/raid1/www/Hosts/bankrupt/TCREUR_Public/030829.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

            Friday, August 29, 2003, Vol. 4, No. 171


                            Headlines


F I N L A N D

EVIA OYJ: 36 Workers to go Due to Financial Difficulties
PERLOS CORPORATION: Starts Negotiations to Layoff 70 Workers


F R A N C E

ALSTOM SA: Investors' Group Opposes Government Bailout Plan
SCOR GROUP: Second-quarter Earnings Miss Market Expectations


G E R M A N Y

ADCON TELEMETRY: Ends First-half with EUR26 Million Deficit
DAIMLERCHRYSLER AG: Denies Existence of New Cost-cutting Plan
FORD EUROPE: Sees Return to Profit in Fourth-quarter
JAGENBERG AG: Reports Higher Pretax Loss in Interim Results
MANNHEIMER AG: Holding No Longer Facing Insolvency, CEO Says
PROSIEBENSAT.1 MEDIA: Saban Appointed Supervisory Board Chairman
WESTLB AG: Pays Fine Without Admitting Federal Revenue's Claim


L U X E M B O U R G

MILLICOM INTERNATIONAL: Moody's Ratings Raised to 'B' Level


N E T H E R L A N D S

KLM ROYAL: Looking to Join Air France's SkyTeam
ROYAL PHILIPS: Inks MoU with Three European Broadband Partners
ROYAL PHILIPS: Semiconductor Unit Not for Sale, Says Chairman


S W E D E N

LM ERICSSON: May Relocate if Sweden Does Not Switch to Euro


S W I T Z E R L A N D

OM AB: Completes Public Offer to Shareholders, Warrant Holders


U N I T E D   K I N G D O M

3PC INVESTMENT: High Court Confirms Share Capital Reduction
ABBEY NATIONAL: Appoints Tony Wyatt Customer Operations Director
AMP LIMITED: Federal Court Approves AU$112 Mln GIO Settlement
AMP LIMITED: Demerger Still Preferred Strategy, Says CEO
AMP LIMITED: Unidentified Buyer Tries to Corner 11% of Shares

BRITISH AIRWAYS: Gets GBP4 Million from Speedwing Mobile Sale
CANARY WHARF: Minority Investor Eyes Full Control via Bailout
EASTWOOD CARE: Appoints Joint Administrative Receivers
LONDON FORFAITING: FIMBank's Offer Receives 65% Acceptance
LUXFER HOLDINGS: Rating Lowered to 'B-'; Outlook Negative
NIG GROUP: Special Risks Division Faces Gloomy Future
SANDERSON: Joint Receivers Offer Business for Sale


                            *********


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F I N L A N D
=============


EVIA OYJ: 36 Workers to go Due to Financial Difficulties
--------------------------------------------------------
The Evia Oyj Group has concluded personnel negotiations as provided under
the Act on Cooperation within Undertakings.  The negotiations resulted in
the fixed-term layoff of 36 employees.
The layoffs, ranging in length from one to three months, will be implemented
in autumn 2003.  The layoffs are attributable to a reduction in order volume
and weaker profitability.  The last quarter of 2003 will already reflect the
impact of the layoffs on the financial performance of the Evia Oyj Group.
The layoffs will be implemented in a manner that allows client business and
corporate development to be carried out as usual.

Evia Oyj
Mr. Arto Liinpaa
Managing Director

CONTACT:  EVIA OYJ GROUP
          Mr Arto Liinpaa
          Phone: +358 500 688 111
          E-mail: arto.liinpaa@evia.fi


PERLOS CORPORATION: Starts Negotiations to Layoff 70 Workers
------------------------------------------------------------
The outlook for Perlos Corporation's Pharma business sector is weaker than
anticipated for the remaining year.  The estimate for production volumes at
the Kontiolahti plant catering for the pharmaceutical industry has declined
and the plant's number of personnel is too large for the current situation.

Due to the reasons stated above, Perlos is forced to initiate statutory
negotiations on the adjustment of the number of personnel towards the new
situation at the Kontiolahti plant.  The negotiations concern the entire
Kontiolahti staff. In light of the present knowledge, the need for reduction
is some 70 employees.  In addition to layoffs, the adjustment is also likely
to require redundancies.  At the moment, the plant employs almost 400 people
in production and administrative positions.

Due to the weaker outlook, Perlos adjusts its growth estimate for the net
sales of the Pharma business sector in 2003 from the existing 10%.
According to current estimates, the net sales of the Pharma business sector
in 2003 will remain at the level of 2002.

For the entire Perlos Corporation, the outlook for profitability has not
changed.  The full-year earnings per share is still expected to improve from
the previous year.  The Pharma business sector accounted for 12% of the net
sales of Perlos Corporation in the first half of 2003.  At the end of June
2003, Perlos Corporation employed approximately 4,500 people.

Perlos Corporation
Timo Leinila
President

PERLOS IN BRIEF

Perlos is a global supplier for the telecommunications and pharmaceutical
industries. The company focuses on the mass production of technically
demanding components and subassemblies, with strict demands placed on
accuracy and quality.  Perlos' products include e.g. mechanical parts for
mobile phones in plastic and metal, moulds, antennas, connectors, and asthma
inhalers, as well as various batchers used in birth control and cancer
treatments.

The net sales of Perlos Corporation in 2002 were EUR364.6 million, and
company personnel numbered 3,974 in the end of 2002.  The group has
operations in Brazil, the U.K., China, Malaysia, Sweden, Finland, Singapore,
Hungary and the United States.

CONTACT: PERLOS CORPORATION
         Kari Sainio, President, Pharma
         Phone: +358 40 704 9019

         Jari Laaninen
         Director, Treasury and Investor Relations
         Phone: +358 9 2500 7326
         Home Page: http://www.perlos.com

         PERLOS PHARMA
         Ayritie 12 C, 2nd fl.
         01510 Vantaa
         Finland
         (P.O. Box 178, FIN-01511 Vantaa)

         Seppo Arento, Vice President, Sales & Marketing
         Phone: +358 9 2500 7235
         Fax: +358 9 2500 7252
         E-mail: seppo.arento@perlos.com


===========
F R A N C E
===========


ALSTOM SA: Investors' Group Opposes Government Bailout Plan
-----------------------------------------------------------
Investor protection group, Proxinvest, reportedly plans to launch a campaign
to cause the withdrawal of the GBP1.94 billion government-led rescue plan
for troubled engineering firm Alstom S.A.

Birmingham Post said the French adviser, which represents thousands of small
investors across France, claims the terms of the rescue package
discriminates against minority investors.

Proxinvest said: "This transaction constitutes an unequal treatment of
shareholders by the banking system which, after approving abusive loans and
the deplorable acquisition policy of the Alstom group kindly agrees to
provide new credits at a rate of 450 basis points (4.5%) above Euribor."

In addition, Pierre-Henry Leroy, the group's director, also believes the
government and Alstom's panel of more than 30 banks have been given
information not available to small investors.
Mr. Leroy suggests Alstom may have failed to provide accurate details of its
financial situation to shareholders at its annual meeting in July.

The company hit serious problems after it acquired power generation
interests from competitor ABB in 1999 and then faced compensation
liabilities because two models of turbines were unable to provide customers
with guaranteed power output.
It was also suffered after the September 2001 terrorist attack in the United
States, which caused the collapse of Renaissance Cruises, for which Alstom
had built ships with financial guarantees.

