PRESS DIGEST - Financial Times - June 13

June 13 Wed Jun 12, 2013 8:36pm EDT

June 13 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

Stephen Hester to step down as RBS chief executive

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France Telecom chief under formal investigation

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Vodafone in talks to buy Kabel Deutschland in 7 bln euro deal

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Virgin Money expected to choose advisers for flotation plan

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WPP suffers shareholder revolt over executive pay

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Overview

Royal Bank of Scotland Chief Executive Stephen Hester is to step down at the end of the year, as the British Government looks to appoint a new CEO to lead the bank through its privatisation.

France Telecom Chief Executive Stephane Richard, is being formally investigated by a French court for his alleged involvement in organised fraud when he was a senior finance ministry official during Nicolas Sarkozy's presidency.

Vodafone is in early talks to buy Kabel Deutschland, Germany's largest cable company, in a deal that could be worth over 7 billion euros ($9.34 billion).

Virgin Money, the British banking arm of Richard Branson's Virgin Group, is expected to choose advisers for its initial public offering during the next six months, according to sources.

Over a quarter of shareholders in world's biggest advertising agency, WPP, either opposed or abstained in a vote over Chief Executive Martin Sorrell's hefty 17.6-million-pound ($27.6 million) pay package.

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