/raid1/www/Hosts/bankrupt/TCREUR_Public/021106.mbx             T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Wednesday, November 6, 2002, Vol. 3, No. 220


                              Headlines

F R A N C E

ALCATEL: SEL Plans New Restructuring Measures For 2003
FRANCE TELECOM: Expands Software Agreement With Jaber
RHODIA SA: Sells Its Basic Chemicals Activities In Europe
VIVENDI UNIVERSAL: Will Cooperate With US Investigation
VIVENDI UNIVERSAL: Faces Two More Inquiries in the US


G E R M A N Y

COMMERZBANK AG: Board Rules Out Runaway Loan Loss Provisions
MOBILCOM AG: Refuses Contract Presented By Former Chief
WESTLB AG: Moody's Lowers Financial Strength Rating to D


I T A L Y

TELECOM ITALIA: Raises EUR484 Million From Share Offering
TELECOM ITALIA: Olivetti-Telecom Italia Shift Assets To Tiglio


P O L A N D

ELEKTRIM SA: Board Announces Claims For Damages


S W I T Z E R L A N D

CREDIT SUISSE: Asset Management Launches Two More Index Funds
CREDIT SUISSE: Launches Investment Group For Pension Provision
SWISS LIFE: Company-Managed Fund Hurts Effort To Raise Cash


U N I T E D   K I N G D O M

ABERDEEN ASSET: Announces Unaudited Net Asset Values of Trusts
BRITISH ENERGY: Announces Approval Of Borrowing Limit Increase
BRITISH ENERGY: EU and Cameco Question Government Bailout
BRITISH ENERGY: Rivals Offer Rescue Plan for British Energy
CABLE & WIRELESS: Gets Favorable Ruling On Akamai Suit

CNA REINSURANCE: Moody's Lowers Financial Strength Rating To Ba2
CORDIANT COMMUNICATIONS: Announces Notifiable Holdings
CORDIANT COMMUNICATIONS: Issues Block Listing Six-month Return
HP BULMER: Audit Takes Around GBP1 million From Books
PACE MICRO: Appoints Area Manager For Central Europe

PIZZAEXPRESS: Receives Takeover Bid from Former Owner
ROYAL & SUN: Hopes of Asset Sales Boost Share Value

     -  -  -  -  -  -  -  -

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F R A N C E
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ALCATEL: SEL Plans New Restructuring Measures For 2003
------------------------------------------------------
Alcatel SEL, the main German subsidiary of the Alcatel group
(Paris: CGEP.PA and NYSE: ALA), has notified the supervisory
board that further restructuring measures will be required due to
the continuing weakness of the worldwide and domestic telecom
markets.

As a result, the program of cost reductions will be intensified
and staff will be adapted to market conditions. In particular
this will lead to 1,400 redundancies in 2003, impacting all of
the company's activities.

Alcatel SEL will start talks with the workers' council
immediately in order to identify the most appropriate measures to
implement the necessary reductions.

This announcement is part of the restructuring measures recently
announced by the Group.

About Alcatel

Alcatel designs, develops and builds innovative and competitive
communications networks, enabling carriers, service providers and
enterprises to deliver any type of content, such as voice, data
and multimedia, to any type of consumer, anywhere in the world.
Relying on its leading and comprehensive products and solutions
portfolio, stretching from end-to-end optical infrastructures,
fixed and mobile networks to broadband access, Alcatel's
customers can focus on optimizing their service offerings and
revenue streams. With sales of EURO 25 billion in 2001, Alcatel
operates in more than 130 countries.


FRANCE TELECOM: Expands Software Agreement With Jaber
-----------------------------------------------------
Jabber, Inc., a leading software developer of instant messaging
and presence-enabled communications solutions, announced that it
and France Telecom have entered into the first part of a
potentially multi-million dollar, three-stage distribution
agreement.

Investors in Jabber, Inc. include majority owner Webb Interactive
Services, Inc. (OTCBB:WEBB) and France Telecom (NYSE:FT).

This agreement extends and modifies a previously existing
agreement that established FT affiliate, France Telecom Research
& Development, as a distributor of customized presence and
availability and instant messaging services to France Telecom
affiliates, including Wanadoo and Orange. Wanadoo's instant
messaging service, named Le Messenger and built on the Jabber
Communications Platform, now supports nearly half a million
registered Instant Messaging users out of its 8 million customer
ISP and portal in Europe. Deployment at Orange is slated to begin
later this year. Orange is the second-largest mobile operator in
Europe with more than 40 million customers.

Rob Balgley, President and CEO of Jabber, stated: "France Telecom
has been a valued strategic investment partner of Jabber since
2001, but it is because of Jabber's open XML-based architecture,
scalability and extensibility that the Jabber platform was able
to compete successfully for this business. Total control over
customer ownership is important to the business units represented
by FTR&D, as is Jabber's ability to provide customized instant
messaging services today and new presence and identity management
services tomorrow."

If FTR&D elects to commit to the second and third stages of this
agreement, they will pay Jabber a time-based, fixed license fee
inclusive of maintenance and support for unlimited customer usage
by its Wanadoo and Orange affiliates.

Added Gwenael Hagan, COO of Jabber with responsibility for
European Operations: "Jabber views European deployment of Jabber-
based technology as an important aspect of its overall goal of
global ubiquity of its underlying protocol, XMPP. This extended
agreement with Europe's second-largest ISP and wireless operator,
as well as our market-leading deployments in the U.S., places
Jabber well on its way to making available powerful and effective
server-to-server interoperability. We continue to believe that
like the worldwide explosion in SMS messaging, IM will truly
flourish when wireless operators, ISPs, and enterprises are able
to deploy highly scalable and interpretable solutions that are
free of the constraints of the now dominate consumer services."

About Jabber, Inc.

