Swiss Bank Corporation agreed to buy the merchant banking operations of S G Warburg Group for £860m. The money will be distributed to Warburg shareholders.
Rupert Murdoch's News Corporation joined forces with MCI of the US to create and distribute electronic information, education and entertainment services. MCI is paying £1.2bn for a 13.5 per cent stake in News Corp, and each will invest £250m in a joint venture. British Telecommunications owns 20 per cent of MCI and will participate outside the US.
ICI's £180m bid for Grow, the US paint maker, was topped by Sherwin- Williams, £20m higher.