The group recently announced it was cutting half of its 10,000-strong U.K.
workforce, prompting the French officials to step in and help rescue the
engineering giant.  Under the rescue plan, a GBP415.2 million rights issue
that will leave the French government with 31 percent of the equity will
dilute individual Alstom shareholders.


SCOR GROUP: Second-quarter Earnings Miss Market Expectations
------------------------------------------------------------
Gross written premiums for the first-half of 2003 totaled EUR2,069 million.
This is a decline of 18% compared to the first-half of 2002.  At constant
exchange rates, this decline would have been 11%, and is in large part due
to the cessation of underwriting activity in the Bermudan subsidiary CRP.
Technical operating income for the first-half of 2003 came to EUR63 million.

Income before tax and goodwill amortization amounted to EUR82 million for
the first-half of 2003.  The Group's operating cash flow for the first-half
of 2003 came to EUR292 million, a big increase compared to the first-half of
2002 (EUR58 million).

First-half results were affected by the May 2003 tornadoes in the United
States, with a net cost after retrocession of EUR37.6 million, and by a
foreign exchange gain of EUR86 million. In mid-June the Group strengthened
its asset and liability currency matching.

The Board of Directors of SCOR, chaired by Denis Kessler, met on August 26,
2003 to approve the financial statements for the first-half of 2003.

(1) Results for the first-half of 2003

Technical operating income for the first-half of 2003 totaled EUR63 million
compared with EUR 13 million in the first-half of 2002.

Income before tax and goodwill amortization was EUR82 million for the
first-half of 2003 compared with EUR67 million for the first-half of 2002.

Group net income for the first-half of 2003 amounted to EUR42 million,
representing net earnings per share of EUR0.31.

Operating cash flow totaled EUR292 million for the first-half of 2003,
compared to EUR58 million for the first-half of 2002. Cash and cash
equivalents stood at EUR1,524 million at June 30, 2003.

Technical reserves amounted to EUR10,358 million at June 30, 2003, virtually
unchanged from their December 31, 2002 level. At constant exchange rates,
technical reserves would have increased 11%.

Shareholders' funds stood at EUR1,016 million at June 30, 2003. Despite the
positive income of EUR42 million, currency fluctuations led to a 5% drop
when compared to December 31, 2002.

Currency developments also explain the slight decrease in Group long-term
capital (revalued net assets, quasi-equity and long-term borrowings) to
EUR2,122 million compared to EUR2,183 million at December 31, 2002.

(2) Business activity in the first-half of 2003

Gross written premiums declined 18% during the first-half of 2003 as
compared to the same period the year before. They reached EUR2,069 million,
as against EUR2,510 million for the first-half of 2002. At constant exchange
rates, this decrease in revenues would have been limited to 11%.

This revenue decrease is explained mainly by Commercial Risk Partners (CRP),
the Group's Bermuda-based alternative risk transfer subsidiary, which ceased
writing business in January 2003. Excluding CRP, gross written premiums for
the first-half of 2003, at constant exchange rates, would have been down
just 2% as compared to the first-half of 2002.

Net earned premiums amounted to EUR2,083 million for the first-half of 2003,
down 3.6% from the net earned premiums of EUR2,160 million in the first-half
of 2002.

Non-life reinsurance (Property&Casualty treaty business and Large Corporate
Accounts, excluding Credit&Surety and CRP) reported premium income of
EUR1,245 million for the first-half of 2003, a fall of 20% (13% at constant
exchange rates) compared with the first-half of 2002. Technical operating
income came in at EUR58 million for the first-half of 2003, compared with
EUR27 million for the first-half of 2002 and a loss of EUR275 million for
the full year of 2002. Results were affected by the May 2003 tornadoes in
the United States, which cost a net total of EUR37.6 million. The results
are also affected by the reprovisioning for the underwriting years prior to
2001 in the United States, which had a negative effect of 6 percentage
points on the combined ratio. Overall, the net combined ratio came in at
104.7% for the first-half of 2003, compared to 105.3% for the first-half of
2002 and 115.2% for the full year of 2002. Excluding the U.S. tornadoes and
the U.S. reprovisioning, the combined ratio would have been 95.4% for the
period.

Life and Accident reinsurance activities are growing. Revenue for the
first-half of 2003 rose to EUR782 million, up 11% (19% at constant exchange
rates). Technical operating income reached EUR41 million for the first-half
of 2003, an increase of 70% compared to EUR24 million for the first-half of
2002.

The Credit&Surety reinsurance business, with revenue of EUR42 million, was
down 27% compared to the first-half of 2002. The technical operating loss
amounted to EUR15 million, compared to a loss of EUR27 million for the
first-half of 2002 and a loss of EUR111 million for the full year 2002. The
combined ratio was 132.4% for the first-half of 2003, compared with 143.1%
for the first-half of 2002 and 181.2% for the full year of 2002. The result
was impacted by two events in the credit derivatives portfolio totaling
EUR27 million. To be prudent, the Group decided to reconstitute its
provisions for this portfolio so as to remain at the same level of EUR126
million as at December 31, 2002. Excluding credit derivatives, the net
combined ratio of the Credit and Surety business was 93.0% for the
first-half of 2003, against 128.0% for the first-half of 2002.

CRP reported a technical operating loss of EUR21 million for the first-half
of 2003 compared with a loss of EUR11 million for the first-half of 2002 and
a loss of EUR172 million for the full year of 2002.

Group operating expenses amounted to EUR101 million for the first-half of
2003, down 2.1% compared with the same period the previous year. The Group
employed 1,238 people at June 30, 2003 compared with 1,286 at December 31,
2002.


Consolidated key figures

In EURmillion           June 30,   June 30,   Change   December
                          2003       2002               31, 2002
Gross written premiums    2,069      2,510      -18%     5,016
Net earned premiums       2,083      2,160       -4%     4,269
Group net income             42         21      100%     (455)
Net technical reserves   10,358     10,076        3%     10,380
Investments
(marked to market)       9,645      8,959        8%      9,717
Group shareholders' equity 1,016     1,249      -19%      1,070
Group shareholders' equity, revalued
                           1,252     1,547      -19%      1,289

In EUR

Earnings per share*         0.31      0.56       n.m.     (3.33)
Earnings per share,
fully diluted*             0.31      0.56       n.m.     (3.33)

* On the basis of 41 million shares for June 30, 2002 and 136 million shares
for June 30, 2003 and December 31, 2002

(3) Asset Management, first-half of 2003

Total investment income for the first-half of 2003 amounted to EUR321
million compared with EUR241 million in the same period of 2002. Income from
ordinary investing activities contributed EUR161 million (EUR193 million in
the first-half 2002), realized capital gains EUR78 million (EUR71 million in
the first-half of 2002), allowances for long-term impairment EUR5 million
(EUR83 million in the first-half of 2002) and foreign exchange gains EUR86
million (EUR59 million in the first-half of 2002). In mid-June, the Group
strengthened its asset and liability currency matching.