Jabber, Inc. is the developer of the world's most widely used
open platform for extensible Instant Messaging and presence
management applications. An independently operated subsidiary of
Webb Interactive Services, Inc. (OTCBB:WEBB) with investment from
France Telecom Technologies, Jabber, Inc. is a commercial
software company that has its roots in the Jabber Open Source
project. With over 100,000 servers deployed, Jabber has been
adopted in the telecommunications, enterprise and software
development markets. Please see www.jabber.com for more
information.

About Webb Interactive

Webb Interactive Services, Inc. (http://www.webb.net)
(OTCBB:WEBB) is the parent company of Jabber, Inc.

About France Telecom

France Telecom is one of the world's leading telecommunications
carriers, with more than 107 million customers on the five
continents (220 countries and territories) and consolidated
operating revenues of 43 billion euros for 2001 (22.5 billion
euros at June 30, 2002). Through its major international brands,
including Orange, Wanadoo and GlobeCast, France Telecom provides
businesses, consumers and other carriers with a complete
portfolio of solutions that spans local, long-distance and
international telephony, wireless, Internet, multimedia, data,
broadcast and cable TV services.

France Telecom is the second-largest wireless operator and
Internet access provider in Europe, and a world leader in
telecommunications solutions for multinational corporations.
France Telecom (NYSE:FTE) is listed on the Paris and New York
stock exchanges.

About Wanadoo

Wanadoo, a subsidiary of France Telecom, is one of Europe's
leading Internet and directories companies with 7.8 million
active subscribers, 20 million unique visitors per month and
650,000 advertisers. Wanadoo is a leading Internet media services
provider in France, the U.K. and Spain, and is also present in
the Netherlands and Belgium. Wanadoo is listed on Euronext Paris
stock market. Further information on Wanadoo can be found on the
company's web site at www.wanadoo.com.

About Orange

The Orange group is one of the world's largest mobile
communications companies, with over 40 million customers in 21
countries across Europe and beyond. It provides a broad range of
personal communications services, including Orange GSM1800
services and other digital cellular telephone services. The
Orange brand operates in the U.K., France, Switzerland, Romania,
Denmark, Slovakia, Thailand, the Ivory Coast, the Dominican
Republic and the Cameroon. The Orange group also has controlled
operations in Belgium (Mobistar), the Netherlands (Dutchtone),
Botswana (Vista Cellular) and Madagascar (SMM) and intends to
launch Orange UMTS operations in Luxembourg and Sweden. The
Orange group has a joint controlling interest in Egypt (MobiNil)
and minority interests in Italy (Wind), Portugal (Optimus),
Austria (Connect Austria) and Mumbai/India (BPL Mobile). As at
the end of June 2002, Orange was the largest mobile operator in
both the U.K., with over 12.8 million active customers, and
France, with over 18.6 million customers. Information about
Orange can be found on the Orange website at www.orange.com.

CONTACT:  Jabber, Inc.
          Kim Durand
          Phone: 303/308-3227
          E-mail: Kdurand@webb.net
          Laura Hardin
          Phone: 303/308-3195
          E-mail: lhardin@jabber.com


RHODIA SA: Sells Its Basic Chemicals Activities In Europe
---------------------------------------------------------
Rhodia announced that it has reached a definitive agreement for
the sale of its industrial and commercial activities in Europe
related to basic chemicals - including phenol, hydrochloric acid,
and soda ash - to Bain Capital, a leading global private
investment firm. The employees' representatives involved have
been informed, and both parties intend to complete the
transaction before year-end.

Clearly outside Rhodia's core businesses, these chemical
intermediates represent about EUR280 million in annual sales and
employ roughly 460 people. To provide continuity, Rhodia will
retain a minority interest of less than 20% in the business
alongside Bain Capital's majority investment.

This sale fits Rhodia`s strategy to re-align its portfolio to a
growth model based on the cross-fertilization of technologies and
the development of high value-added solutions for the customers.

After the closing of this sale, Rhodia will have exceeded the
target announced at the beginning of the year of generating a
total of EUR500 million from divestitures.

Bain Capital, which has more than USD14 billion in assets under
management, has been an active private equity investor in Europe
since the 1980s. The firm's European team has strong experience
in a variety of industries with "carve-out" transactions in which
non-core businesses or assets of corporations are purchased by
private investors.

Rhodia is one of the world's leading manufacturers of specialty
chemicals. Providing a wide range of innovative products and
services to the automotive, health care, food, cosmetics,
apparel, new technology and environmental markets, Rhodia offers
its customers tailor-made solutions based on the cross-
fertilization of technologies, people and expertise. Rhodia
subscribes to the principles of Sustainable Development
communicating its commitments and performance openly with
stakeholders. Rhodia generated net sales of EUR7.2 billion in
2001 and employs 27,000 people worldwide. Rhodia is listed on the
Paris and New York stock exchanges. For more information visit
www.rhodia.com.

Bain Capital is a global private equity firm that manages several
pools of capital including private equity, high-yield assets,
mezzanine capital and public equity with over $14 billion in
assets under management. Since its inception in 1984, the firm
has made private equity investments and add-on acquisitions in
over 225 companies around the world, in a variety of sectors,
including industrial and manufacturing. Bain Capital partners
with exceptional management teams in order to build long-term
value in its portfolio companies. Headquartered in Boston, Bain
Capital has offices in London, Munich, New York, and San
Francisco. For more information visit www.baincapital.com.

CONTACTS: Investor Relations for Rhodia
          Marie-Christine Aulagnon:
          Phone: +33 1 55 38 43 01
          Fabrizio Olivares:
          Phone: +33 1 55 38 41 26

          Press Relations for Bain Capital
          Joe LoBello: +1 212 780 1900
          (Email: jlobello@stantoncrenshaw.com)


VIVENDI UNIVERSAL: Will Cooperate With US Investigation
-------------------------------------------------------
As in France with the C.O.B and the Justice, Vivendi Universal
[NYSE: V; Paris Bourse: EX FP] intends to cooperate fully with
the U.S. Attorney's office for the Southern District of New York
that has opened a preliminary criminal investigation involving
Vivendi Universal.

