Whittards takeover talks

The 115-year-old tea and coffee shop group Whittard of Chelsea has received a takeover approach.

The group, with more than 100 shops across the UK, would not be drawn on details of the bidder.

Three months after the group reported a half-year pre-tax loss of £1.7m, compared to a loss of £700,000 the previous year, on sales which rose to £15.5m from £15.2m.

Whittard's shares rose 16% to 32p on the takeover news, valuing the firm at about £7m.

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Kingfisher Leisure rebuffs approach

Kingfisher Leisure, owners of the McClusky's bar and restaurant chain, have rejected a fresh approach from Springwood.

The group said the most recent proposal, of 83p per share, was unlikely to lead to an offer acceptable to its shareholders.

Springwood, a Leicester-based bar and nightclub operator, launched an initial, unsuccessful, approach last year.

Since then it has bought a stake of 26.8% in Kingfisher Leisure.

The new bid, announced on Friday, was a 44% premium to Thursday's closing price of 57.5p and values the firm at £11m.

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European Telecom to switch

European Telecom has decided to transfer trading in its shares from the London Stock Exchange to the Alternative Investment Market (AIM).

It said it expected dealings on AIM to commence on 31 May 2001.

Further statements relating to the results of the ongoing strategic review will be made in due course, the company added.

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