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UK M&A

Mortgage lender Northern Rock is believed to have been in contact with Asian banks such as Industrial and Commercial Bank of China and Bank of China as it stepped up its efforts to find a buyer, according to the Financial Times.

Savers at Northern Rock PLC are believed to have withdrawn a total of £10.5bn since it appealed for emergency funding from the Bank of England, according to the Daily Telegraph citing documents sent to potential buyers.

Pension problems amounting to more than US$2b mean that Ford is likely to have to pay any buyer to take to take the British luxury car brands Jaguar and Land Rover off its hands, reports the Financial Times.

Close Brothers yesterday received an all-cash indicative offer of more than 1.1 bln stg from Andy Stewart, the CEO of rival Cenkos, the Financial Times reported.

ITV’s share price reaches a record low after it emerges that the broadcaster wants British Sky Broadcasting to be stripped of its 17.9 pct share in the company, according to the Financial Times.

QXL Ricardo is set for a bid approach, with Ebay and Alibaba suggested as suitors, reports the Financial Times.

Carlsberg is under pressure to improve its offer for Scottish & Newcastle after Baltic Beverages Holding, the Russian company owned by the two brewers, unveils strong profits, reports the Telegraph.

Karrick, a Guernsey-registered trust controlled by the Mittal family, builds a 10 pct stake in Platmin, according to the LEX column in the Financial Times.