PRESS DIGEST – British business – Nov 2

The Times

FUNDSMITH AIMS HIGH

Terry Smith said his asset manager Fundsmith could grow to
“several billion pounds” as the broker launched the new venture,
adding that several wealthy investors had committed “millions”
to the fund.

RIVALS WARN SERCO FIASCO COULD HIT CONTRACTS

Rivals have warned that attempts by outsourcer Serco (SRP.L: )
to pass on government cost cuts to suppliers could hurt its
status as one of the big winners in government outsourcing.

CHRYSALIS OPENS TALKS ON MERGER

Chrysalis (CHS.L: ), the music publisher that owns the rights
to hits by acts including David Bowie and Michael Jackson, said
it has begun talks over a potential sale or merger to expand the
business.

The Daily Telegraph

BUSINESSES EXPECT M&A BOOM NEXT YEAR

Venture capitalist firms are expecting to see more equity
investments next year as business confidence improves, making it
easier for companies to raise money, according to analysts.

CHINESE FUND SET TO BACK ISS BID

China Investment Corp (Read more about U.S. companies investment into China)oration, a sovereign wealth fund with
assets of more than $300 billion has emerged as a potential
bidder for ISS [ISSHG.UL], the Denmark-based cleaning services
firm.

TEXAN BILLIONAIRE BACKS EXCO BUY-OUT

T. Boone Pickens, a Texan oil billionaire, is one of three
major shareholders backing a $4.4 billion management buy-out of
U.S. shale gas giant Exco Resources (XCO.N: ).

The Guardian

U.S. BOND INSURER FACES BANKRUPCTY

Ambac Financial Group (ABK.N: ), at one point the
second-biggest U.S. bond insurer before suffering losses on
risky mortgages, said it could file for bankruptcy protection
this year.

(Summary compiled by Reuters)

PRESS DIGEST – British business – Nov 2