What The Sunday Business Papers Said
Monday 30 August 1999
t The French banking watchdog has blocked the bid by Banque National de Paris to take over its rival Societe Generale. The decision marks the end of one of the most acrimonious takeover battles in French history.
t James Brown, former editor of Loaded and GQ magazines, is said to have secured backing to launch is own, publishing company. Called IFG, the new company is hoping to launch four new titles.
t NatWest is courting Friends Provident, Britain's fourth largest mutual life insurance company, with a view to a pounds 4.5bn takeover. The deal would deliver windfalls of thousands of pounds to about 2 million policyholders.
t Nissan UK, the British arm of the Japanese car maker, is seeking pounds 100m in government aid to help fund future production at its Sunderland factory.
t British Midland is being circled by four of Europe's leading airlines. Lufthansa, Virgin, Air France and KLM have all approached the company about a pounds 1bn deal. A deal would need the approval of controlling shareholder Sir Michael Bishop.
t The Banque National de Pari bid to takeover Societe Generale has been blocked by the French banking regulators. It has ordered BNP to give up its stake in SocGen.
t Carrefour, the French hypermarket group, is planning a pounds 30bn merger with rival Promodes. The deal would create a French giant to rival Wal- Mart, which has expanded in Germany and the UK.
t An environmental report on nuclear reprocessing could cast a cloud over the Government's pounds 1.5bn privatisation of British Nuclear Fuels.
t BSkyB is to invest pounds 20m in original programming production this year, according to its chief executive, Tony Ball.
t The leading American economist John Kenneth Galbraith, author of the The Great Crash 1929, has warned that US stock markets face a correction. He says markets have been driven higher by speculative enthusiasm "bordering on insanity".
t Scottish & Newcastle, Britain's biggest brewer, is considering a pounds 1bn bid for Greenalls' managed pub estate. Greenalls' pub brands include Miller's Kitchen, Squares and Henry's Table.
t Directors of Storehouse, the troubled Bhs and Mothercare retailer, are to discuss a break-up of the company at a board meeting next month.
t The chief executive of BSkyB, Tony Ball, is to seek talks with rival OnDigital this week in an attempt to heal the rift between the two on sports rights.
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