Friday Papers: Providence acquires education provider for $570m - bid news and gossip

Financial Times

* Providence, the US private equity firm, has bought Australia-based Study Group for $570m.

* KNOC makes bid approach for Dana.

* Agricultural Bank attracts $50bn in Hong Kong bids.

* Duet Asset Management, the London-based alternative asset manager, is raising money for a new hedge fund to be headed by two of the world’s most senior commodities traders.

* UBS China dealmaker, Henry Cai, resigns.

* Councils initiate £1.5bn school building plans.

The Times

* IKB, the specialist bank for corporate financing, said that its net loss had rocketed to nearly €1 billion mainly because of the valuation of its liabilities.

* Jonathan Bunn, a broker, placed huge unauthorised bets on shares in HSBC which almost sank Lewis Charles, the small London brokerage where he worked.

* Constellation Brands, the American wine and spirits company, reported higher than expected first-quarter net income of $49.1 million, up from $6.5 million a year ago.

* Tate & Lyle has promised that all jobs were safe after paying £211 million for the best-known division of the FTSE 250 company.