Total unrealized capital gains amounted to EUR331 million at June 30, 2003,
compared with EUR87 million one year earlier and EUR303 million at December
31, 2002. This unrealized capital gains represent an 11% increase in the
first-half of 2003. At June 30, 2003, the equity portfolio carried
unrealized losses of EUR18 million, the bond portfolio unrealized gains of
EUR236 million, and real estate investments unrealized gains of EUR113
million.

Investments (marked to market) amounted to EUR9,645 million at June 30,
2003, down 0.7% compared with December 31, 2002, although up 4% at constant
exchange rates. Investments break down as follows: bonds (67.7%), cash and
cash equivalents (15.8%), cash deposits (9.0%), real estate (4.7%) and
equities (2.8%).

(4) Outlook

The SCOR Group is implementing its Back on Track plan launched in November
of 2002. The decline in gross written premiums was due both to the strict
and selective underwriting policy centered on risk control, as established
by the Group under the Back on Track plan, as well as to exchange rate
fluctuations.

The Group is focusing on Short-Tail lines rather than Long-Tail lines.
Short-Tail lines represented 52% of P&C Reinsurance business for the
first-half of 2003, as against 50% for the first-half of 2002. The Group has
also rebalanced its geographical mix of business. North American premiums
have declined 42% between the first-half of 2002 and the first-half of 2003.
The Group has also stopped its alternative risk transfer business by ceasing
the underwriting activity of CRP, which is now in the midst of both a
commutation program as well as negotiations for its sale. The Group has also
increased its Life Reinsurance business.

Gross combined ratios for Non-Life business written in 2002 (86.1%) and 2003
(96.5%) are of good quality, confirming that the Group's technical recovery
is well under way.

The negative loss developments in the United States for the 1998, 1999 and
2000 underwriting years continue to weigh on the results of the Group. In
addition, the Group continues to be subject to high retrocession costs.

At the end of the Board meeting, Denis Kessler, Chairman and Chief Executive
Officer, made the following comments: "First-half results show an
improvement in the fundamentals of the SCOR Group. They are confirmation
that the corporate turnaround measures taken for the SCOR Group are starting
to produce results. SCOR is doing everything possible to restore in a
lasting way the Group's profitability and to rapidly reinforce solvency
levels.

"With this in mind, the Group has introduced prudent underwriting and
investment policies. It is refocusing on markets and business lines in which
it has acknowledged expertise. The Group's withdrawal from CRP will reduce
volatility and its plans to bring other partners into its newly created Life
reinsurance subsidiary will strengthen the Group's capital base.

"The goal of the SCOR Group is to provide customers with risk coverage and
management capability together with high value-added services, in the
optimal security conditions they expect from it."


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G E R M A N Y
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ADCON TELEMETRY: Ends First-half with EUR26 Million Deficit
-----------------------------------------------------------
Adcon Telemetry AG, which is listed in the FWBs Prime Standard segment, has
now confirmed the provisional results for the first-half of 2003 published
on August 7, 2003.  Consolidated sales for the period under report came to
EUR4.61 million as announced (compared with EUR7.55 million for the first
half year of 2002).  Due to the drop in sales as well as the
recapitalization costs of EUR3,49 million, EBITDA deteriorated to -EUR5.77
million (after -EUR1.23 million in the first six months of last year).  In
light of high writedowns and goodwill amortizations EBIT came in
significantly lower and amounted to -EUR22.83 million (after -EUR 3.01
million in the first half of 2002).  The result after taxes for the first
half of financial 2003 came to -EUR26.63 million (after -EUR2.91 million in
the same period of last year), this equals a net loss per share of -EUR2.46
after minus EUR0.30 in the same period of the previous year (both basic and
diluted).  This marked deterioration in the result for the period is
primarily due to the need for valuation adjustments and write-downs in the
second quarter.

Issuer's information/explanatory remarks concerning this
ad-hoc-announcement:

Background information and details:

The need for significant valuation adjustments was the main feature of
developments at Adcon Telemetry AG in the first half of financial 2003.  As
of the second quarter, the main focus was accordingly on initiating the
financial and operative reorganization of the corporation.  The tight
liquidity situation within the Adcon group necessitated trenchant
cost-saving measures.  In the third quarter of the current business year, we
shall continue to place a strong focus on cost cutting and reorganization
within the group.  Further recapitalization measures will also have to be
taken for French subsidiary Adcon RF Technology SA, which is held covered by
a letter of comfort issued by Adcon Telemetry AG.

In view of the recapitalization measures now ongoing within the group,
predicted sales for the third and fourth quarters of 2003 have been made the
subject of a conservative assessment in line with the realities of the
situation.  For whole financial 2003 Adcon projects net sales of EUR8million
whereby it has to be taken into consideration that the Dutch subsidiary,
Adcon
RF Technology B.V. will no longer be consolidated within the group.  EBITDA
in the second half of 2003 will continue to be negative, albeit on the basis
of a drastically improved cost structure.


DAIMLERCHRYSLER AG: Denies Existence of New Cost-cutting Plan
-------------------------------------------------------------
There's no truth to reports the company will introduce new cost-cutting
programs to save EUR1.5 billion, an unidentified DaimlerChrysler AG
spokeswoman told Ireland Online.

She admitted, however, that the company intends to save US$1 billion this
year at its Chrysler unit, but through previously announced cost cuts.


FORD EUROPE: Sees Return to Profit in Fourth-quarter
----------------------------------------------------
Ford Europe expects to recover from a second-quarter loss of US$525 million
(GBP330 million) in the final quarter of the year, according to the
Telegraph.

David Thursfield, executive vice president in charge of international
operations, said: "I would be disappointed if we don't return to profit in
the fourth quarter."

Mr. Thursfield disclosed the outlook as the company named Mazda President
Lewis Booth its new chief operating officer.  Mr. Booth replaces Martin
Leach, who resigned following the company's deep fall in the second quarter.
Mr. Booth's appointment came as a surprise as he only became president of
Mazda, which is owned by Ford, last year and had been expected to stay for
three years.

For his part, Mr. Booth said: "I recognize this is unexpected. The future of
Ford Europe is very important not just for Ford but for Mazda as well."

Ford is suffering from the downturn in the continental market and the
strength of the euro against the sterling due to its importation of a large
volume of its models from continental locations.


JAGENBERG AG: Reports Higher Pretax Loss in Interim Results
-----------------------------------------------------------
In H1/2003, the Jagenberg Group generated sales of EUR51.3 million (down
from EUR96.7 million), albeit the year-earlier figure is not comparable due
to the changed consolidation group.  Non-German sales by the Group accounted
for 83.5%.  In the six months of the current year, the Kampf Group showed
sales of
EUR34.4 million, EUR5.4 million short of H1/2002.  With the order situation
again healthy, Kampf expects all of 2003 to match the very good year-earlier
magnitude.  Lemo's sales in H1/2003 were disappointing at EUR11.0 million,
following EUR15.7 million a year ago.

Order intake by the Jagenberg Group in H1/2003 added up to EUR61.9 million
(down from EUR122.6 million).  Propelled by ongoing strong demand from
China, Kampf's order intake reached EUR42.9 million (up by EUR3.5 million).
With the market still sluggish, the situation remains critical at Lemo.
H1/2003 order intake at EUR14.1 million was well short (by EUR8.1 million)
of the year-earlier figure.  Order backlog for the Jagenberg Group reached
EUR56.8 million as of June 30, 2003 (down from EUR84.8 million).

