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Monday, 30 November 2009

The Times

CADBURY CHIEF PREFERS HERSHEY TO KRAFT

Todd Stitzer, Cadbury’s(CBRY.L) chief executive, has for the
first time spoken on record regarding speculation that the
confectioner could be subject to takeover bids from Hershey
(HSY.N) and Kraft (KFT.N). Mr Stitzer said: “There is quite a
lot of cultural similarity. I would prefer Cadbury to be in an
environment where its values and principles could continue.”
Kraft is said to be placing finishing touches to its formal
offer document.

RECKITT TO RAISE CASH

Reckitt Benckiser(RB.L), the household products maker, is
thought to be preparing a two billion pound bond issue, fuelling
speculation that it is planning a series of acquisitions. It has
been suggested its first target would be SSL International
(SSL.L), a deal that could be worth 1.8 million pounds.

SURGE IN TV SALES BOOSTS JOHN LEWIS

John Lewis, the department store, reported sales were 22
percent up on last year mainly due to consumer demand for
electronics. The retailer noted that a “record week” for
television sales outside the sales season helped generate 91.8
million pounds ($150.4 million) in turnover whilst the sale of
games consoles exceeded the biggest week in the run up to
Christmas by 50 percent.

The Daily Telegraph

RBS OFFERS TO CAP LENDING FEES FOR SMALL BUSINESSES

The Royal Bank of Scotland(RBS.L) will carry out its promise
to small businesses by being the first bank to freeze
arrangement fees. Fees on loans and overdrafts will be capped at
1.5 per cent for a year, at the very minimum. Other banks offer
the same rate of interest but review the rates every quarter.
The move comes amid claims that the state owned bank has been
“blackmailing” companies into signing them up as investment
banking advisers in return for cash loans.

FLYBE PLAYS DOWN FLOTATION, FUTURE IPO REMAINS ON RADAR

The British European regional airline Flybe has refused to
confirm that it instructed Merrill Lynch to prepare it for stock
market flotation next year. The airline, in which British
Airways(BAY.L) has a 15 percent share, states that it is waiting
for the right time to put out an Initial Public Offering (IPO).
A statement said: “Flybe may consider the possibility of a
public listing at some point in the future when the demand for
IPO’s returns and provided an IPO could be undertaken in the
best interests of the company, its shareholders and customers.”  Continued…