LONDON (ShareCast) - Severn Trent is reportedly set to receive a second takeover bid from Borealis Infrastructure, two years after the Canadian investment company approached the water giant as part of a consortium. It is understood the £5bn offer has been discussed by the two groups in early stage talks that opened in May, the Sunday Times said. Borealis, which is a major overseas investor in British infrastructure, is thought to be exploring deal options that would enable the company's chief executive, Liv Garfield, to remain in her position.
High street retailer Marks & Spencer has restated its online sales for the past four year, showing a £500m reduction compared to the figures originally published, the Mail on Sunday reported. Revealed in its annual report, the changes showed specifically that in the year to March 2014, the group had sold £649m-worth of products via its website, compared to the previously stated figure of £800m. The publication said it had learnt that the original figure had not included items bought online but returned in store. The changes do not affect total sales or profits, but do paint a markedly different picture of its online performance, the newspaper added.
The Greek government has called on German chancellor Angela Merkel to come to an "honourable compromise" that would enable it to remain in the Eurozone, the Telegraph reported. Finance minister Yanis Varoufakis, speaking to Frankfurter Allgemeine Sonntagszeitung, said Merkel has to decide whether to "follow the sirens within her own government that embolden her to throw overboard the only Greek government that has remained true to its principle. I very much fear this is the choice she has to make."
The Department for Transport (DfT) is reportedly in the process of drawing up a list of Network Rail's enhancement projects that could be postponed, downsized or cancelled. The government's intervention comes amid mounting concerns about project delays and inaccurate cost predictions. Sources believe plans to electrify tracks in the Midlands are the most likely target, the Sunday Times said. "Something's got to give. They can't do everything," the newspaper was told by one insider.
The Competition and Markets Authority is expected to deliver measures to tackle high energy prices in its latest sector report next week, said the Mail on Sunday. Industry sources told the newspaper the report will likely say that the difference between direct debit and the more expensive pre-payment meters needs to end.
The chief of Swedish bank Handelsbanken has warned in an interview with Sunday Telegraph that certain lenders have grown more reckless since the beginning of the year. Anders Bouvin, who worked for the bank for nearly three decades, told the newspaper that "some banks are becoming very focused on lending volumes", similar behaviour seen in the lead up to the crash. He said: "It changed in the past three to six months. It is patchy, but some banks are becoming very focused on lending volumes."
Steve Holliday, the long-standing chief executive of National Grid is planning to step down next year, according to reports. The 58-year-old has been in the position since the beginning of 2007. One of the senior City sources spoken to by the Sunday Times said that Holliday "feels he has had a very good run at National Grid and it's time to move on". The sources revealed the board would conduct a widespread search to find a replacement, but that "two or three" strong internal candidates have already been identified, including finance director Andrew Bonfield, the publication said.
A big surge has been seen in the number of IT and technology companies starting up in the UK, up nearly 10,000 last year. Data prepared for the Mail on Sunday by Creditsafe showed a 7% increase in tech firms to 146,279 in 2014. Creditsafe operations director Rachel Mainwaring said: "There's [...] a huge, established IT services industry dedicated to ensuring that corporate systems are implemented, supported and maintained so businesses operate efficiently and cost effectively.
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