A roundup of today's other business news in brief
BSkyB holds out for higher bid
Rupert Murdoch’s News Corp is proposing to pay $12 billion (€9.72 billion) to take full control of British satellite broadcaster BSkyB to generate steadier earnings and use its cash pile better.
But BSkyB, founded more than 20 years ago by Mr Murdoch and chaired by his son James, demanded a higher offer yesterday for the 61 per cent News Corp does not already own.
News Corp offered 700 pence per share for BSkyB, which dominates Britain’s pay-TV market, thanks mainly to sport. BSkyB rejected the bid as too low, saying it would be prepared to support an offer above 800 pence per share. – (Reuters)
Caterpillar-linked firm in difficulty
An administrator has been appointed to the Northern Ireland operations of the Caterpillar construction equipment distributor, McCormick MacNaughton (NI) Limited, writes Francess McDonnell.
The appointment of Garth Calow, business recovery services partner in PricewaterhouseCoopers, follows the appointment last week of a receiver to McCormick MacNaughton Limited, a company based in the Republic.
McCormick MacNaughton (NI) Limited is based at Blaris Industrial Estate in Lisburn and employs 56 people.The group is the sole Irish distributor for Caterpillar.
€1.8m judgment against O’Regan
A judgment of more than €1.8 million has been registered against the hotelier and publican Hugh O'Regan, according to the latest edition of Stubbs Gazette. The plaintiff in the case was Ulster Bank.
A judgment of €10,735 was registered against Moranna Ltd, which trades as Business and Finance magazine. The plaintiff was Dublin-based distribution and mail service company Sooner Than Later.
Bronzone Ltd, of which troubled developer Liam Carroll is a director, had two judgments of €5,551 and €1,888 made against it, the gazette, published by Business Pro, also shows.
AIB's bank stake 'too expensive'
French bank Société Générale has said the price of Allied Irish Banks' stake in Poland's Bank Zachodni WBK seemed "too expensive" relative to the bank's growth potential.
The French bank has been named among a number of suitors of AIB's Polish unit, which is being sold to help raise up to €7.4 billion that the Irish bank must raise to meet capital rules.
Tesco says it will meet forecasts
Tesco Plc said yesterday that a lack of UK revenue growth in the first quarter will not stop it meeting full-year forecasts.
Sales at UK stores open at least a year will still gain 3 per cent, excluding gasoline and VAT, after rising 0.1 per cent in the 13 weeks ended May 30th, Tesco’s finance director Laurie McIlwee told reporters.
– (Bloomberg)
