LONDON, May 13 (Reuters) - The following are top business stories from British newspapers on Sunday:
The Sunday Times
Thailand’s Charoen Pokphand Foods is preparing a move on the British frozen food firm behind Birds Eye fish fingers, put up for sale by private equity owner Permira. CP will compete with private equity suitors in the race for the firm, expected to fetch 2.5 billion pounds ($4.02 billion).
An internal investigation into a $2 billion trading loss at JP Morgan Chase is expected to focus on the role of Ina Drew, head of the chief investment office, and Achilles Macris, her London-based deputy, as well as Bruno Iksil, the London trader linked to the losses.
Former investment banker Simon Borrows is set to be named as the new boss of 3i, Britain’s oldest venture capital firm, succeeding Michael Queen who resigned in March.
Tour operator Thomas Cook has told shareholders it could be forced into administration if its investors do not approve two planned disposals. The company wants to sell and leaseback some of its aircraft and to dispose of five Spanish hotels.
Engineering company Invensys has attracted attention from Siemens, ABB, Emerson and General Electric, with all four making informal contact through City advisers in the past weeks.
South Africa’s Vivian Imerman is leading the investment team for Sacoven, an acquisition vehicle aiming to list on AIM to buy resources or consumer goods firms.
The Sunday Telegraph
AVIVA‘S FORMER CEO HAD DEMANDED 9.5 PCT PAY RISE
Ex-CEO Andrew Moss had demanded a 9.5 percent pay rise in the weeks before he was ousted from UK insurer Aviva by an investor pay revolt. Andy Haste, former CEO of rival RSA , has indicated he does not want the top job at the insurer, the paper says in the same unsourced report, given Aviva’s chairman and chief financial officer have already begun a review of the firm, lessening the potential for a turnaround.
JP Morgan Chase’s surprise trading loss has hit London’s biggest hedge funds, costing the City’s best-known fund managers more than $100 million. Odey Asset Management, Lansdowne Partners and GLG had more than $1 billion invested in the bank.
LLOYDS NEARS DEAL TO SELL “PROJECT VERDE” BRANCHES
Lloyds Banking Group and the Co-operative are thought to have moved closer to a deal for the sale of the 632 branches, under a proposal that would see the mutual buy the Project Verde branches through a quasi reverse takeover process. The proposed deal would see Verde’s interim management team transfer with the business, and Verde branches would not be removed from Lloyds’ platforms.
Royal Bank of Scotland Chairman Philip Hampton has said at least part of the cost of government plans to force banks to separate retail operations from investment banking would be passed on to business and household customers.
The Mail on Sunday
Barclays has dropped the remuneration consultant behind its pay deal with Chief Executive Bob Diamond, replacing Towers Watson with Johnson Associates.
US GAS FIRM EYES UK‘S SHALE GAS “FRONTIER”
America’s Breitling Oil and Gas has held talks with UK firm Cuadrilla Resources about mining gas from the shale under Blackpool. Breitling CEO says production could be 8 to 10 years away.
Argentum Capital - a firm that provides funding for people who want to mount lawsuits, in exchange for a share of proceeds - is considering a London listing.