Friday Papers: Hyundai E&C set for bidding war - tips, comment and bids

Financial Times

* Creditors are putting a $2.6 billion controlling stake in Hyundai Engineering & Construction up for sale, reigniting a feud in the founding family of the splintered Hyundai conglomerate.

* Ally Bank is expected to sell its resort finance business to Centerbridge Partners, sources said; Centerbridge is buying a loan portfolio with a face value of about $1 billion, as well as acquiring the infrastructure and key staff of the unit.

* Merger between British Airways and Iberia likely to be completed by end of year as last obstacle to deal has been cleared.

* David Wormsley, head of Citigroup’s UK investment banking team, is heading for a US courtroom showdown with Guy Hands next month over the disputed £4 billion takeover of EMI.

* The Financial Services Authority has issued a warning to companies to crack down on leaks to the media ahead of announcing deals as part of the regulator’s drive to stamp out market abuse.

The Lex Column

* Monetary policy - Central bankers move markets, but the economy may not budge.

* Larry Summers’ replacement - the idea that Obama needs someone ‘business friendly’ is ridiculous.

* European Financial Stability Fund - The EFSF’s success will be judged on how few customers it has.

* Hyundai Engineering & Construction - Battle for S Korea’s premier builder is complicated by chaebol politics.

Lombard