DIRECTORS of department store group Debenhams, led by chairman Peter Jarvis, are expected to recommend a 1.54bn offer from venture capitalist Permira on Monday. The 425p-a-share bid is likely toprompt a rival offer from private equity firms CVC and Texas Capital Partners. Shareholders are looking for at least 450p a share, but want to examine a formal offer.
Director leaves
PETER Aspden quit as finance director of logistics group Christian Salvesen.
He stands to collect two years’ pay, 470,000, which is certain to anger shareholders. Julian Steadman covers his role until a replacement is found.
Taylor-made
JENNY Taylor becomes marketing chief at cheapflights.co.uk, the online guide to travel deals.
City of steel
CORUS shipped 4,000 tonnes of steel to New York’s Ground Zero the site of two of the September 11 attacks. It hopes to supply a further 3,000 tonnes to rebuild the World Trade Center.
Abbey’s Italian sale
ABBEY National is in talks with a number of parties, thought to include Unicredito, about selling its Italian mortgage unit as part of its plans to focus on retail banking.
Bank rapped
JAPAN’S Financial Services Agency ordered HSBC Securities Tokyo to suspend stock trading for clients from August 4-6 for violating rules.
19m placing
MELROSE Resources is raising almost 19m in a share placing at 1 to expand its oil and gas exploration operation in Egypt. The shares rose 61/2p to 110p.
O2 has the number
BRITISH Telecom’s former mobile arm O2 is to provide BT’s directory inquiry services.
