The Business
- Corporate raider Hugh Osmond will this week launch a hostile £5.5bn bid for Six Continents, marking the start of the biggest British takeover battle since the struggle for NatWest bank in 1999. The bid will be made through Capital Management and Investment (CMI).
BRITISH American Tobacco is to delay a decision on whether to make more acquisitions from its £9bn war chest or return cash to shareholders.
The Sunday Times
- Hugh Osmond will this week pledge to return £1.5bn to shareholders as part of his £5.7bn takeover bid of Six Continents. However it has emerged that share-options currently in place at CMI could yield directors a paper profit of £240m if the bid is successful.
Advisors last week described the package as a mistake and it is thought new pay plans will be drawn up, ahead of a hostile takeover bid.
The Independent on Sunday
- Six Continents' chairman Sir Ian Prosser will almost certainly reject Hugh Osmond's bid this week having spent most of last week rubbishing an approach.
6C shareholders received a letter from Sir Ian at the weekend, rubbishing Mr Osmond's plans. It states: "CMI has no experience in the hotel sector or in the management of global brands. The board believes that such an approach is fundamentally flawed and will not maximise value for you."
After years of providing British drinkers with 3.4 per cent-proof, Heineken has decided to unleash "premium" strength lager on Britain's boozers. The move reflects a change in Britain's drinking tastes: consumers have developed a more sophisticated palate and a stomach for stronger beer.
The Dutch brewer has been criticised by anti-alcohol campaigners who fear an upsurge in drunken behaviour by Heineken fans unaware of the increased strength.
A £24m promotional campaign has been planned to accompany the launch - with "chic" celebrities including Zoe Ball, Craig David and Jodie Kidd emphasising the brand's desire to be considered cool again.
Lads out drinking operate in packs of four and mimic the behaviour of a herd of red deer, according to a study into pub and club culture. Psychologists have confirmed what many have suspected - boys act like animals when out on the town.
Everest is to get a cyber cafe - Tsering Gyaltsen, whose grandfather helped Edmund Hillary and Tenzing Norgay scale Everest in 1953, plans to build the world's most elevated internet café at the mountain's 5,300m camp.
Sponsor fascism is here, according to the Independent: A South African and his family were thrown out of a World Cup cricket match for drinking Coca-Cola, arch-rival of official sponsor Pepsi.
The Observer
- In a weekend dominated by the Six Continents bid talk, the Observer says US venture capital firms KKR and Blackstone are set to enter the fray with a joint £8bn bid for the hotels and pubs giant. Other potential bidders include Marriot, Hilton and Starwood.
The Sunday Telegraph
- Hilton Group is drawing up plans to launch a "white knight" bid for Six Continents.
SHAREWATCH: Enterprise Inns stands a good chance of achieving its goal of becoming the "leading specialist operator of leased and tenanted pubs in the UK". Analysts are expecting a further rise in profits to £167m. Buy at 546.5p.
The Sunday Express
- The battle for Six Continents has turned bitter, with Hugh Osmond, the entrepreneur stalking the group accusing directors of corporate excess, frequently using a hotel with its own shooting and fishing facilities.
Analysts allege Grinkle Park is one of Six Continents' worst performing hotels and could have been sold long ago were it not favoured by directors.
The Mail on Sunday
- Six Continents is ready to abandon its plans to split hotels from pubs after the threat of a hostile bid from Hugh Osmond says the Mail. Officially, the company says nothing will be allowed to derail demerger proposals, but privately advisors admit the company intends to postpone an extraordinary meeting scheduled for March 12.