H1/2003 EBT for the Jagenberg Group was a negative EUR15.7 million (H1/2002,
a negative EUR7.8 million).  The figure for H1/2002 reflected the gain from
the deconsolidation of the sheeter operations and as this was a one-off
transaction, the H1/2003 EBT is deeper in the red.  Moreover, as in previous
years and typical of the specialty machinery market, H1 sales are normally
disproportionately low in the Jagenberg Group.  With the level of costs
virtually unchanged, the pretax loss was accordingly higher.  In the latter
half of 2003, the Kampf Group's earnings will show a sharp improvement.


MANNHEIMER AG: Holding No Longer Facing Insolvency, CEO Says
------------------------------------------------------------
Days after Mannheimer Holding AG posted a net loss due to EUR147.5 million
writedowns, Chief Executive Lothar Stoeckbauer declared the ailing German
insurer is no longer facing insolvency and hopes its cooperation with
Continentale Holding AG will help it overcome financial problems.

The CEO, quoted by Dow Jones Newswires at Mannheimer's annual general
meeting, said the insurer sees its future business in property and casualty
insurance and health insurance.  He said steps will be taken in the coming
weeks to boost the insurer's capital base, although no concrete plans have
been concocted for this.

Mannheimer Holdings fell victim to three years of declining stock prices
that eroded investment income.  The high percentage of stock market
investments also hit its life insurance unit, Mannheimer Lebensversicherung
AG, which stopped writing new business in June.  The firm received another
blow when the planned injection of new capital in the company failed to come
through.

However, Continentale and Mannheimer recently struck a partnership, wherein
Germany's sixth-largest health insurer will initially take a 51% stake in
Mannheimer Holding's health insurance unit Mannheimer Kranversicherung AG.

Stoeckbauer also said Mannheimer is in the process of transferring its
344,000 life insurance policies to the industry's emergency fund, Protektor
Lebenversicherung AG.

The insolvent Mannheimer Leben will subsequently be liquidated, the chairman
added.


PROSIEBENSAT.1 MEDIA: Saban Appointed Supervisory Board Chairman
----------------------------------------------------------------
The newly formed Supervisory Board of ProSiebenSat.1 Media AG has
unanimously appointed Haim Saban, Chairman and CEO of the Saban Capital
Group, to act as chairman of the Supervisory Board.  Adam Chesnoff,
President and Chief Operating Officer of the Saban Capital Group, was
unanimously elected deputy chairman.

The election of the chairman and his deputy took place as part of the
appointment of new members to the Supervisory Board following the takeover
of around 36% of the capital stock of ProSiebenSat.1 Media AG by the Saban
Capital Group.  Until now, Dr. Michael Jaffe, administrator of KirchMedia
GmbH & Co. KGaA, had been chairman of the Supervisory Board, with Wolfgang
Hartmann, member of the management board of Commerzbank AG, acting as his
deputy.

CONTACT:  PROSEIBENSAT.1 MEDIA AG
          Dr. Torsten Rossmann, Company Spokesman
          Medienallee 7
          D-85774 Unterfohring
          Phone: +49 [89] 95 07-11 80
          Fax: +49 [89] 95 07-11 84
          E-mail: Torsten.Rossmann@ProSiebenSat1.com


WESTLB AG: Pays Fine Without Admitting Federal Revenue's Claim
--------------------------------------------------------------
In a bid to settle a feud with the Federal Revenue, German bank WestLB AG
has consented to the issuance of a cease-and-desist order and a penalty of
US$3 million, without admitting any allegations made against it.

According to Reuters, WestLB paid the amount to the Federal Revenue to
settle allegations that in 2001 it conditioned credit to its corporate
customers on whether they also chose the bank as a debt underwriter.
Specifically, the Federal Revenue alleged that from March 2001 through late
May 2001 the bank's Global Structured Finance division in New York offered
to extend credit to "certain corporate customers" on condition that "the
customers appoint WestLB as co-manager of syndicates underwriting future
issues of debt securities by the customers or affiliates of the customers."
Federal law in general prohibits "tying" the availability of financial
products with others.

Although WestLB spokesman Sam Ostrow said the bank neither confirmed nor
denied the allegations, WestLB had put in place measures to ensure
compliance with anti-tying restrictions and has paid the US$3 million fine.

The Federal Revenue's order directed the bank to present a training program
for U.S. workers to ensure compliance with anti-tying restrictions,
including policies and procedures to govern "relationship banking."  The
bank should also notify any customer who agreed in the past to name WestLB
as an underwriter in the future in connection with the alleged tying that it
would not enforce that condition.  Both actions should be made within 30
days.

TCR-Europe recently reported that international rating agency Fitch Ratings
had downgraded the Individual rating of WestLB AG to 'D' from 'C/D' and
removed it from Rating Watch Negative.

Fitch has also removed the Individual rating of WestLB's owner, Landesbank
Nordrhein Westfalen, from Rating Watch Negative and affirmed it at 'C/D'.
The 'AAA' Long-term ratings, 'F1+' Short-term ratings and '1' Support
ratings of both banks are affirmed.  The Outlook for the Long-term ratings
remains Stable.


===================
L U X E M B O U R G
===================


MILLICOM INTERNATIONAL: Moody's Ratings Raised to 'B' Level
-----------------------------------------------------------
An improved liquidity position and reduced leverage as a result of the
completion of the company's exchange offer and subsequent issuance of 5%
mandatory exchangeable bonds that will help retire approximately US$167
million of 11% senior notes led Moody's to upgrade its ratings on Millicom
International Cellular S.A.

The upgrade affected these debt instruments, which Moody's says are worth
about US$867 million:

-- Senior implied rating to B1 from Caa1

-- Issuer Rating to B2 from Caa2

-- 13.5% senior subordinated discount note due 2006 to B3 from Caa3

-- 11.0% senior unsecured notes due 2006 assigned a B2 rating.

"The ratings continue to reflect broad-based country risks related to
Millicom's multinational operations (which are concentrated in emerging
market countries), including potentially adverse currency exchange, local
economic, competitive, political and regulatory conditions; the limited
purchasing power of the populations where Millicom operates (overall), which
may constrain the magnitude of the company's revenue growth, going forward;
the challenge of managing a broad base of multi-national operations spread
across a number of different countries; and structural considerations with
respect to the company's consolidated capital structure," Moody's said.

On a positive note, Moody's underscored the company's distinct advantages,
which led to the upgrade.  These include:

(a) Strong operating cash flow generation;

(b) Geographic diversification of Millicom's subsidiaries, which
    reduces the company's exposure to the country risks of any
    individual country; and

(c) Generally low penetrations rates and resultant strong growth
    prospects for the mobile markets where Millicom operates.

"The ratings also reflect the solid growth of Millicom's operations over the
past year.  For the quarter ending 30 June 2003, overall revenues increased
13% year-over-year (somewhat constrained by negative 2% growth for the
company's Latin American operations -- due to currency devaluations) while
EBITDA increased 29% over the same period," it said.

Meanwhile, Moody's said repayment of the US$167 million 11% senior notes
will reduce the company's holdco cash interest expense to US$62 million
(excluding interest from the exchangeable notes -- which will be serviced
from escrowed cash) from US$145 million (prior to the debt restructuring).

