PRESS DIGEST-British Sunday Business Press-May 25

The Sunday Times

TATE TO UNLOAD PENSIONS

Tate & Lyle(TATE.L) is looking at a possible sale of its 870 million pound pension scheme. According to industry sources, the firm has been conducting an unofficial auction for several weeks. Rothesay Life is understood to be interested, as are Legal & General(LGEN.L) and Paternoster and Pension Corporation. The group said: "Like many companies we are looking at ways to de-risk our pension scheme. When we have a further announcement to make, we will do so through official channels."

THREE OFFERS FOR AILING VANCO

Vanco, the troubled telecoms carrier, is expected to be sold this weekend as it studies at least three takeover offers. It is thought that Cable & Wireless(CW.L) or BT(BT.L) are the most likely bidders for the company, a virtual-network operator that rented bandwidth from its rivals but has run out of cash. Andrew Coppel, the restructuring expert who arrived at the company three weeks ago, set a deadline of five P.M. last Friday for bids. Mr Coppel was drafted in after founder Allen Timpany resigned and its shares were suspended.

KWIK-FIT CAN'T FIX FLAT PROFITS