What The Papers Said

a roundup of sunday business stories

MANCHESTER UNITED is likely to be taken private if the horseracing tycoon who is leading the race to control the Treble-winning quoted football club succeeds. John Magnier, the racehorse breeder and owner who owns the Coolmore Stud in Ireland, would not welcome the intense public scrutiny that being involved in a public company would involve.

n The pounds 40,000-plus windfalls being offered to policy holders with Scottish Widows pending its acquisition by Lloyds TSB has spurred a rush into investment products offered by other mutual insurers that may be demutualised, such as Standard Life and Equitable. It has also created the phenomenon of "insider carpetbagging", where employees of mutuals are allowed to buy products at a discount.

n DAIMLER-CHRYSLER, the German-American motor giant, is poised to buy a 50 per cent stake in the MacLaren Formula One racing team from Mansour Ojjeh, a Saudi billionaire, and Ron Dennis, head of the Grand Prix team. The price is thought to be around pounds 300m.

n Sun Life & Provincial Holdings is prepared to sell for more than pounds 600m the life insurance business it acquired as part of its pounds 3.3bn takeover of Guardian Royal Exchange in February.

n Kingston Communications, the Hull-based telephone operator, makes its stockmarket debut today with a higher than expected valuation of pounds 790m. Shares in the offer, which was more than 10-times oversubscribed, are expected to be priced at 225p and to rise to about 270p on the day.

n Danny Rosenkranz, the chief executive of BOC, will receive a pounds 7m payoff if his company falls to a pounds 7bn break-up bid from Air Liquide of France and Air Products and Chemicals of the US, expected as early as this week.

n GREG HUTCHINGS will announce today that he is splitting Tomkins, one for Britain's few remaining industrial conglomerates, in two. The guns- to-buns group plans to demerge its Rank Hovis McDougall food arm as a separate quoted company early next year.

n Directors of BOC, the world's second-largest industrial gases group, will tomorrow bow to a pounds 7.2bn break-up bid by France's Air Liquide and its American ally Air Products and Chemicals.

n Members of the British Racing Drivers Club (BRDC) will this week receive offers of up to pounds 60,000 each when Nicola Foulston, chief executive of Brands Hatch Leisure, tables a formal pounds 43m bid for Silverstone.

n MIRROR GROUP is expected to agree a deal valuing it at pounds 1.3bn with Trinity International Holdings as early as this week, to create Europe's biggest newspaper publisher by circulation and end months of uncertainty about its future.

n Ian Duncan, deputy chairman of Britain's last conglomerate, Tomkins, is expected to take charge of Rank Hovis McDougall when the food business is spun off in a planned pounds 1.8bn demerger early next year.

n The euro is likely to fall further against the dollar and could go below parity, said Joe Lewis, the Bahamas-based billionaire, who blames the unwillingness of European governments to push through structural reforms.

n CONTROVERSIAL dealmaker Philip Green is considering an audacious takeover bid for either Marks & Spencer or J Sainsbury. Mr Green believes he can launch such a bid following his recent sale of the entire Sears retail chain for a pounds 150m profit - only six months after he bought it for pounds 550m - with the help of the reclusive billionaire Barclay brothers.

n Punch taverns entrepreneur Hugh Osmond has called a surprise halt in the bitter bidding war with Whitbread for Allied Domecq's 3,500 pubs. The 36-year-old industry upstart ruled out any further bids before Allied's 70,000 shareholders vote on 23 July.

n Pearson, the media group, which owns Penguin books and the Financial Times, plans to sell its television business. The business produces some of Britain's most popular series such as "The Bill" and "Neighbours", and analysts value it at pounds 1.2 bn, excluding its 5 per cent stake in BSkyB but including its 24 per cent stake in Channel 5.

n THE LONG-AWAITED consolidation of the UK cable TV business will take a giant leap forward this week with the merger of Cable & Wireless Communications (C&WC) and NTL. C&WC had been widely expected to merge with the UK's third largest cable player Telewest.

n Whitbread has rejected pressure for a further increase in its pounds 2.85 bn offer for Allied Domecq's 3,500 pubs. The battle for control of the pub empire will end next week when Allied shareholders decide whether to back Whitbread or opt for a pounds 2.9bn offer from Punch Taverns.

n Power giant Eastern Energy has held talks with European utilities, including France's EdF and Germany's RWE, about deals to trade electricity and gas in a bid to capture up to 25 per cent of the European energy trading market within five years.

n SAFEWAY WILL ignite a supermarket price war today when it announces a total of pounds 30m reductions on 1,000 products in an attempt to boost flagging sales. It is likely to herald a new round of price cutting among supermarkets currently under investigation by the Competition Commission over allegations that they are overcharging shoppers by as much as 40 per cent.

n Children's TV broadcasters may ask Chris Smith, Minister of Culture, to scrutinise the proposed launch of the BBC's kids digital channel. Companies including Fox Kids UK, Carlton Kids and Nickleodean claim that the BBC is using licence fees unfairly.

n Steve Cain, Carlton's chief executive, is being lined up to take over at ONdigital, the terrestrial TV venture, should chief executive Stephen Grabiner resign. The City is awash with speculation that Mr Grabiner, who launched the TV service in November, has fallen out with ONdigital chairman Michael Green. Mr Green's TV and film company Carlton is a joint partner with Granada in the fledgling business.

n More than 15,000 employees of Midland Bank, now called HSBC, will share a pounds 153m payout later this month when the company's five-year save-as-you- earn share option scheme matures. Some will receive cheques of pounds 60,000 while the average payout will be pounds 10,000.