"The B2 rating of the company's 11% senior unsecured notes reflects their
structural subordination to material amounts of debt at the subsidiary
levels.  The B3 rating of the company's 13.5% senior subordinated notes
reflects both structural subordination to debt at the operating company
level as well as the contractual subordination of the 11% notes," Moody's
added.

Millicom (MIC) is a developer and operator of cellular telephone services
with operations in 16 countries in Latin America, Asia and Africa.  For the
quarter ending 30 June 2003, the company reported revenues and EBITDA of
US$143.9 million and US$73.4 million, respectively.


=====================
N E T H E R L A N D S
=====================


KLM ROYAL: Looking to Join Air France's SkyTeam
-----------------------------------------------
Dutch airline, KLM Royal, is entertaining the idea of joining the alliance
led by Air France, instead of the British Airways' OneWorld.

KLM spokesman Bart Koster told Reuters the company is currently not talking
with British Airways, saying: "We have held talks with BA on and off for
many years and we know each other's points of view very well.  We took stock
and decided that we would focus on talking to Air France."

Mr. Koster declined to say when KLM last talked to the U.K. airline,
although he insisted discussions about joining the OneWorld alliance could
resume at any time.  KLM Chief Executive Leo van Wijk had also said British
Airways was still keen on taking over its smaller rival.

The KLM spokesman also declined to say what caused the deadlock in the
discussions with British Airways.  It is noted that the two airlines have
made several unsuccessful merger attempts in the past decade.

Meanwhile, Reuters said most analysts predict KLM will join Air France's
SkyTeam because its long-term U.S. partner, Northwest, is closely working
with SkyTeam member Delta.  Joining the alliance could also benefit KLM,
which is looking for a strong European partner to ensure long-term
viability, as it could be the first step towards an eventual takeover by Air
France.

However, several outstanding issues still have to be settled between the
Dutch and French carriers.  Such issues include Air France's unfinished
privatization and KLM's desire to maintain its Dutch identity and solidify
the role of Amsterdam's Schipol airport as a major European hub.


ROYAL PHILIPS: Inks MoU with Three European Broadband Partners
--------------------------------------------------------------
Royal Philips Electronics (AEX:PHI; NYSE:PHG) announces it has signed
Memoranda of Understanding with BT, Belgacom, T-Com and Telecom Italia to
jointly develop the use of broadband and complementary enabled technologies
in the U.K., Belgian, German and Italian markets.  This follows earlier
announcements from Philips about its alliances with KPN and Telefonica and
is one of a series of alliance announcements that Philips will be making
with broadband operators around Europe.  The alliances will ensure that
Philips' connected entertainment products will work effectively with the key
European telcos broadband and value-added services.

As part of the Memoranda of Understanding, the companies have agreed to
share strategy on multimedia, entertainment and consumer electronics
technologies, especially on new business based on broadband.

Gottfried Dutine, CEO Philips Consumer Electronics and member of the Board
of Management said: "Widespread adoption of broadband will only occur as
consumers are presented with real ongoing value propositions beyond the
limits of the PC.  We realize that in the Connected Home environment,
consumers want easy to install, easy to use, and easy to upgrade products
and services that allow them to enjoy their favorite entertainment content.
To accomplish this, it is essential that we work closely in step with
broadband providers such as BT, Belgacom, T-Com and Telecom Italia.
Together with our existing alliances with KPN and Telefonica, these
agreements are a big step in our broadband strategy to cover Europe.  We
believe that such alliances are the beginning of a new service and product
dynamic for the home environment that will spur the development of next
generation applications such as home automation and interactive video
communications."

BT Retail Director of Home Communications, David Sales said: "This alliance
is about the power of broadband and what it can do for the customer in the
home.  Together, BT and Philips will offer consumers in the U.K. more
compelling and easier to use solutions that will really enable them to tap
in to the great benefits of broadband."

Building Blocks for the Connected Home

The products Philips plans to offer U.K., Belgian, German and Italian
customers are built on Philips' core strengths in display, storage,
connectivity and video processing, as well as standard WiFi technology and
open protocols.  Under the Streamium brand of connected audio and visual
devices, Philips will be aiming to offer customers products that enable them
to enjoy their favorite entertainment and content whenever, wherever and
however they choose.

The Philips-BT Alliance will focus on a full range of broadband-enabled
multimedia and entertainment products and services for the U.K. market.  In
order to create consumer awareness of the possibilities of broadband beyond
the PC, the two companies plan to create joint product demonstrations and
entertainment displays in key retail partner outlets.  These demos will
showcase a complete portfolio of Philips' connected devices enabled by the
BT Broadband service in order to educate consumers on the profound impact
broadband will have on home entertainment, personal expression and
productivity applications.

Additionally, the companies will cooperate on product research and
development, driving the adoption and wider use of digital home applications
using broadband.  Philips and BT have agreed to share product and service
roadmaps, as well as actively collaborate on product/service planning.  New
products will be showcased through the alliance as and when they reach the
market.  The first announcement is expected in October.

About BT

BT Group plc is the listed holding company for an integrated group of
businesses providing voice, data and video services in the U.K. and
elsewhere in Europe.  British Telecommunications plc, a wholly owned
subsidiary of BT Group, holds virtually all businesses and assets of the BT
group.

BT is one of Europe's leading providers of telecommunications services.  Its
principal activities include local, national and international
telecommunications services, higher-value broadband and internet products
and services, and IT solutions.  In the U.K., BT serves over 20 million
business and residential customers with more than 29 million exchange lines,
as well as providing network services to other licensed operators.

BT consists principally of three lines of business:

(a) BT Retail, serving businesses and residential customers and including BT
Openworld, one of the U.K.'s leading ISPs.

(b) BT Wholesale, providing network services and solutions within the U.K.,
including ADSL, conveyance, transit, bulk delivery of private circuits,
frame relay and ISDN connections.

(c) BT Global Services, BT's managed services and solutions provider,
serving multi-site organizations worldwide.  Its core target market is the
top 10,000 global multi-site organizations with European operations.

There are a number of other businesses within the BT group, including BT
Exact, an internationally renowned centre of excellence in IT and networking
technologies.  It is also BT's technology and research and development
business.  In the year ended March 31, 2003, BT's turnover was GBP18,727
million with profit before taxation of GBP1,829 million For more
information, visit http://www.bt.com

About Royal Philips Electronics

Royal Philips Electronics of the Netherlands is one of the world's biggest
electronics companies and Europe's largest, with sales of EUR31.8 billion in
2002.  It is a global leader in color television sets, lighting, electric
shavers, medical diagnostic imaging and patient monitoring, and one-chip TV
products.  Its 164,000 employees in more than 60 countries are active in the
areas of lighting, consumer electronics, domestic appliances,
semiconductors, and medical systems.  Philips is quoted on the NYSE (symbol:
PHG), London, Frankfurt, Amsterdam and other stock exchanges.  News from
Philips is located at http://www.philips.com/newscenter

                     *****

Philips is trying to rationalize its production again after it posted losses
last year.  It has been trying to reduce losses over the years and CEO
Gerard Kleisterlee has been forced to lay off 50,000 of the company's staff.

