Canary quotes out of order
The Takeover Panel said yesterday that investors should disregard quotes in Sunday newspapers from a Morgan Stanley executive saying that the company is working towards a higher offer in the battle with Brascan for property company Canary Wharf. The panel said that such suggestions could lead to a false market in the shares.
Merlin wings in for MBO
Aquarium operator Merlin Entertainments announced yesterday that it had completed a £72.5m management buyout. The company, which owns the Dungeons and Sea Life brands, was bought from its shareholders Apax and JP Morgan with the backing of Hermes Private Equity. Merlin said the sale reflected renewed interest in the leisure and attractions sector and ensured the continuation of its "aggressive" programme of expansion.
Merlin, which is based in Poole, has 24 leading attractions across Europe.
Tunnel chief wins damages
Nicolas Miguet, the financial tipster leading a drive to topple the management of Eurotunnel, has been found guilty by a Paris court of slandering the company's chief executive, the Anglo-French channel tunnel operator disclosed yesterday. Eurotunnel said in a statement that Miguet had been ordered to pay damages to Richard Shirrefs for slander and insults and to pay court costs, but did not give a figure. Miguet is to appeal.
107 Lloyds TSB jobs go to India
Lloyds TSB said yesterday that it would hire 150 workers in India for its general insurance business as it tests the benefits of cheaper labour. The bank will move 107 UK jobs to India from Bournemouth and Newport, south Wales, and will also hire 43 Indian staff for work not already done in the UK. Lloyds TSB plans to have 1,500 workers in India by the end of 2004.
