Tuesday Papers: Korn/Ferry International eyes European expansion - bid news and gossip

Financial Times

* Korn/Ferry International, one of the world’s biggest headhunters, has shifted its Los Angeles-based chief executive to London for three months to make a series of acquisitions that will seal its expansion in Europe.

* Alfred Ganter, executive chairman of Partners Group, told the Financial Times that growing competition in a shrinking market was a big challenge to private equity funds of funds.

* Apax Partners shakes up top dealmaking team.

* Middle Eastern sovereign wealth funds line up behind Agricultural Bank of China’s planned $23bn-plus initial public offering.

* The Hong Kong-based liquidators of Lehman Brothers’ Asian operations have sold $620m of the failed investment bank’s portfolio of loans, bonds and equity positions in the region.

* Crédit Agricole pulls French World Cup ads.

* Tesco is taking over the US operations of two key suppliers to its fledgling Fresh & Easy business after its slower-than-expected expansion.

The Times

* CVC Capital Partners close to agreeing deal for stake in Merlin Entertainments.

* J Sainsbury is considering entering the Chinese market after announcing the biggest management shake-up of Justin King’s six-year reign; Darren Shapland take on a new executive role in charge of business development.

* Gala Coral said yesterday that it had reduced its debt burden by £700 million to about £1.9 billion; the refinancing deal means that Gala is now owned by its mezzanine debt-holders, led by Apollo Management, Cerberus, Park Square Capital, Goldman Sachs and York Capital Management.