PRESS DIGEST - British business - May 10

The Times

WINCANTON'S 229 MILLION POUNDS TOPS OFFER FOR RIVAL TDG

Wincanton (WIN.L) has made a 229 million pound bid for its rival logistics provider TDG TDG.L, 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 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

Waitrose has promised its shelves will be fully stocked with its own brand dried pasta within two weeks after it ran out at the start of April. The fettuccine famine came about following a row between the group and its supplier in Italy over "quality issues". Sources believe the supplier had been demanding higher prices because of the rocketing cost of wheat. Pasta prices have soared worldwide, and the average price for 500 grams of fusilli, for example, has almost doubled from last year.

HUNTER GOES TO COURT IN DOBBIES BATTLE

Sir Tom Hunter, who controls West Coast Capital, is attempting to scupper a 150 million pound rights issue at Dobbies Garden Centres DGC.L. Tesco (TSCO.L) owns a 65 percent stake in Dobbies following a failed takeover bid, which was effectively blocked by Hunter who refused to sell his 29 percent stake to the supermarket chain. Dobbies announced the 150 million pound rights issue last month, and the majority of the new capital will come from Tesco. Hunter, however, will have to stump up around 44 million pounds to subscribe to the rights issue if he wants to maintain his holding.

COLD WEATHER TAKES FIZZ OUT OF MAGNERS

C&C Group (GCC.I), the Magners cider maker, has blamed the "Siberian" Easter weather and sliding confidence for a continued fall in sales. The Irish company suffered a 42 percent decline in pre-tax profits in the year to the end of February. The chief executive, Maurice Pratt, requested shareholders to be patient, as the "market was tougher than anyone in the industry had forecast.". The group expects a return to revenue growth from June.

The Independent

BANKS TURN TO PRIVATE EQUITY IN BID TO SELL BOOTS DEBT