PRESS DIGEST - Financial Times =3

LONMIN OFFLOADS PENSION LIABILITIES

In the first deal of its kind for a FTSE100 company, Lonmin (LMI.L) has offloaded its pension liabilities to insurer Paternoster. Although Paternoster declined to reveal financial details, a recent Pension Capital Strategies survey indicated that Lonmin was carrying a substantial surplus under current financial regulations. Merrill Lynch will release a report later this week forecasting a sharp rise in the number of schemes likely to be transferred to insurers as employers seek out the safest covenants. Paternoster chief executive Mark Wood said the pension buyout mechanism has now moved from the province of insolvent or troubled employers to one of company risk reduction, in a field where incoming governance from the Pensions Regulator will soon see an estimated seven to eight percentage points added to FTSE350 liabilities.

TNS REJECTS HIGHER WPP OFFER

TNS TNS.L has rejected an improved conditional offer of 241.5 pence in cash and shares from WPP (WPP.L), stating that 'it substantially undervalues the company even on a standalone basis.' The latest pitch, valuing TNS at 996 million pounds, remained short on TNS's closing share price of 246 pence and is unlikely to deter shareholders from the market research group's plan for a 'merger of equals' with GfK.

OFCOM RAINS ON SKY'S PICNIC

Ofcom has decided that the introduction of Sky's (BSY.L) subscription channels to the Freeview platform under the brandname Picnic will be deferred while the broadcast regulator carries out a wider study of the pay-TV market. Analysts believe that on current indications from Ofcom that study will not lead to a ruling before spring 2009. Chief operating officer of BSkyB, Mike Darcey, said that no conclusion was in sight a year after Sky's initial application, stating that 'Hypothetical future concerns are not good enough reasons to stifle consumer choice in the short term.'

GREGGS' SALES DISAPPOINT

Greggs (GRG.L) has reported 4.7 percent growth in like-for-like revenue over the 19 weeks to last Saturday, blaming the decline in performance on the weather and an early Easter, rather than price rises in the sector. Outgoing managing director, Sir Michael Darrington, said the company was not as concerned about costs as it was two months ago and, with reference to material costs, said there were 'a few little silver linings out there. We haven't got any further price increase plans at this stage [but] I'll be surprised if we don't introduce some within maybe three months.'

Prepared for Reuters by Durrants