March 29, 2017 / 12:13 AM / 8 months ago

PRESS DIGEST- Financial Times - March 29

March 29 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.


* Proposal to privatise Channel 4 dropped

* HS2 under pressure to remove 170 mln pound contract from CH2M

* Akzo Nobel investors back call for talks with PPG

* May ready to compromise as Brexit letter heads for Brussels


- UK government dropped plans to privatise Channel 4 but is increasing pressure to move its operations in part or full from London. In the coming weeks, a government consultation will be published which will examine whether Channel 4 should relocate some or all of its staff.

- Britain’s second high-speed rail link, HS2, is being pressured by engineering firm Mace to remove contractor CH2M, which won a 170 million pound contract last month to design the second phase of the 56 billion pound HS2. Mace, threatening legal action, said that HS2’s new chief executive, Mark Thurston, was a former CH2M employee — as was his predecessor, Roy Hill, who filled the role on a temporary basis.

- In a survey by activist hedge fund Elliott Advisors, 25 percent of Akzo Nobel’s shareholders want Akzo to engage with U.S. rival PPG in its 22.4 billion euro pursuit of the company. Akzo’s board dismissed two offers in three weeks, citing factors such as potential job cuts, antitrust concerns and a poor cultural fit between the two businesses.

- British Prime Minister Theresa May signed the historic letter signalling Britain’s exit from the EU on Tuesday evening. The official Article 50 exit process will begin on Wednesday when British ambassador to the EU, Tim Barrow, would present the letter of withdrawal to European Council President Donald Tusk.

Compiled by Sangameswaran S in Bengaluru

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