LONDON, Oct 14 (Reuters) - British newspapers reported the following business stories on Sunday.
The Sunday Times
Virgin Money is poised to buy a network of 316 Royal Bank of Scotland branches after the collapse of their sale to Spain’s Santander.
French nuclear reactor developer Areva is planning a multi-billion pound acquisition of Britain’s state-backed nuclear fuel producer Urenco.
BAA Group’s sale of London’s Stansted airport has attracted buyers including Manchester Airports Group; Cheung Kong Infrastructure Holdings (CKI), the investment vehicle of Hong Kong billionaire Li Ka-shing, Australian bank Macquarie and investment fund RREEF.
DOUBTS RAISED OVER BAKRIES’ PROPOSAL TO SELL STAKE IN BUMI
The proposal by the Bakries to sell their stake in miner Bumi has been put in doubt after the miner said it would require 75 percent shareholder approval.
Insurer Prudential looks set to keep its headquarters in London after signals that the European Union legislation on capital requirements, Solvency II, could be delayed until 2016.
BP could be forced to hold its first extraordinary general meeting in more than a decade to gain approval for selling out of its joint venture TNK-BP.
The board of miner Bumi has appointed boutique investment bank Rothschild to draw up a fairness report on Indonesian family Bakrie’s 750 million pound ($1.2 billion) offer to split up the company. Bumi was co-founded by Nat Rothschild, part of that banking dynasty.
British cleaning-to-pest control firm Rentokil Initial has drawn up plans to either close or spin off City Link, its underperforming parcel delivery service.
Mail on Sunday
Royal Bank of Scotland is expected to ask the European Union to extend the 2013 deadline for it to sell 316 branches after its deal with Santander collapsed last week.
The Independent on Sunday
NEW WATCHDOG TO PREVENT FIRMS FROM MAKING EXCESSIVE PROFITS
Incoming financial services regulator, the Financial Conduct Authority, will punish insurers and banks that make “excessive” profits, a report due out this week will say.