PRESS DIGEST - British business - May 10

The Times

WINCANTON'S 229 MILLION POUNDS TOPS OFFER FOR RIVAL TDG

Wincanton (WIN.L: Quote, Profile, Research, Stock Buzz) has made a 229 million pound bid for its rival logistics provider TDG (TDG.L: Quote, Profile, Research, Stock Buzz), and trumped a rival approach from Laxey Partners. The indicative cash offer was made at 281.25 pence a share, 15 pence more than Laxey's tentative proposal. On Friday, Laxey said its offer would remain at 275 pence a share, minus the dividend. The private equity firm also said it had completed due diligence satisfactorily and expected to make a formal offer "in the near future". Analysts placed Wincanton's success in doubt as Laxey built up a 22 percent stake in TDG. Sources, however, said that although Laxey's shareholding meant it had a strong position, the board would treat the bids equally.

BERKELEY FINDS SAUDI FINANCE TO SNAP UP CHEAP BUILDING LAND

Berkeley Group (BKG_u.L: Quote, Profile, Research, Stock Buzz) is set to start buying land from distressed sellers as part of a drive to build up a one billion pound venture with a Saudi Arabian billionaire. The house builder's acquisition drive comes just as other large builders rein in their spending on new land and construction on existing sites. The company revealed that this time last year it had wanted to form a joint venture with Saad Investments, and shareholders approved the move this year, giving the Berkeley's board authority to funnel around 150 million pounds of cash into the venture.

JOHN LEWIS REPORTS SALES UP

John Lewis Partnership [JLP.UL] announced sales in the week to May 3 at its 26 UK department stores rose by 1.8 percent year on year to 47.7 million pounds. In the employee-owned retailer's chain of 187 Waitrose supermarkets, sales were up three percent to 79.9 million pounds. Total partnership sales soared by 2.6 percent to reach 127.5 million pounds.

The Daily Telegraph

FETTUCCINE FAMINE WILL END, SAYS WAITROSE