Politicians waded into the Alliance Boots pension row yesterday, tabling an Early Day Motion questioning the power of pension trustees to secure the future of their members, reports The Independent .
A cross-party group of MPs urged the private equity house Kohlberg Kravis Roberts, which has agreed an £11.1bn takeover of the chemist, to reach a speedy settlement with the Boots pension scheme trustees. The Work and Pensions Select Committee (WPSC) also called on the Government to look into the powers of pension-fund trustees to investigate whether they are able to protect the interest of their members after an acquisition by a highly leveraged company.
KKR and the pension trustees are in last-ditch talks to try to come to some agreement over the future of the scheme ahead of 21 June, when the takeover will be put forward for court approval. The trustees have threatened to take legal action to block the takeover, but sources said an agreement is now looking likely this week.
SHARES IN BOWLEVEN, the Edinburgh-based oil and gas explorer, jumped more than 15 per cent yesterday after it announced it had found hydrocarbon-bearing sands in west Africa, reports The Scotsman.
Part of BowLeven's largest ever drilling programme, it is the first time the company has drilled from the block, off the coast of Cameroon, and the news sent shares in the AIM-listed company up 27p to 197p yesterday.
It is the second time drilling updates have boosted its shares in recent months after it said it found gas and condensate on a different Cameroon block in February. BowLeven gave no indication as to the possible extent of the find, saying a further statement would be issued "shortly".
A SENIOR EXECUTIVE at InterContinental Hotels Group has resigned after misleading the company over his academic qualifications, reports The Guardian.
Patrick Imbardelli, chief executive of the company's Asia Pacific operations, stepped down after an internal review uncovered that he had misrepresented his academic record on his CV. He had been due to join the board at the start of July.
The company said today that Mr Imbardelli had claimed to have been awarded a BA in business studies and hotel management from Victoria University in Australia, and both a bachelor of science in hotel administration and a masters degree in business administration from America's Cornell University. But although he had attended classes at these institutions, he never graduated.
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