The U.S. Securities and Exchange Commission's Miami, Florida
office, which has been conducting an informal inquiry, will be
coordinating its activities with the U.S. Attorney's
investigation. Vivendi Universal intends to cooperate fully with
those preliminary investigations.


VIVENDI UNIVERSAL: Faces Two More Inquiries in the US
-----------------------------------------------------
Media and entertainment group, Vivendi Universal, admitted that
two entities in the US are conducting an investigation into the
conglomerate, says the Financial Times.

The US attorney's office for the southern district of New York
and Miami bureau of the Securities and Exchange Commission are
conducting "preliminary" investigation and "informal inquiry",
respectively, into Vivendi.

The probes are in addition to the legal complaint filed by a
group of French shareholders alleging accounting irregularities
at the communications company.

Two judges were tasked by the Paris public prosecutor to inquire
into whether Vivendi had published "false balance sheets" for
2000 and 2001, and whether it had "issued false or misleading
information" on its outlook in 2001 and 2002.

Like the former suit, the investigations are understood to focus
on whether the conglomerate is presenting accurate financial
reports, especially in the 2001 term of ex-chief executive Jean-
Marie Messier.

Questions about the company's accounting and financial
disclosures came out since the COB said it had asked Vivendi to
change the way it accounted for the sale of its 23% in BSkyB, the
UK TV group.



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G E R M A N Y
=============


COMMERZBANK AG: Board Rules Out Runaway Loan Loss Provisions
------------------------------------------------------------
Commerzbank AG board member for risk management, Wolfgang
Hartmann, ruled out the possibility that Germany's third-biggest
listed bank will be affected by runaway loan loss provisions.

Though he admitted to the Financial Times that the bank is facing
difficulty just like all German banks, he maintained that " We
[management] have things under control."

The bank, which was previously the target of liquidity crisis
rumors, had warned of the possibility of a full-year loss due to
market volatility. Hartman, though, holds that bad debt charges
are unlikely to rise much above recent estimates of EUR1.3
billion for the year.

Hartman also disclosed that he had installed a clear early
warning system on bad debts that enabled the bank to sharply
reduce its exposure ahead of several recent high profile
restructuring and insolvency cases.

In addition, the board member is hopeful that the EUR1.97 billion
bid of German publisher Bauer for KirchMedia--the group
responsible for its single biggest loan loss provision of around
EUR200 million--should enable the bank to regain losses related
to the media group.


MOBILCOM AG: Refuses Contract Presented By Former Chief
-------------------------------------------------------
MobilCom AG rejected a contract from former chief executive
Gerhard Schmid deemed necessary for the rescue of the mobile-
phone services provider, says Bloomberg.

The move resulted in a 63% decline of company share value on
Frankfurt's Neuer Markt. The shares traded at EUR5.17 after
earlier dropping to as low as EUR4.8.

``Schmid agreed to sign a contract but he's made changes that are
so considerable the government can't accept them,'' said
Economics Ministry spokesman Stefan Moritz.

Supervisory board member Helmut Thoma warned that MobilCom may be
forced to file for insolvency if Schmid and the government do not
reach an agreement on the transfer of his almost 50% stake to a
trustee.

Mr. Schmid, according to German daily Die Welt report, has chosen
Debitel AG supervisory board member Joachim Dreyer as trustee for
his stake. Schmid's spokeswoman Susanne Strauss, however,
wouldn't confirm the report.

Mr. Thoma said ``As far as I know, the government is concerned
about Dreyer's closeness to Debitel and its owner Swisscom.''
According to Mr. Thoma, Schmid insisted on taking on Dreyer as
trustee.

MobilCom and former partner France Telecom, meanwhile, has been
in talks about the EUR4.7 billion MobilCom loan as well as EUR1.1
billion worth of network-equipment bills at Nokia Oyj and
Ericsson AB.  The payment deadline set for France Telecom has
been pushed back four times to November 15 at present.

According to the report, analysts say Schmid's failure to
transfer his shares is the issue that prevents negotiations about
the payments between the two former partners.


WESTLB AG: Moody's Lowers Financial Strength Rating to D
--------------------------------------------------------
Moody's downgraded the Financial Strength Rating of Dusseldorf-
based WestLB AG to D from C-, as the rating agency takes into
account the further deterioration of WestLB's financial
fundamentals. Moody's referred the deterioration in particular to
the bank's asset quality and recurring earnings.

The action reflects Moody's opinion that WestLB's status is not
going to recover in the short term due to a continued difficult
business environment.

Moody's maintained the bank's Aa1/P-1 debt and deposit ratings
and the guaranteed debt ratings of its wholly owned affiliates
with a stable outlook. The action is based on the rating agency's
expectation that the German bank will continue to reduce its cost
base and focus on obtaining a more stable overall risk profile.

The rating action concludes a review started in July 2002.

WestLB AG is the country's largest Landesbank and represents
Germany's fifth-largest banking group. As of 31 June 2002, the
WestLB group had consolidated assets of EUR350 billion.



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I T A L Y
=========


TELECOM ITALIA: Raises EUR484 Million From Share Offering
---------------------------------------------------------
Telecom Italia, which is currently divesting assets to reduce
debt, was able to raise EUR484 million (USD483 million) from
selling a stake in Telekom Austria AG.

People familiar with the offer told Bloomberg Telecom Italia sold
65 million of the shares at EUR7.45 apiece. The shares are about
half of the 30% stake held by the company. The banks are expected
to be able to sell another 10 million shares over coming weeks.

``Telekom Austria shares certainly have upward potential after
the sale,'' says Konrad Sveceny, an analyst with Erste Bank der
oesterreichischen Sparkassen AG in Vienna.

The remark echoes the opinion of Telekom Austria Chief Executive
Officer Heinz Sundt in October that ``the current share price
already reflects that fact and we will see upward potential after
that sale.''

