equity group Vision Capital, said it was on course to open 20 new stores this year with a further 20 next year.

The Daily Telegraph

REFINANCING FOR JEWELLERY EMPIRE

Aurum, Britain's largest jeweller, is to convert 42 million pound of debt into equity after reaching an agreement with Icelandic bank Landsbanki. The move will cut the firm's borrowings by more than a third. Aurum also announced that it had arranged a new 7-year, 10-million-pound mezzanine loan to reduce short-term borrowings. The restructuring will see shareholder representatives join the board, while management now own 33 percent of the business.

ECLECTIC GETS A PROFIT BOOST AS CLUBBERS DEFY RECESSION

Eclectic Clubs, which owns the London-based Embargo nightclub as well as the Po Na Na and Fez chains, will on Monday announce a 20 percent rise in turnover to 13 million pounds, with like-for-like sales up 11 percent and earnings before interest, tax, depreciation and amortisation up almost 40 percent. Managing director Reuben Harley said students were behind the positive figures: "The important thing has been establishing ties with the Chelsea set in universities around the country."

BAE WARSHIPS SAIL ON TO THE WORLD STAGE

Defence contractor BAE Systems is pursuing orders for its Portsmouth and Bristol warship building sites from Oman and North Africa, as well as looking for opportunities in countries where other divisions of BAE have a substantial presence, such as Saudi Arabia and Australia. Alan Johnston, managing director of the surface ships business, said: "We have to put the ground work in now to develop these markets. The international business will be about ship support and ship building, using our designs and our system management skills."

The Independent

BRANSON HOPES FOR THIRD TIME LUCKY ON LOTTERY BID

Sir Richard Branson, the head of Virgin Group, will make an attempt to acquire a stake in lottery operator Camelot as the deadline looms for the sale of up to an 80 percent stake in the company. Bidders have been given a two-week timeframe to table their opening offers. The move comes as four of Camelot's five shareholders -- Thales Electronics, Fujitsu, Cadbury and De La Rue -- put their 20 percent stake in the lottery-licence holder up for sale.

TRINITY MIRROR SHUTS FINAL-SALARY PENSION

Trinity Mirror has become the latest company to close its final-salary pension scheme to existing members. The pension deficit has ballooned from 37 million pound to 275 million pound, despite 259 million pound of payments being made into the final-salary scheme during the past eight years. The deficit now accounts for 70 percent of the beleaguered group's debt.

LLOYDS PROMISES TO HELP 300,000 START-UPS

Lloyds Banking Group has promised to help 300,000 new SMEs start up by 2012, as it launches commitments to the sector to alleviate criticism of the bank's failures in supporting SMEs. A common criticism has been that where banks have been willing to lend, they have significantly raised the cost. The bank said it would "meet every reasonable request for competitive, commercially priced finance from viable business customers", and is to publish a list of pledges about the cost of lending, including a commitment to greater transparency.

The Guardian

BARCLAYS UNDER PRESSURE FROM NON-EXECS TO CURB BONUSES

Despite being expected to announce third-quarter profits of 1.5 billion pound on Monday, Barclays has been asked by some non-executive directors to show some restraint with regard to staff remuneration. A large part of these profits have been generated by the investment banking arm Barclays Capital, which has performed well due to a lack of competition and its aggressive headhunting of the best talent from other banks more seriously affected by the financial crisis.

BROMPTON SHRUGS OFF THE MANDELSON EFFECT

Sales have risen more than 25 percent at Brompton, the bicycle company which sells fold-up bikes for urban use. A wider variety of colours and models has managed to attract younger and female customers, meaning that the folding bike's association with eccentric middle-aged men is now diminishing; 35-40 percent of Brompton customers are now women, with the age of the average customer dropping below 40. Rising fares for public transport are also playing a part in boosting the company's sales.

SAINSBURY'S TO PULL THE PLUG ON FRIDGE POLLUTION

The supermarket Sainsbury's has announced that it is to reduce its carbon emissions through a change in the gases used to cool the refrigerators used in their stores. By means of using carbon dioxide to cool the fridges, rather than "F-gases", Sainsbury's hopes that a one-third reduction in emissions can be achieved by 2030. "Fridges are by far and away the biggest source of CO2 emissions in any supermarket, through both the energy required to power them and the refrigerants themselves", said Justin King, the retailer's chief executive.

Prepared for Reuters by Durrants. Keywords: BRITAIN PRESS/BUSINESS

The Times

KRAFT READY TO GO HOSTILE WITH BID FOR CADBURY AS DEADLINE

LOOMS

Kraft is poised to commence a hostile takeover bid for British owned rival Cadbury on Monday, according to a person familiar with the deal. The American food conglomerate is understood to be finalising plans to go directly to shareholders with an offer of around 720p per share or more, which values the Cadbury at around 10.2 billion pounds. The Cadbury board which will meet on Monday is expected to rebuff Kraft's initial offer and is said to have the support of some key shareholders, who do not want the board to engage with Kraft without an offer in excess of 850 pence a share.

