WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
BBC ARM WINS COURT RULING ON 2ENTERTAIN
BBC Worldwide, the BBC’s commercial arm, has won a court case against the administrators of Woolworths over the value of their 2Entertain joint venture. The decision at the High Court in London is likely to face an appeal by Deloitte, the administrators, who are fighting to maximise the value of Woolworths’ stake on behalf of its creditors.
TOP EXECS POISED TO LEAVE CONTI
Rolf Koerfer, the embattled chairman of the German tyre and car parts maker Continental, is set to offer to leave his post tomorrow as part of a compromise that will also lead to the removal of Karl-Thomas Neumann, Conti’s chief executive. This is the latest upheaval at Conti arising from its troubled relationship with privately -held car parts maker Schaeffler.
LINDO SHIPBUILDING HALT
The shipyard that built the world’s biggest container ships is to cease production after Denmark’s AP Moller-Maersk decided the loss-making Odense Steel Shipyard was no longer viable. The Odense Steel Shipyard, at Lindo on the Danish island of Funen, would stop making new ships once it has completed the 15 orders it currently held, Maersk said yesterday in a stock exchange announcement..
DIC AND OAKTREE ABANDON ALMATIS DEBT PLAN
Dubai International Capital, the private equity fund, and Oaktree Capital have abandoned plans to team up to restructure Almatis, the indebted aluminium company. The move shows the difficulties that distressed debt investors face in capitalising on opportunities to take over companies through their debt and to work with incumbent private equity shareholders to turn round their financially distressed portfolio companies.
THE TIMES
MPS CALL FOR MORE GM CROP IMPORTS
Ministers are pressing the European Commission to speed up approval of GM crop varieties or risk a collapse in the market for home-produced chicken, eggs, pork and milk. Farmers have warned that unless they can feed their pigs and poultry on GM soya and maize varieties being grown in North and South America they may be forced to leave the industry.
PUBLICIS COMPLETES $530M RAZORFISH TAKEOVER
Publicis, the French advertising giant, stands to generate about a quarter of its revenues from digital platforms after winning the battle for Razorfish, the second-largest digital advertising agency in the US. The $530m (£320m) takeover will intensify the battle for online business against WPP and Omnicom.
The Daily Telegraph
HEIDELBERGCEMENT EYES CONCRETE OFFERS FOR HANSON BUSINESSES
Parts of Hanson, the UK construction supplier, could be in different ownership by the end of the year as HeidelbergCement, the German cement maker, considers offloading non-core businesses. Hanson was bought by HeidelbergCement for £8bn in 2007 but the economic downturn has led the debt-laden German group into looking to shed assets. Hanson was listed on the FTSE 100 before the deal.
RBS POISED TO SELL PAKISTAN ARM TO MCB IN $90M DEAL
Royal Bank of Scotland is close to selling its Pakistan arm to MCB, the country’s biggest bank, for an estimated $90m (£54m) as it attempts to close down its overseas operations and raise capital. The move has been approved by MCB’s board.
WALL STREET JOURNAL
GM SAYS SAAB SALE CLOSE
General Motors is on track with plans to complete the sale of its Swedish unit, Saab, by the end of September, representatives for Saab and the buyer, consortium Koenigsegg Group, said. “Everything’s proceeding; we’re still looking to be done by the end of the third quarter,” a Saab spokeswoman said. Speculation has been increasing in Sweden that the deal may be in jeopardy since last week.
CNPC AND CNOC OFFER BIG MONEY FOR REPSOL UNIT
China National Petroleum Corp and Cnooc have proposed paying at least US$17bn (£10.3bn) for all of Repsol’s stake in YPF, its Argentine unit, two people close to the talks said. The potential deal, which could be the biggest overseas investment by China, highlights the country’s growing thirst for energy resources .