Chairman Marco Tronchetti Provera predicted the company's debt to
fall to EUR 18.3 billion euros by year-end from the EUR22 billion
at the end of 2001.


TELECOM ITALIA: Olivetti-Telecom Italia Shift Assets To Tiglio
--------------------------------------------------------------
The Olivetti-Telecom Italia Group today transferred real estate
assets worth around EUR 1,585 million to Tiglio I and Tiglio II,
two real estate companies controlled by the Morgan Stanley Real
Estate Funds.

The Olivetti-Telecom Italia Group is to retain minority
shareholdings in these companies commensurate with the value of
the assets transferred. Specifically, Olivetti will be retaining
8.84%, Telecom Italia 36.85% and Seat Pagine Gialle 2.1% of
Tiglio I, while Telecom Italia is to hold a 49.47% stake in
Tiglio II following the transfer of the company's assets
management unit.

Olivetti will realize gross capital gains of around EUR 70
million from the operation, as well as generating a positive pre-
tax financial impact in the order of EUR 165 million from
aggregate assets transferred corresponding to around EUR 225
million.

For Telecom Italia, following the transfer of assets worth around
EUR 1,360 million to Tiglio I and Tiglio II (of which
approximately EUR 50 million belonging to Seat Pagine Gialle,
around EUR 840 million in real estate assets taken on from Imser
and around EUR 470 million in other real estate assets
transferred), for the current year the operation will have a
positive pre-tax economic impact of around EUR 220 million for
Telecom Italia S.p.A. and an impact of around EUR 5 million for
Seat Pagine Gialle (making a total of EUR 370 million at
consolidated Telecom Italia Group level). The pre-tax financial
impact on the Telecom Italia Group during the current year
corresponds to around EUR 330 million (of which EUR40 million
pertaining to Seat Pagine Gialle). These sums are in addition to
the capital gains realized in 2000 generated by the real estate
spin-offs undertaken that year.

Today's real estate transfers constitute the executive phase of
the agreement struck in recent months between the Olivetti-
Telecom Italia Group, the Pirelli Group and companies controlled
by the Morgan Stanley Real Estate Funds. Among other elements,
the agreement calls for realization of the value of Tiglio I and
Tiglio II assets during 2003 through market operations undertaken
as part of a strategy designed to contribute to financial real
estate market growth and offer significant opportunities for the
Olivetti-Telecom Italia Group to achieve optimum realization of
value from residual stakes held in these two vehicles in the wake
of today's transfers.

Cautious estimates regarding monetization of equity stakes in
Tiglio I and Tiglio II over the next few years, at values
commensurate with the transfer value of these assets and
inclusive of amounts realized in 2002, see Olivetti and Telecom
Italia generating liquidity prior to tax corresponding to around
EUR 225 million and EUR 690 million respectively by the time this
process is completed (of which over EUR 50 million accruing to
Seat Pagine Gialle).

For Telecom Italia, today's move essentially completes the
realization of value from the Group's most valuable real estate
assets. This is part of a process that began in 2000 with spin-
offs undertaken in accordance with the strategy to focus on core
business. The operation, involving assets worth around EUR 2.9
billion, led to the foundation of Telemaco Immobiliare (recipient
of assets worth around EUR 850 million and initially 45%-owned by
Beni Stabili, 40%-owned by Telecom Italia and 15%-owned by Lehman
Brothers). The recent sale of Telemaco Immobiliare to WhiteHall
(Goldman Sachs funds) generated pre-tax gains for Telecom Italia
S.p.A. of around EUR 160 million and a positive pre-tax financial
impact in the order of EUR 225 million. The operation has also
included the foundation of Im.Ser (with real estate assets worth
in the order of EUR 2,050 million, 60%-owned by Beni Stabili and
40%-owned by Telecom Italia), which in the last few days
underwent a split with the assignment of assets with a book value
(prior to depreciation) of around EUR 1,220 million to the Beni
Stabili Group and of around EUR820 million to the Telecom Italia
Group. As previously announced, the Telecom Italia Group passed
on these assets to the Tiglio venture.

At the same time as these latest moves, Olivetti Multiservices
and Telecom Italia have completed the transfer of their real
estate services units (excluding facilities management) to the
Pirelli & C. Real Estate Group, which is to integrate these units
into the company's specialist in-house structures. This
restructuring of services operations, which will see around 170
members of staff moving to the Pirelli Group, has been
implemented through the disposal of Telecom Italia and Olivetti
Multiservices property management, project management and agency
units in exchange for a price equal to around EUR 15 million for
Telecom Italia and EUR 3 million for Olivetti Multiservices.
These values were established on the basis of independent
assessments arranged by KPMG.

Plans are currently under preparation to concentrate Telecom
Italia and Olivetti Multiservices facility management operations
through the establishment of a new company that will be large
enough and have the requisite expertise to become a leader on the
Italian market.

Lazard Real Estate has served as financial advisor to Olivetti
and Telecom Italia; Studio Chiomenti has been legal advisor in
this operation.



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P O L A N D
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ELEKTRIM SA: Board Announces Claims For Damages
-----------------------------------------------
The Management Board of Elektrim S.A. announces that in October
2002 it received two notices from the Warsaw Regional Court, XII
Labour Division, relating to filing claims for damages by Ms
Barbara Lundberg and Mr. Waldemar Siwak in respect of their work
as presidents of the Management Board of Elektrim S.A. The claim
for damages filed by Ms B. Lundberg amounts to the equivalent in
PLN of USD 1,420,500 and PLN 428,000 together with interest.

Mr W. Siwak claims PLN 1,312,277,13 in virtue of work
compensation and bonus for the year 2001.



