The Mail on Sunday
Smirnoff’s owner Diageo (DGE.L) is suing Intercontinental Brands over its racily branded Vodkat drink. The drinks giant - a member of the Vodka and Gin Association - argues that ICB is in breach of European regulations by failing to meet industry standard specifications for vodka. Vodkat is 22 percent blended spirit; Diageo insists vodka should be 37 percent proof.
Lucite, the plastics giant created by the 1993 merger of the acrylics businesses of DuPont and ICI, has received one billion pound bids from Mitsubishi and separately from a Saudi consortium thought to include Sabic, the chemicals firm. Costs for plastics manufacturing have shot up in the past year due to the soaring price of oil and it is thought that Middle Eastern investors, or those with access to cheaper gas and oil, are best placed to improve the company’s financial results. Lucite made a 40 million pound loss after tax in 2007.