PRESS DIGEST - Financial Times - March 10 =7

Punch Taverns (PUB.L) has held informal discussions with a number of potential partners for a joint bid for rival Mitchells & Butlers (MAB.L), insiders at the company said. Although no firm arrangements have yet emerged, the pub operator is in talks with interested parties including private equity groups CVC, Blackstone and KKR. "Everybody is talking to everybody, but there are no deals in the offing," said one source close to the situation. Punch launched its own solo offer for M&B on February 4, proposing 50-50 merger with its rival, including a 175 million pounds payment to M&B shareholders.

N UNION DEFENDS UPFRONT COMMISSION

A line has been drawn in the escalating battle in the group personal pensions market, with Norwich Union, the UK's biggest insurer, defending the practice of paying upfront commissions to intermediaries. Other insurers are moving away from the payment of such commissions - which means it takes many years for a policy to make a profit - with Friends Provident (FP.L), Royal London and Clerical Medical all pulling back from paying intermediaries up front on new policies. Norwich Union, however, said it is "committed to the payment of initial commission for group personal pension schemes where it suits an adviser's business model and meets our profit targets".

Prepared for Reuters by Durrants