=====================
S W I T Z E R L A N D
=====================


CREDIT SUISSE: Asset Management Launches Two More Index Funds
-------------------------------------------------------------
Credit Suisse Asset Management is expanding its range of
passively managed products with the launch on November 15, 2002
(subscription period: November 4 - 15, 2002) of two more index
funds, Credit Suisse IndexMatch (Lux) on MSCI Europe Growth and
Credit Suisse IndexMatch (Lux) on MSCI Europe Value.

The new index funds will track the composition and weightings of
the MSCI Europe Growth IndexSM and the MSCI Europe Value IndexSM
respectively. These two style indices together represent the
universe of stocks in the MSCI Europe IndexSM. Morgan Stanley
Capital International (MSCI) decides on a twice-yearly basis
which stocks to include in which of the indices, using two
criteria: price/book value ratio and market capitalization.

Growth stocks are generally companies with a low book
value/market cap ratio and high long-term earnings growth
prospects. These include companies in the technology and
healthcare sectors, for example. Value stocks, meanwhile, are
those which have a high book value/market capitalization ratio
and are undervalued on earnings.

Since their launch in 1974, one of the two style indices, the
MSCI Europe Growth IndexSM or the MSCI Europe Value IndexSM, has
regularly outperformed the benchmark MSCI Europe IndexSM. With
the right market timing, it is therefore possible to beat the
MSCI Europe by overweighting or underweighting the two indices in
line with prevailing market conditions.

Credit Suisse Asset Management is currently Switzerland's biggest
provider of indexed products, with passively managed assets of
CHF 30 billion. The investment team for passive management was
set up in 1995 and comprises 14 people looking after not only
index funds but also institutional mandates and exchange traded
funds.

Fund details

Name of fund: Credit Suisse IndexMatch (Lux) on MSCI Europe
Growth
Index: MSCI Europe Growth IndexSM
Swiss Securities Number: 1479651
ISIN: LU0154069503
Fund currency: EUR
Management fee p.a.: 1.00%
Financial year: April 1 - March 31
Fund domicile: Luxembourg
Distribution: none, capital growth
Subscription period: November 4 - 15, 2002

Name of fund: Credit Suisse IndexMatch (Lux) on MSCI Europe Value
Index: MSCI Europe Value IndexSM
Swiss Securities Number: 1479648
ISIN: LU0154068448
Fund currency: EUR
Management fee p.a.: 1.00%
Financial year: April 1 - March 31
Fund domicile: Luxembourg
Distribution: none, capital growth
Subscription period: November 4 - 15, 2002

Credit Suisse Asset Management is the institutional and mutual
fund asset management arm of Credit Suisse First Boston, part of
the Credit Suisse Group, one of the world's largest financial
organizations with approximately USD 867.6 billion in assets
under management. Credit Suisse First Boston (CSFB) is a leading
global investment bank serving institutional, corporate,
government and individual clients. CSFB's businesses include
securities underwriting, sales and trading, investment banking,
private equity, financial advisory services, investment research,
venture capital, correspondent brokerage services and asset
management. CSFB operates in 77 locations in 36 countries across
six continents. The Firm is a business unit of the Zurich-based
Credit Suisse Group, a leading global financial services company.
For more information on Credit Suisse First Boston, please visit
our Web site at www.csfb.com.

As of June 30, 2002, Credit Suisse Asset Management employed
2,262 people worldwide and had global assets under management of
approximately USD 306.9 billion. Please note that this is not an
offer for advisory services by Credit Suisse Asset Management.
For more information on Credit Suisse Asset Management, please
visit our Web site at www.csam.com.

The representative in Switzerland of Credit Suisse IndexMatch
(Lux), an umbrella fund under Luxembourg law, is Credit Suisse
Asset Management Funds, Zurich. The paying agent in Switzerland
is Credit Suisse, Zurich. Subscriptions are only valid on the
basis of the current fund prospectus and latest annual report (or
half-yearly report, if this is more recent). Fund prospectuses,
terms and conditions and copies of the most recent annual and
half-yearly reports may be obtained free of charge from any bank
in the Credit Suisse Group.

"MSCI Europe Value Index and MSCI Europe Growth Index are trade
or service marks of Morgan Stanley Capital International Inc.
("MSCI") and its affiliates and have been licensed for use for
certain purposes by Credit Suisse Index Match Management Company
(Luxembourg) S.A. Credit Suisse IndexMatch (Lux) on MSCI Europe
Value and Credit Suisse IndexMatch (Lux) on MSCI Europe Growth,
based on the MSCI Euro index, have not been passed on by MSCI as
to their legality or suitability, and are not issued, sponsored,
endorsed, sold or promoted by MSCI. MSCI makes no warranties and
bears no liability with respect to the Funds. MSCI has no
responsibility for and does not participate in the management of
the Fund assets or sale of the Fund units. The Prospectus
contains a more detailed description of the limited relationship
MSCI has with Credit Suisse Index Match Management Company
(Luxembourg) S.A and the Funds. No purchaser, seller or holder of
this security, or any other person or entity, should use or refer
to any MSCI trade name, trademark or service mark to sponsor,
endorse, market or promote this security without first contacting
MSCI to determine whether MSCI's permission is required. Under no
circumstances may any person or entity claim any affiliation with
MSCI without the prior written permission of MSCI."

CONTACT:  Sandrine Mehr
          Credit Suisse Asset Management
          Corporate Communications Telephone
          Phone: +41 (0)1 333 4248

          Drew Welton
          Credit Suisse Asset Management Funds
          Sales & Marketing Telephone
          Phone: +41 (0)1 333 4959


CREDIT SUISSE: Launches Investment Group For Pension Provision
--------------------------------------------------------------
Credit Suisse launched the new investment group Mixta-BVG Basic.
This pension product invests mainly in areas which consistently
offer stable returns. As a result of its conservative
composition, Mixta-BVG Basic is particularly suited to
individuals with high security requirements who would like to
achieve higher returns on their retirement capital than with the
account solution.

