Business and City in Brief

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The Independent Online
ROYAL CLINCHES DEL MONTE DEAL

Royal Corporation of South Africa has clinched its purchase of UK-based Del Monte Foods International, but for R230m ( pounds 50.4m) less than the originally agreed price.

The consortium led by Royal is paying R2.17bn for the business and Anglo American Corporation has doubled its commitment from the R400m planned.

150m POUNDS ORDER

Land-Rover has won a pounds 150m order from the Ministry of Defence for 4x4 vehicles in competition with 20 rivals. It will supply 6,500 Land-Rover Defenders over a five-year period starting in 1994.

BA LINK-UP TALKS

John MacGregor, the Secretary of State for Transport, flew to Washington to try to persuade Andrew Card, his US counterpart, to give the go-ahead for a proposed link-up between British Airways and USAir.

SPLIT AT REED

Austin Reed, the clothing retailer, is splitting the jobs of chairman and chief executive in line with Cadbury committee recommendations. Colin Evans, retail director, becomes chief executive from 1 January. Barry Reed retains the chairmanship. Neil Fitton steps down as group managing director to chair the manufacturing division.

TVS FILM DEAL

TVS has struck a deal on terms to transfer UK film rights to Meridian Broadcasting, its successor as the ITV contractor for southern England, for pounds 6.3m cash.

30m POUNDS CITY SALE

Hammerson Group has sold an office property, Sceptre Court in the City, for almost pounds 30m.

80m POUNDS FOR SHORTS

Shorts has won contracts worth more than pounds 80m to supply parts to Boeing.

IMIGRAN ADVANCE

Glaxo, the drugs group, said the US Food and Drug Administration had issued a letter of conditional approval for Imigran, the migraine treatment. It was unable to say when the product would be launched.

BANK DISSOLVED

Commerzbank said it and three other European banks - Banca Di Roma, Credit Lyonnais and Banco Central Hispanoamericano - would dissolve their Europartners group after it failed to create close co-operation ties between all four.

TSB PROTEST

Bifu, the finance union, called for an emergency general meeting of TSB Group shareholders about the bank's plans to shed a further 1,000 jobs.

SIEMENS TALKS

(First Edition)

Siemens said it broke off negotiations on two joint ventures in energy and transport technology with Skoda in Czechoslovakia.

WORLD MARKETS

NEW YORK: In often busy trading shares moved narrowly and by the close the Dow Jones Average was down 9.72 points to 3,276.53.

TOKYO: The Nikkei Average fell 133.60 points to 17,260.08 in thin trade.

HONG KONG: The continuing Sino-British dispute over Hong Kong's future caused panic selling. The Hang Seng index fell 433.44 points to 4,978.21, the biggest single-day drop since June 1989.

SYDNEY: High levels of foreign debt depressed sentiment. The All Ordinaries index shed 4.7 to 1,433.8.

JOHANNESBURG: Strong overseas demand from investors tempted by generous yields boosted the gold index 42 to 905.

FRANKFURT: The DAX eased 1.46 to 1,532.50 in thin trading.

MILAN: The MIB index fell 13 points to 840.

PARIS: Share prices firmed on hopes of a German rates cut. The CAC-40 index gained 16.10 to 1,799.43.

LONDON: Report, page 27.

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