CONTACT:  ROYAL PHILIPS
          Sajin Varghese, Philips Corporate Communications
          Phone: +31 20 5977425
          Email:sajin.varghese@philips.com

          BT
          Damian Peachey
          Phone: +44 20 7492 4774
          E-mail: damian.p.peachey@bt.com


ROYAL PHILIPS: Semiconductor Unit Not for Sale, Says Chairman
-------------------------------------------------------------
Royal Philips Electronics N.V. Chairman Gerard Kleisterlee declared recently
the Dutch diversified technology group has no plans of selling its
loss-making semiconductor division.

Mr. Kleisterlee, who was interviewed by weekly WirtschaftsWoche, said
Philips sees the division as key to its future, thus it wants to hold on to
it.  He said: "The semiconductor unit is decisive for our company strategy.
We can only get ahead of our rivals by the developments we make there."

The chairman explained margins in consumer electronic products "are just
over zero, if at all."   However, Philips' earnings from licensing are
growing because of new patents that come from the semiconductor division.

"Patents play a decisive role nowadays in the entertainment electronics
sector," Mr. Kleisterlee said.  Philips "can only survive if it remains a
technological leader," he added.

Philips has been through a decade of turbulent restructuring.  The company,
which used to make products as diverse as refrigerators, computers,
televisions and telecoms equipment, has reduced the number of its business
units from over a dozen to just five.  It has already closed or sold some
120 factories worldwide and has cut 50,000 jobs in 2001.  The group now
plans to catch up with rivals STMicroelectronics and Infineon by focusing on
innovative products, such as screens, multimedia products and mobile
communications.

AFX News said the group aims to steer its semiconductor division back to
profit in the fourth quarter.


===========
S W E D E N
===========


LM ERICSSON: May Relocate if Sweden Does Not Switch to Euro
-----------------------------------------------------------
Ericsson CEO Carl-Henric Svanberg hinted of a possible relocation as polls
continue to show most Swedes do not want to exchange their krona for euro.

Mr. Svanberg warns companies would be reluctant to make investments in
Swedish krona when their revenue is in bigger currencies such as dollar and
euro, according to the Telegraph.  He also said the company's competitors in
the telecoms market in the eurozone such as Nokia and Siemens were at an
advantageous position as they face no currency exchange risks.

As the countdown towards the September 14 referendum approaches, opinion
polls continue to show that Swedes do not want to adopt the euro currency.

"I am convinced that we can build a strong Ericsson if we have our
headquarters here.  But then again I expect it to be a 'Yes' vote," Mr.
Svanberg told Dagens Nyheter newspaper referring to the result of the
referendum.

"When you develop a new product and are going to build a new production
line, you always have a choice: should you do it in your Swedish factory or
in your French, or German, or Japanese factory?  In the end more of those
decisions are going to work against Sweden in the event of a 'No' vote."


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


OM AB: Completes Public Offer to Shareholders, Warrant Holders
--------------------------------------------------------------
OM announces that 12,516,105 shares in HEX Plc, including shares in HEX to
be issued as a result of exercise of HEX warrants, and 18,000 HEX warrants
have been tendered in OM's public offer to the shareholders and warrant
holders of HEX.  The HEX shares and warrants tendered in the Offer, together
with the HEX shares already held by OM, correspond to approximately 99.4% of
the aggregate number of shares and votes in HEX, fully diluted.  The
conditions for completion of the Offer are thereby satisfied and the Board
of Directors of OM has decided to complete the Offer.

As a consequence of the above, the Board of Directors has, based on an
authorization given by the extraordinary general meeting of shareholders on
August 18, 2003, resolved to issue a maximum of 31,290,262 new shares,
leading to an increase of the share capital by a maximum of SEK 62,580,524.
The right to subscribe for the new shares shall only be granted to holders
of shares in HEX, whereby the new shares shall be paid by transfer of the
subscribers' shares in HEX to OM in accordance with the terms and conditions
of the Offer.

Shares in OM are expected to be registered in the accepting HEX shareholders
' book-entry accounts on Wednesday September 3, 2003 and trading in the OM
share is expected to commence on Helsinki Exchanges on Thursday September 4,
2003.  Payment of the cash consideration to HEX warrant holders having
accepted the Offer is intended to be made no later than Friday September 26,
2003, with respect to warrants of series A and B, and no later than Friday
May 28, 2004, with respect to warrants of series C and D.

Further, the Board of Directors has resolved to extend the Offer to the
shareholders in HEX, for the purpose of enabling those shareholders who have
not yet tendered their shares to accept the Offer.  The extended Offer
Period expires at 4:00 p.m. Finnish time on September 25, 2003.
Consideration, in the form of new OM shares, is expected to be delivered to
the HEX shareholders accepting the Offer during the extended Offer Period on
or about seven business days following the expiration of the Offer Period as
extended.  Shareholders in HEX wishing to accept the Offer during the
extended Offer Period shall complete, sign and return an acceptance form to
Sampo Bank or Mandatum Private Bank in accordance with the instructions in
OM's prospectus dated July 3, 2003, for arrival prior to the expiration of
the Offer Period as extended.

The Board of Directors of OM expects that the contribution in kind
comprising of maximum 12,516,105 HEX shares will be entered into the balance
sheet of OM at a maximum value of SEK 1,939,996,244, excluding transaction
and integration costs.

OM expects to initiate a compulsory acquisition proceeding with respect to
the remaining HEX shares in the latter part of September 2003.

OM is a world-leading provider of transaction technology to the financial
services and energy industries.  Developing and marketing IT solutions that
boost the efficiency of markets worldwide, OM has over 300 customers in 20
countries.  OM also owns and operates exchanges and clearing organizations
and has operations in 10 countries.

OM is listed on Stockholmsborsen.  For more information please visit
http://www.om.com

                     *****

OM AB revealed in its interim report for January to June 2003 loss after
financial items of SEK521 million, operating loss of SEK513 million, and
loss after tax of SEK457 million.

It is implementing a cost reduction program, which is estimated to lower the
company's costs by SEK578 million and result in lower revenues of SEK105
million on a yearly basis.  These measures aim to achieve sound
profitability and create a stronger company in preparation for the merger
with HEX.

CONTACT:  OM AB
          SE-105 78 Stockholm, Sweden
          Phone: +46 8 405 60 00
          Fax: +46 8 405 60 01
          Contact: Jakob Hakanson, VP Investor Relations
          Phone: +46 70 569 52 42
          Anna Eriksson, VP Corporate Communications
          Phone: +46 8 405 66 12
          Mobile: +46 70 554 52 06


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


3PC INVESTMENT: High Court Confirms Share Capital Reduction
-----------------------------------------------------------
Notice is hereby given that the Order of the High Court of Justice (Chancery
Division) dated July 30, 2003 confirming the reduction of the share capital
of 3PC Investment Trust PLC (now-known as Active Capital Trust Plc) from
GBP180,00 to GBP176,000 and the Minute approved by the Court showing with
respect to the capital of the Company as altered the several particulars
required by the Companies Act 1985 were registered by the Registrar of
Companies on August 2, 2003.

CONTACT:  CITY LAW PARTNERSHIP, Solicitors for the Company
          99 Charterhouse Street
          London EC1M 6NQ
          Phone: 020 7253 5505
          Fax: 020 7253 5525


ABBEY NATIONAL: Appoints Tony Wyatt Customer Operations Director
----------------------------------------------------------------
Abbey National plc announces the appointment of Tony Wyatt to the Board as
Customer Operations Director, an Executive Director position.  He takes up
his role on September 1, 2003.

