Last word

Charterhouse Capital Partners, the private equity owner of Saga, has received several approaches for the provider of holidays and insurance for the over 50s, according to a report. Charterhouse took control of the business after a bitter battle in October 2004 for £1.35bn and is now apparently talking to several investment banks. This could lead to the flotation of the company or sale to another financial investor for £2bn. Bankers and industry executives believe the European holiday groups are ripe for consolidation.

• 3i has strengthened its commitment to the gas and power sector with the appointment of Ian Russell, the former CEO of Scottish Power , as an industrialist in residence. Russell who has worked in the sector for more than 12 years will cover the identification, analysis and execution of deals in the sector, with the intention then being for him to chair several of these opportunities where appropriate. Russell joined Scottish Power in 1994 as finance director and was promoted to CEO in 2001. He previously worked with HSBC in the UK and Hong Kong and holds a number of non executive director appointments. Graeme Sword, head of 3i’s oil, gas & power team, said: “I am delighted that Ian is joining 3i as industrialist in residence. He is a high profile and experienced gas and power professional with great knowledge of and connections in the industry. His broad experience and know-how, covering both traditional and renewable generation, will be invaluable in enhancing the dynamics of our team and enabling us to further realise our ambitions of becoming the leading private equity player in the European gas & power market.”