A Week in Business
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Yorkshire Electricity sparkled as takeover fever returned to the sector with reports that New Jersey-based General Public Utilities and Houston Industries are stalking it. Estimates that a bid could come in at pounds 8 a share helped push its price up 10.9 per cent to 752p.
Celltech, a leading biotechnology player, helped drag down its rivals when it announced it had abandoned research on CDP 840, an asthma drug tipped to replace Glaxo's Ventolin. Its shares dropped 27.7 per cent to 475p.
Greasy pole (up)
Derek Higgs is to move from managing director of investment bank SBC Warburg to head Prudential Portfolio Managers, the UK's biggest institutional investor.
Greasy pole (down)
Bill Fraser, managing director of South West Water, stepped down following criticism of the privatised utility's charges, quality and supplies. He will still get paid for a year as a consultant.
Nice little earner
Some 3 million investors and borrowers at Alliance & Leicester will share in payouts estimated to be worth about pounds 800 each when the building society floats and becomes a bank early in 1997.
Shareholders in Quality Software …
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Publication information: Article title: A Week in Business. Contributors: Not available. Newspaper title: The Independent (London, England). Publication date: February 4, 1996. Page number: 1. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.
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