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The battle for control of VSEL resumed when the President of the Board of Trade cleared GEC and British Aerospace to renew their takeover bids. Last week's Monopolies and Mergers Commission report backed BAe, while a minority said GEC should be allowed to bid.

Also published last week were the long-awaited Government proposals on cross-media ownership in the UK. After further discussion with the industry, the proposals will become law next year. Meanwhile, GWR Group made a pounds 21m bid for Chiltern Radio.

Eastern Group, Midlands Electricity and Southern Electric put their Powerhouse retail chain up for sale,

British Telecommunications linked up with Bell Atlantic, a US regional telecoms group, to launch a joint bid for Belgacom, the Belgian state telephone group that is said to be worth pounds 5.7bn.

Monday Bank holiday.

Tuesday STATISTICS: main British banking groups' mortgage lending (April). INTERIMS: Black & Edgington, Eldridge Pope, Kelsey Industries, Ransomes. FINALS: Babcock International, BET, Plysu. AGMs: BS Group, Christies International.

Wednesday STATISTICS: economic trends (May). monthly digest of statistics (May). INTERIMS: Leeds Group, M&G Group, MEPC, Rodime. FINALS: Capital House International, Cullens Holdings, Dawson International, Investment Co, Shoprite Group. AGMs: British Gas, Cluff Resources, Kingfisher, Mirror Group, Portmeirion Potteries, Prudential Corporation.

Thursday INTERIMS: ABI Leisure Group, Slimma, Stakis, Warner Estate Holdings. FINALS: Boots Co, Hambro Insurance, London International Group, Northern Ireland Electricity, Powell Duffryn, Quadrant Group, Siebe, Wintrust. AGMs: Alexandra Workwear, Arnotts, Aspen Communications, Chelsfield, Gestetner Holdings.

Friday STATISTICS: UK official reserves (May); full monetary statistics including bank and building society balance sheets, bill turnover statistics, lending secured on dwellings, official operations in the money market, sterling certificates of deposit, sterling commercial paper, and personal lending (Apr). INTERIMS: United Drug. FINALS: Property Partnerships. AGMs: French Connection, Gowrings. EGMs: Northern Electric.