Business news in brief: BP | Kingfisher | B&Q | BAA | Fuel Control Services

Published on 15/10/2012 02:15

Oil giant BP is expected to receive this week two bids for its 50 per cent stake in its troubled Russian joint venture, TNK-BP, with the Kremlin-owned oil major Rosneft set to offer about £15 billion in cash and shares.

Analysts say a rival all-cash offer is expected from the four Russian oligarchs who own the other half of the business but have been in acrimonious dispute with BP on financial and strategic issues for at least two years.

‘Crisis of trust’ for big businesses

ONE in four people thinks big businesses have a harmful effect on local communities, says a survey commissioned by Kingfisher, the parent company of Britain’s biggest DIY chain, B&Q.

Ian Cheshire, Kingfisher’s chief executive, says FTSE-250 chief executives are “still ahead of politicians and estate agents” in terms of public perception, but acknowledges there remains a “crisis of trust”.

Dogfight brewing over Stansted

heavyweight suitors are said to be in a holding pattern to buy Stansted airport for about £1 billion after BAA, the airports group that owns the site, sent out sale documents to potential bidders earlier this month.

Industry sources said the Essex airport has attracted interest from, among others, Manchester Airports Group; CKI, the investment vehicle of Li Ka-Shing, the Hong Kong billionaire; Morgan Stanley Infrastructure; the RREEF investment fund; and Vantage Airport Group, a joint venture between Vancouver Airports and Citi Infrastructure Investors.

Fuel Control profits more than doubled

Fuel Control Services, the Glasgow-based company that sells fuel cards, saw profits more than double last year.

Accounts filed at Companies House show the firm made £526,000 before tax in the year to the end of February, up from £181,000 the year before.