Bank of India chooses De La Rue's replacements
Sunday 04 September 2011
FTSE 250 papermaker De La Rue is expected formally to lose its biggest customer, the Reserve Bank of India, as the bank unveils a new raft of banknote producers.
Shares in the 190-year-old British group slumped last year after it revealed production issues with one of its sets of bank notes, which later turned out to be staff faking quality-control test results. Although De La Rue respected client confidentiality at the time, the group confirmed that this was in India later in the year.
It also emerged that De La Rue – the world's biggest banknote designer and producer, with more than 150 currencies – was to be excluded from the latest round of Indian contracts.
Sources suggested that Germany's Giesecke & Devrient, Fortress Paper of Canada, and France's Arjowiggins were favourites to split the contract.
Following the scandal, France's Oberthur Technologies tried to buy De La Rue. However, a revamped management team led by chief executive Tim Cobbold fought off the bid.
Oberthur has been widely rumoured to be considering a second tilt later this year, though it is understood also to have drawn up a shortlist of new targets.
De La Rue declined to comment.
Look beyond the usual shows for the best festive telly
Geoffrey Macnab does not like the comedian's big screen debut
The battle for control of Stieg Larsson's £30m legacy
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
David Cameron takes his biggest gamble yet as he gets tough on Europe over immigration
Two PAs cleared of fraud - and Nigella Lawson left reeling at 'ridiculous sideshow' of drug allegations and public dissection of her marriage to Charles Saatchi
Burglar steals video tapes of child abuse, hands them into police
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 Tim Sherwood challenges Daniel Levy to set out vision for Tottenham Hotspur’s future
- 2 French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
- 3 Sun will 'flip upside down' within weeks, says Nasa
- 4 #Teamnigella: It’s the only side to be on
- 5 Christmas comes early: Justin Bieber is 'retiring from music'
- < Previous
- Next >
iJobs Money & Business
£59999 - £80001 per annum + Benefits: Pro-Recruitment Group: A Top 10 firm in ...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Project Manage...
£60000 - £90000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£Negotiable: Citifocus: High calibre individual with institutional client serv...