P&O to accept

ONE of the UK's oldest shipping firms was said to be setting sail for foreign shores in a multi-billion pound takeover deal.

According to the London Evening Standard, the board of ports and ferries giant P&O was on the verge of accepting a £3.5bn offer for the company from Dubai Ports World.

The deal, which could be announced as early as Tuesday, would end nearly 170 years of British maritime history.

Sugar shares

SHARES in Tate & Lyle hit a seven-year high on Friday after the European Union cut sugar subsidies by less than expected.

The EU struck a deal yesterday to lower guaranteed sugar prices by 36 per cent - less than the 39 per cent proposed in June, which Tate warned would wipe £85m off profits and could lead to job cuts and factory closures.

The company welcomed the overhaul but said it could still result in job losses.

Cheers for cold

THE run of sales growth at department store chain John Lewis continued as the cold weather drove more shoppers into its stores. The group, which has 27 outlets and an online business, said sales of £62m in the week to Saturday were up 5.8 per cent on a year earlier - the fifth week of growth in a row.

Marconi boost

TELECOMS equipment group Marconi reported an improved sales trend as the once-mighty industrial firm provided one of its last updates to the City.