Mixta-BVG Basic complements the Credit Suisse securities
investment product range. With this new product, Credit Suisse
offers individuals insured with the second pillar (vested
benefits) and those insured with the third pillar (private
pension provision) the prospect of attractive returns already
within an investment horizon of under five years. Mixta-BVG Basic
comprises approximately 40% real estate, 30%mortgages, 25% bonds
and 5% liquidity. These areas offer consistently stable returns.
The average returns expected are 2.75%. Mixta-BVG Basic is
therefore an attractive alternative for individuals with a high
security requirement who would rather not expose their retirement
capital to the price fluctuations on the equity markets, but
still want to achieve higher returns than with the account
solution.

For individuals who are prepared to accept greater price
fluctuations for potentially higher returns, Credit Suisse offers
investment groups Mixta-BVG Defensiv, Mixta-BVG and Mixta-BVG
Maxi.


SWISS LIFE: Company-Managed Fund Hurts Effort To Raise Cash
-----------------------------------------------------------
The admission of Swiss Life that top executives gained CHF12
million (USD8.15 million) from a company-managed fund may weigh
against the insurer's plan to raise money, says Bloomberg.

The insurer disclosed that six senior managers, including Chief
Executive Officer Roland Chlapowski, profited from personal
investments in the company's Long Term Strategy AG fund.

The details of the disclosure, which was released as the company
tries to request shareholders to invest as much as CHF1.2 billion
in the month, are seen to militate against the company's effort
to raise the needed cash.

Switzerland's largest insurer, which posted its biggest-ever
first-half loss after restating its accounts twice, needs cash to
bolster its capital.

According to Yann Goffinet, a fund manager at Vontobel Holding
AG, who doesn't own Swiss Life shares, ``This thing with LTS
doesn't help...in terms of damage to sentiment and credibility,
it's even worse than the accounting errors.''

The recalculation in its investment prospectuses delayed the
pricing of its rights offer by a week. The delay shows that the
firm is having difficulty negotiating with the banks, says Mr.
Goffinet.

The report, while noting that the offering is not fully
underwritten by banks, suggests the full underwriting of the
banks for the firm to raise as much money as it needs.



===========================
U N I T E D   K I N G D O M
===========================

ABERDEEN ASSET: Announces Unaudited Net Asset Values of Trusts
--------------------------------------------------------------
Management Limited announces the unaudited net asset values of
the following Investment Trusts as at close of business on 01
November 2002

Jove Investment Trust
  0.00p
Income

Jove Investment Trust
  0.00p
Capital

Jove Investment Trust
  68.54p
ZDP

Aberdeen Asian Smaller - undiluted
  128.57p
Ordinary

Aberdeen Asian Smaller - fully diluted
  122.65p
Ordinary

The Taverners Trust - undiluted
  89.26p
Ordinary

Aberdeen New Dawn
  202.80p
Ordinary

Aberdeen New Thai
  64.66p
Ordinary

Aberdeen Latin American - undiluted
  48.42p
Ordinary

Aberdeen Convertible
  40.68p
Ordinary

Smaller Companies Inv Trust
  171.04p
Ordinary

Smaller Companies Inv Trust
  177.95p
Loan

Enhanced Zero Trust
  0.00p
Ordinary

Broadgate Investment Trust - undiluted
  0.00p
Ordinary*

Broadgate Investment Trust
  104.67p
ZDP

Income & Growth Trust
  0.00p
Ordinary

Income & Growth Trust
  230.52p
ZDP

Income & Growth Trust
  14.98p
Income

Income and Growth Securities
  230.34p
ZDP 2006

European Growth & Income Trust
  0.00p
Capital

European Growth & Income Trust
  1.02p
Unit

European Growth & Income Trust
  1.02p
Income

European Growth & Income Trust
  16.73p
ZDP

Themis FTSE All Small Index
  137.47p
Ordinary

British Empire Securities & General Trust
  174.8p
Ordinary

British Empire Securities & General Trust
  170.6p
Debentures at market value

American Income Trust
  0.00p
XD Ordinary

American Income Trust
  25.002p
ZDP

American Income Trust
  5.229p
XD Annuity

European Monthly Income Trust
  4.1p
Ordinary

European Monthly Income Trust
  9.449p
Annuity

Aberdeen Development Capital
  61.22p
Capital

Aberdeen Development Capital
  79.99p
ZDP


* including brought forward revenue reserves for y/e 30 September
2001

**including brought forward revenue reserves for y/e 30 September
2001

***inclusive of all potential loan breakage liabilities not yet
incurred

****including brought forward and current period revenue reserves



BRITISH ENERGY: Announces Approval Of Borrowing Limit Increase
--------------------------------------------------------------
British Energy announces that an Extraordinary General Meeting
was held Monday. The meeting's sole purpose was for shareholders
to consider the approval of an ordinary resolution of the Company
increasing the group's borrowing limit, as set out in the
Company's Articles of Association, to GBP1.6 billion.

The Board is pleased to report that the resolution was approved.

CONTACT:  Paul Heward
          Phone: 01355 262201
          (Investor Relations)


BRITISH ENERGY: EU and Cameco Question Government Bailout
---------------------------------------------------------
The European Union and the company's Canadian business partner
Cameco challenge the legality of the GBP650 million government
rescue to nuclear power group British Energy.

The head of the European Union's Competition Commission said the
financial aid is considered unlawful. It is believed that the
objection of the commission head, Mario Monti, holds that the
rescue plan was granted without proper authorization and that it
may breach strict EU criteria, which stipulate that emergency
funds can only be given in the form of a one-off loan.

Monti's declaration could trigger a legal action against the
government, says The Scotsman. Other generating firms are also
reportedly considering whether to seek damages from the
government for distorting the market.

The company's partner Cameco, meanwhile, says it is filing legal
objection to the validity of the loan.

Cameco, which owns 15% of British Energy's subsidiary Bruce
Power, is said to be putting the pressure on the nuclear
generator to force it to sell all or a part of its 82% in Bruce
Power at a bargain price. Bruce Power is estimated at GBP500
million.