Mr. Wyatt will take over from Mac Millington, who announced on June 25, 2003
his intention to take early retirement.  Mr. Millington will help with the
handover until September 30, 2003.

Mr. Wyatt, 54, joins Abbey National with over 25 years experience in
operations including 17 years at Midland Bank.  He joined in 1976 as a
Systems Analyst and held a number of senior posts before being appointed
Banking Systems Director in 1990.  During his time at Midland, he worked on
the centralization of all processing activities out of the branch network.
He was also closely involved in the planning and launch of First Direct, the
U.K.'s first branchless bank.

In 1993, following the takeover of Midland by HSBC, Mr. Wyatt moved to
Guardian Royal Exchange as Director of Group Development where he was
responsible for the company's IT and HR, operations in southern Asia, and
the establishment of an online health claims processing center in India.

In 1999, he joined AT&T's Consumer Division as Vice President of Operations,
Technology and Planning, and was appointed CIO in the same year.  In the
following year he moved, with the CEO, to New Power to become Managing
Director of Operations and Technology.  New Power was created as an energy
marketer following the deregulation of the U.S. energy market.  He remained
with the company until November 2002.

Mr. Wyatt presently works as an Affiliate Director for Novantas, a New
York-based global consulting company that specializes in the creation of
customer service solutions.

Luqman Arnold, Chief Executive of Abbey National, said: "Customer Operations
underpins all we are trying to achieve at Abbey National.  We can only
succeed in delivering our new strategy to focus on U.K. personal financial
services if we get the operational end right.  Tony has a great track record
and a wealth of operations experience including leading the implementation
of company-wide changes.  Given the huge organizational transformation we
are undertaking, he is the ideal person to lead our Customer Operations team
and further develop and implement the work begun by Mac Millington.

"I would like to take this opportunity to thank Mac again for the enormous
contribution he has made to Abbey National and for helping us to lay the
foundations of our new strategy.  We wish him all the best for his
retirement."

Mr. Wyatt said: "Abbey National has set out to change the landscape in U.K.
banking, so this is a marvelous opportunity to join a company that is trying
to be truly different from everyone else.  The role comes with some
significant challenges, as Abbey National is undergoing enormous change but
I'm looking forward to playing my part."

Mr. Wyatt will be responsible for all Abbey National operational areas
including product operations for banking, savings and insurance, customer
contact centers, debt management, asset management operations, payment
services and sourcing.

CONTACT:  ABBEY NATIONAL
          Christina Mills, Head of Media Relations
          Phone: 020 775 64212

           Jon Burgess, Head of Investor Relations
           Phone: 020 775 64182


AMP LIMITED: Federal Court Approves AU$112 Mln GIO Settlement
-------------------------------------------------------------
AMP Limited announced the Federal Court has approved the settlement relating
to the takeover of GIO in 1999.  Details of the settlement were outlined in
AMP's statement to the Australian Stock Exchange on August 8, 2003.

                        * * * * *

AMP has struggled financially in recent years, plagued by problems flowing
from its decisions to acquire general insurer GIO (since sold to SunCorp
Metway).

Former GIO shareholders launched the AU$600 million class action in 1999
after following the recommendation of directors to reject a AU$3 billion
takeover bid by AMP.  The shareholders said they incurred huge losses after
being wrongly advised that GIO was forecasting a big profit and that they
should not sell their stock to AMP because its offer was too low.

The takeover spurred legal wranglings -- the class action as well as cross
claims as AMP also sued GIO's advisers -- that lasted four years and were
settled just over a week ago with a payment of AU$112 million to
shareholders.

CONTACT:  AMP LIMITED
          Level 24, 33 Alfred Street
          Sydney NSW 2000 Australia
          ABN 49 079 354 519


AMP LIMITED: Demerger Still Preferred Strategy, Says CEO
--------------------------------------------------------
AMP Limited Chief Executive Officer Andrew Mohl commented on the order to
purchase up to 174 million shares in AMP.

"The new Board and management team are making considerable progress in
restoring value for shareholders," Mr. Mohl said.
"Investors are becoming more confident in our management of what has been a
difficult situation."

Mr. Mohl said the demerger is progressing to plan and remains the preferred
strategy to create maximum long-term shareholder value.  He said
shareholders should receive substantial information about the company as
documentation for the demerger is finalized in the coming weeks.  By
mid-October, a detailed Explanatory Memorandum outlining the demerger is
expected to be available.


AMP LIMITED: Unidentified Buyer Tries to Corner 11% of Shares
-------------------------------------------------------------
Investment banks Citigroup and JB Were on Wednesday attempted to buy 11% of
Australian insurer AMP, owner of NPI, Pearl and London Life in Britain.

The entities, which offered up to 174m AMP shares at a minimum of A$5.60 a
share, were believed to be acting in behalf of National Australia Bank.  The
bid compares with AMP's A$5.15 closing price.  Later, the bidders raised
their price to AU$6 after failing to fill the order overnight in Australia.

The bidder was expected to reveal its identity Thursday as Australian
listing rules require stakes of more than 5% to be disclosed.  According to
the Guardian, the development prompted speculation that the troubled insurer
could face a full-blown takeover offer.

The Telegraph said AMP's CEO Andrew Mohl would not comment directly on the
bid yesterday but insisted that AMP was still committed to its break-up
strategy.  AMP is planning to demerge its business into the new AMP, made up
of the insurer's Australasian businesses, and Henderson, comprising the U.K.
operations.  The insurer's U.K. life insurance businesses, Pearl, London
Life, and NPI is currently in need of GBP500 million in funds to survive.


BRITISH AIRWAYS: Gets GBP4 Million from Speedwing Mobile Sale
-------------------------------------------------------------
Speedwing International Limited, a subsidiary of British Airways Plc, has
disposed of its trading division Speedwing Mobile Communications to AirRadio
Limited -- a company forming part of the Spice Holdings Plc Group.  The
consideration for the sale of the business and assets is GBP4.6 million.

                     *****

British Airways recently reported a pre-tax loss of GBP45 million and
operating profit of GBP40 million.  Revenues were down 10.7% versus GBP1.8
billion last year.


CANARY WHARF: Minority Investor Eyes Full Control via Bailout
-------------------------------------------------------------
New York diamond magnate, Simon Glick, is reportedly partnering with Morgan
Stanley Real Estate Fund to co-finance a takeover of Canary Wharf, the
Telegraph said yesterday.

Morgan Stanley was one of the first to reveal interest in the property
developer when it revealed in June its desire to take the company private
for about GBP1.8 billion.  Mr. Glick was part of the consortium formed by
Paul Reichmann when he bought Canary Wharf out of administration in 1995.
Mr. Glick currently owns 15% of the company, while Mr. Reichmann controls
7.75%.

Founded in the 1980's, Canary Wharf owns Britain's tallest building in its
London Docklands complex.  A stock market crash in 1987 almost became its
death knell, but a group of banks bailed out and subsequently sold the
company.  It recovered during the late 1990s but encountered difficulties
again after the September 11 attacks discouraged interest in skyscrapers,
TCR-Europe said.


