Tesco – Credit rating agency Moody’s said the supermarket giant faces lower profitability in the UK and a weaker performance in eastern Europe and Korea, although it welcomed the group’s decision to slow its expansion plans.
• Telefonica – The Spanish parent company of O2 offered £7.3 billion for E–Plus, the German mobile phone arm of Dutch telecoms group KPN, securing the backing of major KPN investor America Movil.
• Zurich Insurance – Police were investigating the death of Pierre Wauthier, the insurer’s chief financial officer, after his body was discovered in his Swiss home, the company said in a statement last night.
• ING – The Dutch banking giant agreed to sell 90 per cent of its Korean life insurance business to private equity firm MBK Partners for about £1bn as it continues its withdrawal from Asia, but will book a loss of about £816m on the deal.
• BATS Global Markets – An agreed merger with rival Direct Edge will see the enlarged group overtake Nasdaq OMX to become the second–largest US stock exchange behind NYSE Euronext when the deal completes next year.
• EDM Group – Research from the information management firm found only 5 per cent of pensions professionals believe the quality of data held by defined benefit pension schemes is “excellent”.