HP raises Dell bid for 3PAR to $1.6bn
HEWLETT-PACKARD has launched a $1.6bn (€1.26bn) bid for data storage company 3PAR, topping an offer by rival Dell. HP bid $24 a share for 3PAR, about 33pc more than Dell planned to pay in a deal announced a week ago. Dell's bid for 3PAR, which makes storage products that use virtualisation technology, marked an 87pc premium to its share price.
SABMiller and Asahi eye Foster's
BEVERAGE groups SABMiller and Asahi Breweries are apparently looking at Foster's Group beer operations, valued at more than $10bn (€12.6bn), but have not yet made any formal offers. Long-running interest in the Australian brewer's beer business resurfaced yesterday after the 'Sunday Times' reported SABMiller was considering buying the unit. Australia's largest brewer will formally split off its wine division in 2011.
Ex-Citigroup chair to head up M&S
former chairman of US bank Citigroup's European operations Robert Swannell will become chairman of Marks & Spencer from January. Mr Swannell, who helped M&S in its defence against retail tycoon Philip Green's takeover bid in 2004, will join the board on October 4 as non-executive director before he replaces Stuart Rose as chairman on January 4.
Amex offers yuan traveller cheques
AMERICAN Express will make travellers' cheques available in Chinese yuan. It is the first time the group has introduced travellers' cheques in a new currency since the euro was launched in 1999, and the yuan joins only six other currencies in which the cheques can be ordered. The group said the move followed a rapid increase in the number of business travellers and tourists visiting China.
Pakistan faces budget challenge
THE International Monetary Fund (IMF) says the floods that have struck Pakistan pose a "massive economic challenge" and it will review the country's budget and financial prospects. The IMF has started talks with Pakistani officials in Washington to assess how best to give help. Tens of thousands more Pakistanis have been fleeing the floods, with the south now bearing the brunt. About 1,600 people have died.