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Sunday's newspaper round-up: Taylor Wimpey, WPP, Bradford & Bingley

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Date: Sunday 29 Jun 2008

LONDON (ShareCast) - Taylor Wimpey, Britain's second biggest housebuilder, is close to announcing a cash injection of up to £500m from its top institutional shareholders in a bid to repair its shattered balance sheet, adds the Telegraph on Sunday.

Taylor Wimpey likely to see hundreds of millions of pounds wiped off value of its land banks when it gives a trading update this week, reports the Observer.

WPP, the advertising giant led by Sir Martin Sorrell, is this weekend mulling a possible £1bn-plus bid for Taylor Nelson Sofres, the market research group headed by David Lowden. 'He could move in days,' said one well-placed City source, writes the Observer.

Entrepreneur Clive Cowdery is thought to be ready to turn his attention to lenders Alliance & Leicester and Paragon after being forced to abandon his plan to inject £400m into Bradford & Bingley, reports the Independent on Sunday.

The four rebel shareholders that backed a failed attempt to take control of Bradford & Bingley (B&B) have pledged to salvage the troubled bank’s fundraising deal, says the Sunday Times. Standard Life, Legal & General, M&G and Insight were the key backers of Clive Cowdery’s efforts to put together a rival fundraising for the bank.

Beleaguered HBOS shareholders are being urged to recoup losses by selling their entitlement to subscribe for new shares in its £4bn rights issue, writes the Observer.

Barclays chief executive John Varley has shot down speculation that the £4.5bn the bank is raising may not be enough for it to ride out the credit crunch, writes the Sunday Telegraph.

Mining giant Anglo American and Impala Platinum are in talks with Robert Mugabe's regime about handing over large stakes in their Zimbabwean subsidiaries to 'indigenous investors, writes the Observer.

Cable & Wireless is trying to hammer out an eleventh hour deal with rival telecommunications group Thus this weekend, ahead of its self-imposed deadline tomorrow, when it has said it will either walk away or firm up an earlier offer of 165p a share, which values the target at around £300m, says the Observer.

Willie Walsh, the chief executive of British Airways, has abandoned his call for BAA's grip on Britain's airports to be broken, demanding tougher regulation instead, writes the Independent on Sunday.

Easyjet will tomorrow break ranks with the rest of Britain's airlines and come out in support of the Government's replacement for Air Passenger Duty (APD), says the Sunday Telegraph.

BAE Systems and VT Group will this week formally seal a joint venture to build two Royal Navy aircraft carriers that has been nearly two years in the making, according to the Sunday Times.

The steelmaker Corus has stepped up its campaign against BHP Billiton’s attempt to take over mining rival Rio Tinto by complaining to the European Union about the deal, reports the Sunday Times.

The supermarket giant Tesco will tomorrow lodge an appeal against the findings of the Competition Commission after the latter’s two-year probe into the grocery sector, says the Sunday Times

Food company Uniq has been left red-faced after one of its subsidiaries "forgot" to cancel a standing order - costing the company £282,500, reports the Sunday Telegraph.

Shareholders in Moss Bros, the troubled menswear chain, have called on the retailer to move to Aim in an attempt to cut costs, says the Sunday Telegraph.

The mail-order retailer N Brown is to make its first foray into international trade by launching a German edition of its Simply Be catalogue next spring, says the Sunday Times.

The former owner of van maker LDV is this weekend finalising a rescue takeover of SCS Upholstery in a deal that is expected to wipe out most of the value of investors’ shares, reports the Sunday Telegraph.

Provident Financial, the lender that specialises in loans to low income households, has begun early stage plans to launch a deposit-taking business, reports the Independent on Sunday.

The Government has almost certainly decided to sell its 19 per cent stake in QinetiQ, the defence research group, raising more than £250m for the Treasury, writes the Sunday Telegraph.

Borders drug firm ProStrakan could be on the verge of a big breakthrough in the US if it wins approval next week for its anti-nausea cancer patch Sancuso, says the Sunday Times.

UK Treasury officials are believed to support the adoption of an Australian-style rights issues model that would dramatically speed up the process and end the need for a company to issue a costly prospectus, writes the Independent on Sunday.

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