Compounding the issue is the move of Greenpeace to halt British
Energy's rescue plan. The group said it sought a High Court
action on their action, and is expecting an initial hearing at
the court within two weeks.

The report warns that in case Greenpeace's suit becomes
successful, it is likely that British energy will go into
insolvency.


BRITISH ENERGY: Rivals Offer Rescue Plan for British Energy
-----------------------------------------------------------
Rival generators of British Energy proposed to buy electricity
from the nuclear group through long-term contracts--a deal that
could hold the troubled company for the next ten years.

As revealed by Times Online, the contracts "would be struck at a
small premium to prevailing market prices...however, British
Energy would be offered the opportunity to share in any future
profits that arise through a recovery in power prices."

The period with which the contract is effective is deemed to give
the government time to work out a long-term nuclear policy.

British Energy's current GBP650-million loan facility expires
November 29 and the government has to decide whether to extend
the loan or let the company go into administration.

Innogy, the electricity supplier which first suggested the plan
to the Department of Trade and Industry, said it was prepared to
close some of its less economical coal-fired power plants as part
of a deal, in a concession that could be used to help to convince
the green lobby.

According to the report, as one of British Energy's largest
single customers, Innogy has endorsed the Government's view that
British Energy must not be allowed to go to the wall.


CABLE & WIRELESS: Gets Favorable Ruling On Akamai Suit
------------------------------------------------------
A federal court refused to find Cable & Wireless in contempt over
the patent infringement complaint brought by Akamai Technologies
Inc.

District Judge Rya Zobel said Cable & Wireless can continue
selling Digital Island Footprint 2.0 product, a product that
speeds data transmission to Internet users.

Akamai contested that Cable& Wireless infringes on Akamai patent,
but Judge Zobel disagreed saying Digital Island made changes to
Footprint 2.0 to render it different from the other version.

Cable & Wireless, the biggest business Web site manager, has
requested the entire injunction be lifted but failed to obtain
the desired response.

Akamai and Digital Island, owned by Cable & Wireless, has been
engaged in battles over patents for the last two years.

CNA REINSURANCE: Moody's Lowers Financial Strength Rating To Ba2
----------------------------------------------------------------
Moody's downgraded the insurance financial strength rating of CNA
Reinsurance Company Limited (CNA Re UK) from Baa2 to Ba2 and has
withdrawn the rating following the announcement that CNA Re UK
was sold to Tawa UK Ltd, a subsidiary of the Artemis Group. Tawa
has agreed to manage CNA Re UK as a run-off operation.

According to Moody's: "the Ba2 rating reflects the fact that
although an orderly run-off of CNA Re UK's underwriting is
expected under Tawa, CNA Re UK is now effectively divorced from
the Continental Casualty Group..."

The Group, which is part of CNA Financial Corporation, has a
rating of A3 for insurance financial strength and CNA Re's rating
has always benefited from its close links with CCC.


CORDIANT COMMUNICATIONS: Announces Notifiable Holdings
------------------------------------------------------
Cordiant was notified on 4 November 2002 that The Capital Group
Companies, Inc. has a holding of 11,463,300 Ordinary shares,
representing 2.79% of the issued share capital of the Company.

CONTACT: Cordiant
         Phone: +44 20 7262 4343
         Nathan Runnicles
         College Hill
         Phone: +44 20 7457 2020
         Contact: Alex Sandberg


CORDIANT COMMUNICATIONS: Issues Block Listing Six-month Return
--------------------------------------------------------------
Name of scheme          a)Cordiant No. 2 Executive Share Option
Scheme
                        b)       Performance Share Option Scheme

c) Performance Share Option Scheme
         (PSOS)

                        d)       Equity Participation Plan
                        e)       Zenith Executive Incentive Plan

f) Healthworld Corporation 1997
         Stock Option Plan
g) Lighthouse Global Network Inc,
         1999 Stock Option Plan
h) Lighthouse Global Network Inc,
2000
         Stock Option Plan



Period of return:               From   3 May 2002 to 3 November
2002

Number and class of share(s)
(amount of stock/debt security)
not issued under scheme:
a)     Lapsed

b)     3,442,002

c)     9,848,145

d)     9,624,849

e)     Lapsed

f)      2,697,735

g)     405,524

h)     3,956,054


Number of shares issued/alloted under scheme during period:
a)     0

b)     0

c)     0

d)     852,266

e)     0

f)      0

g)     78,173

h)     0


Balance under scheme not yet issued/allotted at end of period:
a)     Lapsed

b)     3,442,002

c)     9,848,145

d)     8,235,068

e)     Lapsed

f)      2,697,735

g)     405,524

h)     3,956,054


Number and class of share(s) (amount of stock/debt securities)
originally listed and the date of admission;
a)     3,750,000 Ordinary shares listed on 2.5.96

b)     5,500,000 Ordinary shares listed on 22.5.98

c)     11,500,000 Ordinary shares listed on 12.4.00

d)     12,000,000 Ordinary shares listed on 3.3.00

e)     1,200,000 Ordinary shares listed on 12.4.00

f)      6,600,000 Ordinary shares listed on 3.4.00

g)     485,000 Ordinary shares listed on 13.11.00

h)     5,900,000 Ordinary shares listed on 13 11.00

Please confirm total number of shares in issue at the end of the
period in order for us to update our records: 410,206,923

CONTACT: 121-141 Westbourne Terrace
         121-141 Westbourne Terrace
         London, W2 6JR
         Name:  Denise Williams
         Phone:  020 7262 4343

Person making return:

Name:               Denise Williams

Position:           Company Secretary

Signature:         Denise Williams


HP BULMER: Audit Takes Around GBP1 million From Books
-----------------------------------------------------
An audit of the financial gap related to unidentified promotional
costs in Bulmer's books cost the cider maker around GBP1 million
on its full-year profits.

