Business and City in Brief

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The Independent Online
France in Fr11bn nuclear deal GEC-Alsthom and Electricite de France have signed an Fr11bn (£1.37bn) deal to supply two nuclear reactors to China. The 900 mega-watt reactors are for the Ling'ao plant, an expansion of the Daya Bay nuclear plant which neighbours Hong Kong.

Jose Rossi, the French Industry Minister, said the deal, guaranteed the future of the French nuclear industry and would provide five years work. The deal is worth more than the total value of French exports to China during 1994. China has been rapidly expanding its nuclear power operations.

Reliant talks KPMG, receivers to the Reliant car group which collapsed into receivership in November, has held talks with a possible bidder. A Midlands engineering group is thought to be interested in acquiring the company.

Foam float Zotefoams, a foam manufacturer that was bought by its management from BP in 1992, is to seek a stock market listing. Directors of the company stand to make around £9m from the float which should value the group at around £15m. Zotefoams' products are used in applications ranging from army helmets to neck braces.

Celtic jobs Celtic Energy, the South Wales management buy-out, is to create 330 jobs this year on the strength of health orders for its coal. The jobs will be at Celtic's new opencast sites in Wales which are due to begin production this year. Celtic is also looking for 35 new management staff. Celtic also plans to expand its activities to include selling technology, engineering and design for the overseas markets.

Chinese venture Albright & Wilson, the recently floated chemicals company, has signed a joint venture to manufacture toiletries and detergents in China.

The deal is a 50-50 venture with Hunan Resun Industrial Corporation will specialise in the manufacture of detergents, shampoos and toothpastes.

Bid advice Northern Electric has written to its ordinary shareholders advising them to reject the bid from Trafalgar House.

The Northern Council has also voiced concern over the bid saying control of the local electricity generating company should remain in the area.

New fund launch The fund management group Jupiter Tyndall is to launch a new fund called The Investment Trust of Investment Trusts. The company will invest solely in other investment trusts.

£75m raised The venture capital group Foreign & Colonial Ventures has raised £75m for fund aimed at investing in management buy-outs and development capital projects in the UK.