PRESS DIGEST - Financial Times - Dec 3

MINERVA MOVES TO REPULSE KIRSH BID

Property developer Minerva MNR.L has tried to shake off a hostile bid by telling shareholders that its net asset value had rocketed to nearly double the offer price in recent months. This month, Nathan Kirsh, a South African investor, made an unsolicited 50 pence a share offer, through his KiFin vehicle, valuing the company at roughly 84.5 million pounds. However, the bid was later rejected, and on Wednesday Minerva said net asset value stood at 94.6 pence a share following a 10 per cent rise in the value of properties in five months. Its shares closed up seven pence to reach 62 pence.

AER LINGUS TO CUT JOBS AS UNION TALKS FAIL

Negotiations between Aer Lingus (AERL.I) and trade unions have broken down and the airline is set to extend its compulsory redundancy programme. The company could not get the backing of pilots and cabin crew for its 87 million pound cost-saving plan, despite the intervention of the Labour Relations Council, a government-run arbitration body. Aer Lingus saw its shares close up three per cent to reach 55 cents.

ACCUMA QUITS AIM AFTER CLAMPDOWN

Accuma ACG.L is set to become the latest consumer debt specialist to quit Aim. The group sold its individual voluntary arrangements (IVAs) business to Grant Thornton for 5.6 million pounds in May, and its remaining business now provides debt management plans. Founder Charles Howson, who is also its major shareholder, is leading the buyout, which will be concluded jointly with Zeus Capital. They are offering 15.5 pence a share, valuing the equity just above five million pounds. The offer price represents a premium of 88 per cent to the closing price on December 1.

SPECIALIST CENTRE TO BOOST NUCLEAR INDUSTRY

Business Secretary Lord Mandelson and Chancellor Alistair Darling will on Thursday announce the foundation of a new engineering centre in Sheffield. The centre will co-ordinate work on new materials and components for the British nuclear industry. The new development, which will cost 25 million pounds to set up, will bring together companies, such as aerospace group Rolls-Royce (RR.L) and French nuclear development company Areva, to help them develop the expertise needed to win orders in the nuclear sector over the next decade. Sheffield won the race to host the centre as a result of land availability and its previous experience in running an aerospace centre.

MANDELSON ATTACKS MURDOCH ON CONTENT

Business Secretary Lord Mandelson has launched a thinly veiled attack on News Corporation Europe and Asia chief executive James Murdoch, during his introduction to the digital economy bill in the House of Lords. Mandelson suggested that recent attacks made by Mr Murdoch on the BBC and Ofcom were designed to undermine a review of the pay-TV market, which is currently being undertaken by the UK's communications regulator. The move could result in British Sky Broadcasting (BSY.L) having to share its premium sport and film channels with rivals. Mandelson also challenged the Conservative Party to support Ofcom and in particular its pay-TV review.

AUDIT OFFICE WARNS TAXMAN OVER PFI DEAL

A 20-year private finance initiative deal, in which the management of HM Revenue and Customs (HMRC) was outsourced to the private sector, has proved to be poor value for money, according to the National Audit Office (NAO). The NAO also warned that HMRC could be in serious trouble if the downturn claims its private sector partner Mapeley, which has faced refinancing difficulties. Commenting on the NAO findings, Edward Leigh, chairman of the Commons public accounts committee, said: "What started poorly has shown no sign of improving." Mapeley won the initial bid for the contract with a very low offer, which it made in order to establish itself in the market.

Prepared for Reuters by Durrants