Nestle to buy Pfizer baby food unit for £7.3bn April 23, 2012 Swiss food group Nestle is to buy US drugmaker Pfizer’s infant nutrition business for $11.85bn (£7.35bn), beating out French rival Danone in the battle to gain preeminence in the lucrative baby food market. Nestle, the world’s biggest food company, was already seen as a favoured bidder due largely to its deep pockets, and is paying [...]
Hollande beats Sarko in French first round April 22, 2012 FRENCH Socialist François Hollande won the first round of a tight presidential election yesterday, beating incumbent Nicolas Sarkozy into second place. But his success was overshadowed by a huge surge in support for the National Front, the extreme nationalist party led by Marine Le Pen. Le Pen – daughter of the party’s previous leader – [...]
MPs go to war with Treasury over lack of scrutiny for all-powerful Bank April 22, 2012 THE TREASURY will today face its last chance to strike a deal with angry MPs who have demanded fundamental changes to its flagship financial services bill. In an unprecedented move, the Treasury Select Committee (TSC) has tabled an amendment that would force a vote on the government’s plans to give the Bank of England sweeping [...]
Friends defend director at heart of Barclays pay row April 22, 2012 FRIENDS of the senior Barclays director responsible for pay awards were last night suggesting that she is being unfairly singled out for the row that has engulfed the bank. The re-appointment of Alison Carnwath as head of the bank’s remuneration committee is likely to be rejected by up to 15 per cent of shareholders, with [...]
Clegg calls on MPs to reform House of Lords April 22, 2012 DEPUTY Prime Minister Nick Clegg has urged fellow MPs to push on with reforming the House of Lords, as set out in the coalition deal. The Liberal Democrat leader, who has called for parliamentary reform since his days as an MEP, set out his stall ahead of an all-party report on Lords reform due today. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 22, 2012 FINANCIAL TIMES Non US banks hope for reprieve on swaps US regulators are exploring ways to give large foreign banks and overseas subsidiaries of US lenders a reprieve from stringent new derivatives rules, potentially alleviating one of the biggest concerns facing global finance institutions. Chesapeake discloses chief’s $661m payments for wells Aubrey McClendon, the chief [...]
Bank hunt will start in autumn April 22, 2012 The search for the next Bank of England governor will not formally start until the autumn, George Osborne said yesterday. The chancellor has come under pressure from the Treasury Select Committee to set out how and when it will choose Sir Mervyn King’s replacement. “There will be a proper process for appointing the next governor,” [...]
New SFO director starts job April 22, 2012 David Green QC begins his new role as the director of the Serious Fraud Office today, following Richard Alderman’s retirement. Green, a barrister with 25 years’ experience in criminal law, was until last year director of the central fraud group of the Criminal Prosecution Service. While his move to the SFO had been expected since [...]
Chinese in £1bn talks to gobble up Weetabix April 22, 2012 THE OWNER of Weetabix, one of Britain’s biggest breakfast cereal producers, is in talks with a Chinese company about a possible sale of the business. Bright Foods, Shanghai’s government-owned food-maker, is in discussions with Weetabix-owner Lion Capital about a bid believed to be in the region of £1bn. Such a price-tag would be a 70 [...]
Vodafone is facing decision time over its attempt to bid for CWW April 22, 2012 VODAFONE is set to unveil its intentions regarding Cable & Wireless Worldwide this morning, just days after rival bidder Tata Communications walked away from the table. The telecoms giant has until noon to put up or shut up after having its deadline extended three times already. Vodafone first expressed an interest in mid-February. Since then, [...]