Reuters: Mergers News: PRESS DIGEST-Sunday British Business - June 10

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PRESS DIGEST-Sunday British Business - June 10 Jun 10th 2012, 10:51 LONDON, June 10 | Sun Jun 10, 2012 6:51am EDT LONDON, June 10 (Reuters) - British newspapers reported the following business stories on Sunday: Sunday Telegraph BRITAIN'S BANK REGULATOR TO BE BEEFED UP UK Chancellor George Osborne will drop the case for major reform of the UK's largest banks and say that much of the detail on how to implement the recommendations of the government-appointed Independent Commission on Banking (ICB) will be left in the hands of the Bank of England. OASIS SETS TARGET TO DOUBLE ITS PRACTICES Oasis, Britain's second biggest chain of dentists, has appointed DC Advisory to lead a 250 million pound ($385 million) sale as it attempts to double the number of practices it runs. DIAGEO LOOKS TO A LISTING IN ASIA Diageo, the world's biggest drinks company, says it has studied a potential listing on the Hong Kong stock exchange as it looks to cement its Asian expansion. HOUSE OF FRASER CLOSES FINAL SALARY PENSION House of Fraser, the UK retailer, has closed its final salary pension scheme in an attempt to strengthen its balance sheet. WADE UP FOR SALE Wade Allied Holdings, the maker of collectible items, has been put up for sale for more than 20 million pounds as chairman and largest shareholder Edward Duke plans to retire. UNIVERSITY FIRM BOSS TO SELL MINORITY STAKE Andrew Colin, the entrepreneur behind INTO Partnership, one of the major British companies involved in attracting overseas students to study at UK universities, has hired advisors to sell a stake in his 200 million pound company. TCHENGUIZ HEAD OF FINANCE RETIRES The Tchenguiz brothers' finance director, Michael Ingham, has stood down as the property developers attempt to clear their names following the Serious Fraud Office's (SFO) inquiry into their business affairs. Sunday Times VODAFONE FACES CRITICISM OVER TAX Vodafone faces a fresh attack over its tax affairs after an investigation by The Sunday Times revealed the mobile phone giant paid no corporation tax in Britain last year. Vodafone responded by saying: "For every 4 pounds we make in profit, we pay 1 pound in corporate taxes around the world. As in most countries, there are tax reliefs for capital investment and interest costs in the UK, which applied in this case." TOPSHOP BAGS BURBERRY EXECUTIVE Sir Philip Green has hired Burberry executive Justin Cooke to assist with his global expansion plans for Topshop. CABLE CLIMBDOWN ON PAY UK business secretary Vince Cable has backed down from his proposal to enforce annual shareholder referendums on executive pay packages. METRO BANK PLOTS FLOAT Metro Bank is aiming for a flotation within two years after the high street lender secured 125 million pounds in new funding. BLACKSTONE BIDS FOR TIGER TIGER Blackstone, one of America's biggest buyout firms, has emerged as a surprise bidder for Novus Group, the bar operator behind the Balls Brothers and Tiger Tiger chains. CIRCLE THROWN 20 MLN STG LIFELINE Circle, the first private health company to take over day-to-day running of a National Health Service (NHS) hospital, has secured 20 million pounds in funding from Invesco Perpetual for a 22 percent stake. HONG KONG SET TO BUY LME Hong Kong Exchanges and Clearing, which counts Hong Kong as its biggest shareholder, is expected to clinch a 1.3 billion pound takeover of the London Metal Exchange (LME). TRITON PARTNERS EYES FINDUS Private equity firm Triton Partners is attempting to take control of Findus, the troubled frozen food giant. Mail on Sunday BAE PREPARES FRESH BID FOR INDIA FIGHTER JET DEAL Britain's BAE Systems is preparing a fresh bid for the world's biggest fighter jet order despite India's rejection of its Eurofighter Typhoon in favour of France's Dassault Rafale. UNIVERSITY BACKING FOR NEW BANK A bank backed by a Cambridge University college is being launched this week, aiming to lend 100 million pounds over the next four years to small and medium-sized enterprises. Link this Share this Digg this Email Reprints

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