The company had asked Deloitte & Touche to perform the audit
after it discovered in September a GBP3.8 million gap related to
the promotional expense. The result of the audit stripped the
company GBP900,000 million from its full-year profits to April
26, The Scotsman says.

In a previous TCR-Europe report, HP Bulmer, which fired finance
director Alan Flockhart after discovering accounting errors in
its books, have appointed John Darlington, a director of the
Society of Turnaround Professionals, to help with the accounts
after the departure of Mr. Flockhart.

As of the moment, the company says: "We have identified a
shortlist of high-quality candidates for the position of chief
executive and expect that we will be in a position to announce an
appointment shortly."


PACE MICRO: Appoints Area Manager For Central Europe
----------------------------------------------------
Pace Micro Technology plc has made a new appointment to expand
and develop its presence in the Central European Market. Heinrich
E. Haase has been selected as Area Manager, Central Europe.
Reporting to Jean Grindel, vice president Sales and Marketing,
Pace EMEA, Heinrich will take responsibility for customer
relationship management and business development in Central
Europe, including Germany and Austria.

Heinrich brings to Pace almost three decades of experience in the
telecommunications industry. Prior to joining Pace, Heinrich
worked at TOP Business AG, a training and consultancy company
specialising in telecommunications, where he was vice president,
sales and business development. Prior to TOP Business AG,
Heinrich worked at Philips where he was vice president, sales for
the German and Austrian markets for broadcast studios, digital
playouts, broadband networks and digital set-top boxes. Heinrich
began his career in engineering at TeKaDe before moving to
several product management roles at Philips Kommunikations
Industrie AG.

Jean Grindel, vice president Sales and Marketing, Pace EMEA
commented: "Pace is Europe's largest home gateway (set-top box)
supplier. With Heinrich's appointment we will be ideally
positioned to exploit opportunities in this area. Heinrich's vast
and varied experience of the German market will be incredibly
valuable as Pace's presence in this market increases. We are
pleased to have someone of Heinrich's skills and experience on
the team."

Heinrich E. Haase, Pace's Area Manager, Central Europe commented:
" I am delighted to join Pace, a company that is at such an
exciting stage in European developments. I look forward to
working to increase awareness of the company and develop
opportunities in several countries in Europe in order that Pace's
position as a market leader will be recognised."

Heinrich will be based near Nuremberg, Germany.

About Pace Micro Technology plc

Pace Micro Technology plc (LSE: PIC) is a leader in digital
television technology. The Company's primary focus is the
development of innovative home gateway (set-top box) solutions
for operators, broadcasters, telecommunications companies and
retail markets worldwide. In addition, Pace develops edge of
network devices for service providers, in particular digital IP
voice gateways for low-cost integrated voice and data services.

Pace's head office is in Shipley West Yorkshire, with further
offices in Bracknell, Cambridge, the USA, France and Hong Kong.
For further information, please visit Pace's web site at
http://www.pace.co.uk.

CONTACTS:  Pace Corporate
           Helen Kettleborough
           Pace Micro Technology
           Phone: +44 1274 538005
           E-mail: helen.kettleborough@pace.co.uk

           Emma Tobin
           Pace Micro Technology
           Phone: +44 1274 537093
           E-mail: emma.tobin@pace.co.uk


PIZZAEXPRESS: Receives Takeover Bid from Former Owner
------------------------------------------------------
Multimillionaire Hugh Osmond launched a bid for PizzaExpress, the
pizza chain he formerly owned.

PizzaExpress, which admitted having tough trading following a
slump in tourism and downturn in the economy, posted a year of
dwindling sales and--until the bid--falling share value.  The
shares were buoyed 9.7% to close up 31p at 351p.

According to The Scotsman, Sun Capital Partners, Osmond's
investment vehicle, unveiled an indicative bid offering 330-350p
to PizzaExpress shareholders, which translates to a 3-9 per cent
premium on the opening price Monday morning. The offer valued the
group at GBP251 million.

The restaurant group, which has over 300 outlets in the UK,
recently reported dwindling sales in its core PizzaExpress
restaurants.

Shares have jumped from 245p to 320p since the start of October,
as speculation mounted over a possible offer.

PizzaExpress, however, advised shareholders that they "should
take no action at this time" while promising a future
announcement.

Mr. Osmond's bid if accepted would take the pizza chain back into
private hands. The possibility is seen to endanger the position
of the current PizzaExpress chief executive David Page, who said
last month he would not consider working with a private equity
group.

Sun Capital is bidding jointly for PizzaExpress with private
equity group Capricorn Ventures, with investment bank ING Barings
advising the team on the sale.


ROYAL & SUN: Hopes of Asset Sales Boost Share Value
---------------------------------------------------
Shares of insurer Royal & Sun Alliance Plc recovered partially at
the start of the week on market hopes that the firm will sell
some of its operations to boost capital.

The shares were up 7.6% on Monday after it lost 10% in value on
reports of new asbestos claim from UK engineer Turner & Newall.

According to Reuters, Britain's second biggest general insurer is
not expected to resort to a rights issue but will likely announce
several disposals, including the sale of its Australasian
operations.

Businesses that are likely to be put up for sale are those in
Australasia, Canada, South America and Scandinavia. Investment
bank Bear Stearns, in a research note, said the Australasian and
Latin American units could raise up to EUR650 million.

Royal & Sun has a need for USD1 billion in cash to bolster
finances after large asbestos and flood claims hit earnings.

The insurer also needs additional cash so it can write more
business as fees for cover rise at the fastest pace in decades
following the Sept. 11 terrorist attacks in the U.S.

Investors, according to Reuters, are inclined to favor asset
sales over rights issue at the present time when the company
still lacked a chief executive. The company's former CEO, Bob
Mendelsohn, was fired last month over the company's dismal
results.






S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam,
Larri-Nil Veloso and Ma. Cristina Canson, Editors.

Copyright 2002.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                  * * * End of Transmission * * *