Wednesday Papers: Brit Insurance agrees sale to CVC and Apollo - tips, comment and bids

(Updated with Telegraph share tips)

Financial Times

* Brit Insurance has agreed an £888 million cash buy-out deal with Apollo and CVC that values the Lloyd’s of London insurer at up to £11 a share.

* Area Property Partners, a US private equity group, is in talks to acquire a 30% stake in 222X-Leisure from Hermes Real Estate.

* MF Global Holdings agreed to acquire Washington Research Group, a US investment research group that focuses on public policy, from Concept Capital.

* JPMorgan Chase is close to acquiring Gavea, a $6 billion hedge fund co-founded and run by Arminio Fraga, former president of the central bank of Brazil.

* Blackburn Rovers is on the brink of being acquired by Venky’s, an Indian poultry group, in the latest takeover deal involving an English Premier League football club.

* A consortium led by Want Want Group, the snack maker, is set to acquire China Network Systems, Taiwan’s leading cable television group, in a $2.4bn deal subject to regulatory approval.

* Global Vía Infrastructuras, which is jointly owned by FCC and Caja Madrid, has begun talks with specialist investors about the sale of a stake in the company; the company is looking to sell about €500 million worth of equity, between 20% and 40% of the company.

* Travis Perkins: The FTSE 250 builder’s merchant will sell 20 of its stores to help to obtain regulatory clearance for its £558 million acquisition of BSS.

The Lex Column

* Berkshire Hathaway: the age of the Sage - Warren Buffet is trying to replace the irreplaceable – himself.