BROKERS UNITE OVER CLAIMS OF BANKS BULLYING THEIR CLIENTS

Three leading City stockbrokers have written to the City minister, Lord Myners, accusing Lloyds Banking Group and Royal Bank of Scotland of corporate bullying by forcing debtors of the banks to use their investment banking services. Tim Linacre, chief executive of Panmure Gordon, Oliver Hemsley, chief executive of Numis, and Alex Snow, chairman of Evolution, say that when a company raises capital through a rights issue, the banks will continue to lend to it only if it uses their brokerage and capital markets units for the deal. RBS declined to comment. Lloyds could not be contacted.

BRIGHTHOUSE SHINES

The hire-purchase furnishing group BrightHouse has reported a 23.7 percent increase in earnings to 14.6 million pounds, before interest, tax and depreciation. The retail chain, owned by the private equity group Vision Capital, said it was on course to open 20 new stores this year with a further 20 next year.

The Daily Telegraph

REFINANCING FOR JEWELLERY EMPIRE

Aurum, Britain's largest jeweller, is to convert 42 million pound of debt into equity after reaching an agreement with Icelandic bank Landsbanki. The move will cut the firm's borrowings by more than a third. Aurum also announced that it had arranged a new 7-year, 10-million-pound mezzanine loan to reduce short-term borrowings. The restructuring will see shareholder representatives join the board, while management now own 33 percent of the business.

ECLECTIC GETS A PROFIT BOOST AS CLUBBERS DEFY RECESSION

Eclectic Clubs, which owns the London-based Embargo nightclub as well as the Po Na Na and Fez chains, will on Monday announce a 20 percent rise in turnover to 13 million pounds, with like-for-like sales up 11 percent and earnings before interest, tax, depreciation and amortisation up almost 40 percent. Managing director Reuben Harley said students were behind the positive figures: "The important thing has been establishing ties with the Chelsea set in universities around the country."

BAE WARSHIPS SAIL ON TO THE WORLD STAGE

Defence contractor BAE Systems is pursuing orders for its Portsmouth and Bristol warship building sites from Oman and North Africa, as well as looking for opportunities in countries where other divisions of BAE have a substantial presence, such as Saudi Arabia and Australia. Alan Johnston, managing director of the surface ships business, said: "We have to put the ground work in now to develop these markets. The international business will be about ship support and ship building, using our designs and our system management skills."

The Independent

BRANSON HOPES FOR THIRD TIME LUCKY ON LOTTERY BID

Sir Richard Branson, the head of Virgin Group, will make an attempt to acquire a stake in lottery operator Camelot as the deadline looms for the sale of up to an 80 percent stake in the company. Bidders have been given a two-week timeframe to table their opening offers. The move comes as four of Camelot's five shareholders -- Thales Electronics, Fujitsu, Cadbury and De La Rue -- put their 20 percent stake in the lottery-licence holder up for sale.

TRINITY MIRROR SHUTS FINAL-SALARY PENSION

Trinity Mirror has become the latest company to close its final-salary pension scheme to existing members. The pension deficit has ballooned from 37 million pound to 275 million pound, despite 259 million pound of payments being made into the final-salary scheme during the past eight years. The deficit now accounts for 70 percent of the beleaguered group's debt.

LLOYDS PROMISES TO HELP 300,000 START-UPS

Lloyds Banking Group has promised to help 300,000 new SMEs start up by 2012, as it launches commitments to the sector to alleviate criticism of the bank's failures in supporting SMEs. A common criticism has been that where banks have been willing to lend, they have significantly raised the cost. The bank said it would "meet every reasonable request for competitive, commercially priced finance from viable business customers", and is to publish a list of pledges about the cost of lending, including a commitment to greater transparency.

The Guardian

BARCLAYS UNDER PRESSURE FROM NON-EXECS TO CURB BONUSES

Despite being expected to announce third-quarter profits of 1.5 billion pound on Monday, Barclays has been asked by some non-executive directors to show some restraint with regard to staff remuneration. A large part of these profits have been generated by the investment banking arm Barclays Capital, which has performed well due to a lack of competition and its aggressive headhunting of the best talent from other banks more seriously affected by the financial crisis.

BROMPTON SHRUGS OFF THE MANDELSON EFFECT

Sales have risen more than 25 percent at Brompton, the bicycle company which sells fold-up bikes for urban use. A wider variety of colours and models has managed to attract younger and female customers, meaning that the folding bike's association with eccentric middle-aged men is now diminishing; 35-40 percent of Brompton customers are now women, with the age of the average customer dropping below 40. Rising fares for public transport are also playing a part in boosting the company's sales.

SAINSBURY'S TO PULL THE PLUG ON FRIDGE POLLUTION

The supermarket Sainsbury's has announced that it is to reduce its carbon emissions through a change in the gases used to cool the refrigerators used in their stores. By means of using carbon dioxide to cool the fridges, rather than "F-gases", Sainsbury's hopes that a one-third reduction in emissions can be achieved by 2030. "Fridges are by far and away the biggest source of CO2 emissions in any supermarket, through both the energy required to power them and the refrigerants themselves", said Justin King, the retailer's chief executive.

Prepared for Reuters by Durrants. Keywords: BRITAIN PRESS/BUSINESS

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