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Wednesday newspaper round-up: Xstrata, Friends Provident, BP

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Date: Wednesday 26 Mar 2008

LONDON (ShareCast) - Vale’s $90 billion (£45 billion) takeover approach to Xstrata, its fellow miner, has collapsed. The Brazilian group was unable to reach a deal with Xstrata and its largest shareholder Glencore, the Swiss commodities trader, and, after months of talks, both sides have walked away, says the Times.

The FT adds that the news could prompt both groups to look for alternative deals.

India's Tata Group has finally clinched control of British car marques Jaguar and Land Rover (JLR) in a £1bn-plus deal that secures about 18,000 jobs, writes the Telegraph.

JC Flowers is working on a fresh approach to Friends Provident, as the embattled life assurer moves closer to calling on regulators to force the US private equity group to clarify its intentions, reports the FT.

Fresh doubts have surfaced about the security of BP's business in Russia after its subsidiary TNK-BP told nearly 150 workers not to go to work after Russian authorities warned that their visas were no longer valid, according to the Independent.

Vodafone is stepping up its plans to become the first international operator in Qatar after setting itself a target of launching operations in the country before the end of the year, according to the Independent.

The FT adds that Vodafone signalled Tuesday the UK mobile phone group expects to start receiving dividends again from Verizon Wireless next year.

Iceland has been forced into a surprise interest-rate hike in what its central bank called a "crucial" move to reverse the country's weakening currency and battle rising inflation, says the Independent.

Citigroup has called for radical measures to end Britain's financial crisis, rebuking the Bank of England for moving too slowly to meet liquidity needs and waiting too long to head off an economic downturn, writes the Telegraph.

Pentagon Capital Management, run by multi-millionaire Lewis Chester, has become the latest hedge fund to succumb to the turbulence in the financial markets. The Telegraph has learned that the controversial fund has this week written to its investors to tell them it is winding down the group's funds and returning their money.

The Ministry of Defence will announce the largest private finance initiative (PFI) so far tomorrow with a £13 billion deal to buy a new fleet of air-refuelling tankers, according to the Times.

The Government's effort to establish Britain as an "innovation nation" has been dealt a fresh blow after 3i, one of the country's biggest private sector backers of technology start-ups, decided to abandon the sector, says the Independent.

City police are preparing a big increase in mortgage fraud probes under a plan that highlights alarm about the impact of the problem on business and residential property markets, writes the FT.

Robert Tchenguiz and Apax, the private equity group, are believed to be at loggerheads over whether to sell Somerfield, the supermarket chain, which is up for auction but has attractedonly one bid, reports the Times.