Press digest sunday british business november 2← Homepage
LONDON Nov 2 British newspapers reported the following business stories on Sunday. Reuters has not independently verified these media reports and does not vouch for their accuracy. The Sunday TelegraphTESCO EXPLORES SALE OF STAKE IN BANK Grocer Tesco is in the early stages of examining a potential float of Tesco bank, which could raise between 500 million and 1 billion pounds ($800 million-1.6 billion). TONIC WATER MAKER FEVER-TREE TO LIST IN LONDON Fever-Tree, a maker of upmarket tonic water, will unveil plans to list on London's junior AIM market this week, selling as much as half of its equity to raise up to 75 million pounds ($125 million) for private equity backers LDC.
U.S. HEDGE FUND TAKES SHORT POSITION IN MARKS & SPENCER Lone Pine Capital, a U.S. hedge fund, has built a 1.6 percent short position in Marks & Spencer in recent weeks, betting against the retailer as it prepares to unveil another fall in clothing sales in its half-year results this week.
UNITED BISCUITS ATTRACTS COMPETING BIDS United Biscuits, the maker of McVitie's owned by private equity firms Blackstone and PAI Partners, has received detailed bids from U.S. group Kellogg Co, Turkish biscuit company Ulker Biskuvi Sanayi and Britain's Burton's Biscuits.
TNT'S UK BOSS LEAVES AFTER POOR TRADING Alistair Cochrane, the head of TNT's UK division, left his position on Friday, according to a memo to staff. Owner Dutch logistics TNT Express had issued a warned on the group's profits last week. The Sunday Times FORMER TESCO CEO LEAHY SAYS WORSE COULD BE OVER FOR GROCER Terry Leahy, the former boss of retailer Tesco who now chairs discount chain B&M, said Britain's big supermarkets "may have seen the worst", as wage growth returns and the price of oil falls. Tesco could surprise the industry with the speed of its recovery under chief executive Dave Lewis, Leahy said on a conference call for investors (1 US dollar = 0.6252 British pound)