PRESS DIGEST - British business - June 3

The Times

PRIMARK PLANS TO TAKE ITS CHEAP CHIC CONTINENTAL

Primark conquered the British high street with its cheap chic, and it is now preparing an assault on Europe with plans to open its first stores in Germany, Portugal and the Netherlands next year. In comments that mark the first time that Associated British Foods (ABF.L) has detailed the next phase of Primark's strategy, John Bason, its finance director, said: "We now feel that we can develop on all fronts."

BAA SECURES FUNDING THAT WILL LET IT REVAMP AIRPORTS

BAA has secured a 7.65 billion pound financing package from its banks in a move that will enable it to redevelop large parts of Heathrow and Stansted. The move comes after a year of delays to the refinancing, which has threatened the operator's ability to pay for development work at Britain's biggest airports. Ferrovial (FER.MC) bought BAA two years ago, and the deal has saddled the company with ten billion pounds in debt.

RETAILING

WM Morrison (MRW.L) is set to slash up to 2,000 prices on grocery and health and beauty products. The move will take effect across its 375 stores. Britain's fourth largest supermarket chain also announced that it will introduce half price or better deals on 100 other items.

The Daily Telegraph

ABF TO MERGE RYVITA WITH JORDANS FOR HEALTHY GROWTH

Associated British Foods (ABF.L), the sugar to clothing conglomerate, will merge its Ryvita subsidiary with W Jordans & Sons in the latest boost for the health and food sector. ABF said: "Faster overseas expansion of the Jordans brand will be achieved using ABF's international grocery presence." The company will take a 62 per cent stake in the new venture after the cashless merger, and the Jordan family and associated shareholders will hold the balance.

BIFFA BUYOUT BANKS SELL ON THEIR ONE BILLION POUND OF DEBT

The banks that financed the 1.7 billion pound buyout of Biffa BIFF.L have managed to sell on all of the debt they provided for the deal, providing a potential boon for the infrastructure and private equity industries. The waste management group was taken private in April by a consortium comprising of private equity fund Montagu and Global Infrastructure Partners. It was one of the biggest buyouts completed in Britain this year.

FINCHAM VOICES HIS FAITH IN ITV PROGRAMME SUPREMOS

ITV's(ITV.L) new director of television, Peter Fincham, has given his senior programme commissioners a vote of confidence, despite the channel's difficult start to 2008. Mr Fincham said: "I think I've inherited a very good team. It's early days, but I hope and believe I'll be working with them for plenty of time to come." It was previously thought he was set to make big changes after Duncan Gray, the network's controller of entertainment, abruptly left after Mr Fincham's appointment was announced in March.

The Independent

MORTGAGE FRAUD OF 15 MILLION POUNDS PULLED B&B INTO THE RED