Thursday Papers: Foster’s rejects A$2.7bn bid for wine assets - bid news and gossip

Financial Times

* Foster’s has rejected a A$2.7bn (US$2.5bn) offer for its wine assets from a buy-out group.

* Sinochem has asked Temasek, the Singapore state investment agency, to join a consortium that would bid for all or part of Potash Corporation of Canada.

* Lloyds is to sell its interest in bank-owned housebuilder Crest Nicholson, marking a significant step in its move to reduce exposure to the distressed real estate sector.

* Paulson & Co, the world’s third-largest hedge fund manager, has seen another painful month thanks to growing fears over the health of the US economy; the firm’s $9bn Advantage Plus fund, which aims to profit from trading corporate events, lost 4.26% in August.

* Glencore takes nearly 5% stake in PT Bumi, an Indonesian miner, which is one of the world’s top thermal coal exporters, for about $200m.

* National Bank of Greece, the country’s largest bank, is planning to raise €2.8bn in new capital.

* An Indian court ruled on Wednesday that Vodafone must pay $2bn capital gains tax for its $11bn acquisition of a controlling stake in Hutchison Essar completed three years ago.

The Daily Telegraph

* Strong sales of Lego Atlantis, a Lego version of the mythical lost undersea city, helped the Danish toy-maker report a 34% increase in sales over the first half of its financial year.

* Greene King, the Suffolk-based pub owner and brewer, reported a 4.4pc rise in sales at its managed pubs, helped by a jump in demand for meals.

* Top institutional investors are to demand that Barclays strengthens its board with extra non-executive directors to ensure a better balance of power when Bob Diamond becomes chief executive.