Start your day with The Independent, sign up for daily news emails
News
Nick Clegg on the campaign trail in Glasgow on Wednesday; he says education is his top priority
peopleNick Clegg remains optimistic despite dismal Lib Dem poll ratings
Arts and Entertainment
Déjà vu: David Tennant returns to familiar territory with Anna Gunn (‘Breaking Bad’)
tvReview: Something is missing in Gracepoint, and it's not just the familiar names
Arts and Entertainment
Buttoned up: Ryan Reynolds with Helen Mirren in ‘Woman in Gold’
filmFor every box-office smash in his Hollywood career, there's always been a misconceived let-down. Now he says it's time for a reboot
News
people
News
Actress Julianne Moore wins the Best Actress in a Leading Role Award for 'Still Alice' during the 87th Annual Academy Awards in Hollywood, California
people
Sport
Ross Barkley
footballPaul Scholes says it's time for the Everton playmaker to step up and seize the England No 10 shirt
News
'We will fix it': mice in the 1970s children’s programme Bagpuss
science
Life and Style
2 Karl Lagerfeld and Choupette
fashion
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

SThree: Graduate Recruitment Resourcer

£20000 per annum + commission: SThree: Sthree have an exciting opportunity for...

Recruitment Genius: Telesales Executive - OTE £32,000+

£18000 - £32000 per annum: Recruitment Genius: A Telesales Executive is requir...

Ashdown Group: Marketing Manager - B2B, Corporate - City, London

£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...

Neil Pavier: Commercial Analyst

£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...

Day In a Page

War with Isis: Iraq declares victory in the battle for Tikrit - but militants make make ominous advances in neighbouring Syria's capital

War with Isis

Iraq declares victory in the battle for Tikrit - but militants make make ominous advances in neighbouring Syria
Scientists develop mechanical spring-loaded leg brace to improve walking

A spring in your step?

Scientists develop mechanical leg brace to help take a load off
Peter Ackroyd on Alfred Hitchcock: How London shaped the director's art and obsessions

Peter Ackroyd on Alfred Hitchcock

Ackroyd has devoted his literary career to chronicling the capital and its characters. He tells John Walsh why he chose the master of suspense as his latest subject
Ryan Reynolds interview: The actor is branching out with Nazi art-theft drama Woman in Gold

Ryan Reynolds branches out in Woman in Gold

For every box-office smash in Ryan Reynolds' Hollywood career, there's always been a misconceived let-down. It's time for a rethink and a reboot, the actor tells James Mottram
Why Robin Williams safeguarded himself against a morbid trend in advertising

Stars safeguard against morbid advertising

As film-makers and advertisers make increasing posthumous use of celebrities' images, some stars are finding new ways of ensuring that they rest in peace
The UK horticulture industry is facing a skills crisis - but Great Dixter aims to change all that

UK horticulture industry facing skills crisis

Great Dixter manor house in East Sussex is encouraging people to work in the industry by offering three scholarships a year to students, as well as generous placements
Hack Circus aims to turn the rule-abiding approach of TED talks on its head

Hack Circus: Technology, art and learning

Hack Circus aims to turn the rule-abiding approach of TED talks on its head. Rhodri Marsden meets mistress of ceremonies Leila Johnston
Sevenoaks is split over much-delayed decision on controversial grammar school annexe

Sevenoaks split over grammar school annexe

If Weald of Kent Grammar School is given the go-ahead for an annexe in leafy Sevenoaks, it will be the first selective state school to open in 50 years
10 best compact cameras

A look through the lens: 10 best compact cameras

If your smartphone won’t quite cut it, it’s time to invest in a new portable gadget
Paul Scholes column: Ross Barkley played well against Italy but he must build on that. His time to step up and seize that England No 10 shirt is now

Paul Scholes column

Ross Barkley played well against Italy but he must build on that. His time to step up and seize that England No 10 shirt is now
Why Michael Carrick is still proving an enigma for England

Why Carrick is still proving an enigma for England

Manchester United's talented midfielder has played international football for almost 14 years yet, frustratingly, has won only 32 caps, says Sam Wallace
Tracey Neville: The netball coach who is just as busy as her brothers, Gary and Phil

Tracey Neville is just as busy as her brothers, Gary and Phil

The former player on how she is finding time to coach both Manchester Thunder in the Superleague and England in this year's World Cup
General Election 2015: The masterminds behind the scenes

The masterminds behind the election

How do you get your party leader to embrace a message and then stick to it? By employing these people
Machine Gun America: The amusement park where teenagers go to shoot a huge range of automatic weapons

Machine Gun America

The amusement park where teenagers go to shoot a huge range of automatic weapons
The ethics of pet food: Why are we are so selective in how we show animals our love?

The ethics of pet food

Why are we are so selective in how we show animals our love?