EASTWOOD CARE: Appoints Joint Administrative Receivers
------------------------------------------------------
Nature of business: Other human health activities

Trade classification: 8514

Date of appointment of Joint Administrative Receivers: August 5, 2003

Name of appointer: PHF Securities (No. 2) Limited

CONTACT:  EASTWOOD CARE HOMES (MANSFIELD) LIMITED
          Michael John Hore and Simon Peter Bower
          Joint Administrative Receivers
          (office holder nos 1630 and 8338)

          RSM Robson Rhodes LLP
          186 City Road
          London EC1V 2NU


LONDON FORFAITING: FIMBank's Offer Receives 65% Acceptance
----------------------------------------------------------
On July 22, 2003, the Boards of London Forfaiting and FIMBank (U.K.)
announced a recommended cash offer for the entire issued and to be issued
share capital of London Forfaiting.  The Offer was made by WestLB on behalf
of FIMBank (U.K.) by means of the Offer Document, which was posted on July
22, 2003.

FIMBank (U.K.) announces that as at 3.00 p.m. (London time) on Tuesday
August 26, 2003, being the closing date of the recommended cash offer, valid
acceptances of the Offer had been received from the holders of, in
aggregate, 68,149,616 London
Forfaiting Shares, representing approximately 65.0% of the London Forfaiting
Shares to which the Offer relates.

Prior to making the Offer, FIMBank (U.K.) had received irrevocable
undertakings to accept (or procure the acceptance of) the Offer in respect
of, in aggregate, 38,970,897 London Forfaiting Shares, representing
approximately 37.2% of the issued share capital of London Forfaiting.  Valid
acceptances of the Offer have been received in respect of all of the London
Forfaiting Shares, which were the subject of such irrevocable undertakings
and are included in the total number of valid acceptances referred to above.

The Offer has been extended and will remain open for acceptance until 3.00
p.m. on September 2, 2003.  London Forfaiting Shareholders who have not yet
accepted the Offer are urged to do so as soon as possible.

London Forfaiting Shareholders, holding London Forfaiting Shares in
certificated form, who wish to accept the Offer should complete the Form of
Acceptance enclosed with the Offer Document and return it, together with
supporting documents, to the receiving agents to the Offer, Capita IRG Plc,
at Corporate
Actions, PO Box 166, The Registry, 34 Beckenham Road, Beckenham, Kent BR3
4TH as soon as possible but, in any event, so that their acceptances are
received not later than 3.00p.m. on Tuesday September 2, 2003.

Additional Forms of Acceptance are available from Capita IRG Plc, by
telephoning 0870 162 3100 (if calling from within the U.K.) or +44 20 8639
2157 (if calling from outside the U.K.). London Forfaiting Shareholders, who
hold their London Forfaiting Shares in uncertificated form, wishing to
accept the Offer should do so using the procedure set out in the Offer
Document.

Save as disclosed in this announcement or in the Offer Document, neither
FIMBank, FIMBank (U.K.) nor any persons acting or deemed to be acting in
concert with them, held any London Forfaiting Shares (or rights over any
London Forfaiting Shares) prior to the Offer Period and neither FIMBank,
FIMBank (U.K.) nor persons acting or deemed to be acting in concert with
them have acquired or agreed to acquire any London Forfaiting Shares (or
rights over any London Forfaiting Shares) since the commencement of the
Offer Period.

Terms used in this announcement shall have the meaning given to them in the
Offer Document, save where the context requires otherwise.

CONTACT:   Fimbank
           Margrith Lutschg-Emmenegger
           Phone: +356 23 280 180

           WESTLB
           Ian Soanes
           Phone: 020 7020 4000

           BELL POTTINGER
           David Rydell
           Phone: 020 7861 3886


LUXFER HOLDINGS: Rating Lowered to 'B-'; Outlook Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term corporate
credit rating on U.K.-based engineering group Luxfer Holdings PLC to 'B-'
from 'B', following the group's announcement of a weakened first-half 2003
trading performance that has resulted in a deterioration of the group's
credit measures and cash flow. The outlook is negative.

At the same time, Standard & Poor's lowered its senior unsecured debt rating
on Luxfer's GBP160 million (US$252 million) bond, due 2009, to 'CCC+' from
'B-'.

Luxfer's profitability declined significantly during the first half of 2003,
reflecting the significant commercial challenges still faced by the group in
its markets.  Demand for core products such as aluminum cylinders and
zirconium chemicals has been weak and price competition in traditional key
markets -- such as U.S. medical and automotive -- has intensified. At June
30, 2003, the group had unadjusted total debt of GBP129.3 million.

"The loss of volume in a relatively high fixed-cost business, and the
adverse effect of price pressure on gross margins, has considerably weakened
the trading and cash flow performance of Luxfer," said Standard & Poor's
credit analyst Leigh Bailey.  "This has resulted in a deterioration of the
group's credit measures, which will be difficult to improve in the present
market environment."

Luxfer's markets are likely to remain depressed over the intermediate term.
The group's liquidity could be threatened if cash flow performance does not
improve given the group's very aggressive leverage.  In the event that
financial ratios weaken, or continued cash outflows threaten the group's
liquidity position, a review of the ratings would be likely.


NIG GROUP: Special Risks Division Faces Gloomy Future
-----------------------------------------------------
The special risks division of insurance group NIG faces liquidation after
the collapse of personal injury compensation specialists, The Accident
Group, according to the Telegraph.

NIG has put the division for sale but is contemplating on running down the
unit if a buyer is not found, the report said.
A spokesman denied its difficulties has something to do with The Accident
Group saying, "anything we choose to do with the special risks division
would not be because of The Accident Group."

But the report, citing The Insurance Times, said the fallout from The
Accident Group hit NIG particularly hard.  NIG is underwriter for TAG
claimants, paying the firm's arrangement if the case -- half of which were
too Weak to proceed, according to actuaries B&W Deloitte -- was lost.  It is
believed to have likely took an aggressive approach to underwriting The
Accident Group business, charging low premiums offset by large excesses.

NIG is among the insurers contemplating whether to file legal proceedings.
The other insurers include Catlin, Autrium, Allianz Cornhill and Goshawhk,
which put itself up for sale after being hit by exposure to The Accident
Group.


SANDERSON: Joint Receivers Offer Business for Sale
--------------------------------------------------
The Joint Administrative Receivers, N Kahn and N G Edwards, offer for sale
the business and assets of Sanderson including its interest in its French
and U.S. subsidiaries.

Established in 1860, Sanderson distributes fabrics, wallpapers, prints, bed
linen, curtains and paints.  The company includes the Morris & Co. brand,
which presents original fabrics and wallpapers designed by William Morris.

The assets available include: archive and design studio, international
license business, turnover of GBP23 million, 180 employees, U.K. retail
including 80 concessions, trade distribution in U.K. and over 60 countries
worldwide, overseas showrooms in New York and Paris, and wallpaper and
bedding production facilities.

Customers include, House of Fraser, John Lewis, Debenhams, Selfridges.

For details of Sanderson business and assets please contact David Harding or
Tom Keir at Sanderson House, Oxford Road, Denham, Buckinghamshire UB9 4DX,
at telephone number 01895 830028, or e-mail at receivers@a-sanderson.co.uk


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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.  Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee
Gonzales, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2754.

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