French bid on for UK’s N-facility

London: French energy giant EDF should get the green light to take over the UK’s nuclear energy producer within a fortnight, a newspaper said on Sunday. An announcement could be made as early as this week, The Observer weekly said, adding that the board of British Energy was expected to recommend the takeover once EDF tables its bid. EDF is in talks with banks to secure the £11.5 billion, wrote The Sunday Telegraph. The same figure was also mentioned by the French newspaper Le Figaro. The price has been estimated at between £9.2 and £10.2 million.

***

Russia against sale of TNK-BP

Moscow: The Russian government is against the sale of a 50 per cent stake in Russian-British oil venture TNK-BP to gas giant Gazprom, a senior government official told journalists on Sunday on condition of anonymity. Gazprom’s purchase of 50 per cent of the company would be

"the worst scenario of all," the senior official said. "We don’t need it," he said. TNK-BP is owned 50 per cent by the British oil giant BP and the rest of its stake lies with three Russian investors, represented by the Alfa Access Renova group.

***

Unisteel accepts KKR bid

Hong Kong: Singapore disc drive component maker Unisteel said it has agreed to be bought by Kohlberg Kravis Roberts & Co. for $575 million. Unisteel said KKR has offered to pay S$1.95, or S$785 million for the company, and that the two parties have agreed to a deal. The deal marks KKR’s second purchase of a Singapore disc drive maker in the last year. "We are delighted to receive KKR’s proposal to acquire the company," said Bernard Toh, Unisteel’s executive chairman. KKR beat out Bain Capital and Carlyle Group in a competitive auction dominated by US private equity firms.

***

Fiat will make cars in Russia

Saint Petersberg: Italian automaker Fiat signed a deal worth $305 million with Russia’s Severstal-Auto on Saturday to produce cars and engines in Russia, an official statement said. A JV will initially produce 50,000 Fiat Linea cars per year, said a statement from local autho-rities in Tatarstan in the Volga region, where the factory will be based. The deal, signed on the sidelines of an economic forum in Saint Petersburg, is the latest example of a rush of foreign automakers to Russia, which is set to become Europe’s biggest car market in the coming months.