UK's Indian cuisine brand Patak's to be acquired by ABF
Mumbai: The UK-based food and retail group Associated British Foods (ABF), which owns brands like Twinings tea and Ovaltine beverages, will acquire Indian cuisine brand Patak's from the founding Pathak family.

ABF said the gross assets of the business being acquired were worth £40 million as of 2 October 2005. Unaudited revenue for the year to 30 September 2006 was £66million. The deal is expected to be completed by the end of August this year.

The business comprises the Patak's brand and assets in all countries except India. Patak's, which manufactures and markets Indian cooking sauces, curry pastes, chutneys and other meal accompaniments, was set up by the Pathak family in England in 1957.
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RBS consortium launches bid of $95.64 bn for ABN Amro
London: The Royal Bank of Scotland led consortium has launched a record-breaking bid for ABN Amro Bank worth almost $100 billion, challenging the takeover from rival bank Barclays.

The formal offer values the Dutch bank at 71.14 billion euros. The bid is mostly in cash, and is far higher than Barclays' all-shares bid for 67 billion euros.

The consortium, comprising Banco Santander of Spain and Belgian-Dutch group Fortis, wants to break up ABN Amro.

Barclays on the other hand is bidding to create a vast global group and the second-biggest bank in Europe after HSBC. The takeover battle shows how European banks are chasing rapid expansion in Europe the United States, Asia and emerging markets.
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Zoellick appointed President of World Bank
Washington: US President George W. Bush has selected Robert Zoellick, a former U.S. trade representative, to replace Paul Wolfowitz as president of the World Bank.

The appointment of Zoellick will be announced today and bank's board is expected to accept the choice. World Bank directors have never blocked a nomination in the past.

Bush wanted an American to succeed Wolfowitz, despite calls from World Bank member countries and some U.S. lawmakers to throw the process open to a global pool of candidates.The controversy over Wolfowitz's authorization of a hefty pay raise for his companion, Middle East expert Shaha Riza, deepened rifts among bank staff already disgruntled by his anti-corruption agenda and prompted sharp criticism from shareholder countries.
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Ford denies selling Volvo unit
Detroit: Ford Motor Co. has said it is not selling its Swedish unit Volvo seen as its most valuable luxury brand. Earlier on Monday Swedish newspaper Goteborgs Posten had reported that Ford was looking at selling its Volvo brand and had said German carmaker BMW could be a possible buyer.

While analysts said there was no urgent need for Ford to rush into a sale of one of its luxury brands, others said they expected the automaker to remain open to such an option if the right opportunity came.
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