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        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, November 14, 2003, Vol. 4, No. 226


                            Headlines

B E L G I U M

REAL SOFTWARE: Key Investors Back Bid to Keep Business Open


F R A N C E

ALSTOM SA: Wins Contract to Supply Trains in Germany, Italy
FRANCE TELECOM: TOP-Line Programs Underpin Yearly Guidance
SKF FRANCE: To Close SEK200 Million Bearings Factory in Thomery


G E R M A N Y

COMMERZBANK AG: Offer Shares after Posting Record Loss
COMMERZBANK AG: Takeover Rumors Fast Becoming Real
HEIDELBERGER DRUCKMASCHINEN: Halves Operating Loss to EUR34 Mln
MG GROUP: Implementation of Restructuring Program On Track
MG GROUP: Nine-month, Third-quarter Performance Lackluster
WCM GROUP: Sells Assets in Desperate Move to Keep Prime Holdings


I R E L A N D

ELAN CORPORATION: Third-quarter Total Revenues Slip Nearly 50%


N O R W A Y

AKER KVAERNER: Posts NOK48 Million Third-quarter Net Loss
DNO ASA: Drops Plan to Raise Financing via Bond Issue


U N I T E D   K I N G D O M

BALTIMORE TECHNOLOGIES: Sets EGM to Get Approval for Unit's Sale
BALTIMORE TECHNOLOGIES: Management Shake-up to Follow Divestment
CABLE & WIRELESS: Key Indicators Up as Rehab Plan Bears Fruit
CANARY WHARF: Chairman Steps in, Plans to Form Bid Vehicle
CANARY WHARF: CWG Acquisition Weighs Options Following Rejection

CANARY WHARF: Barclays, Lehman Brothers Exercise Right to Sublet
CORUS GROUP: Taps Market for Cash Needed to Fund U.K. Shake-up
CORUS GROUP: Bets GBP160 Million on Strip and Long Products
CORUS GROUP: Unveils Additional GBP350 Mln Cost-cutting Program
CORUS GROUP: Subscription to Share Offer Expires December 8

CORUS GROUP: European Trading Remains Sluggish
CORUS GROUP: Sets Extraordinary General Meeting December 5
CORUS GROUP: S&P Keeps Ratings on CreditWatch Negative
EQUITABLE LIFE: Chairman Claims 'Society' Is Solvent
HOLLINGER INC.: U.S. Tycoon Launches Due Diligence

KINGFISHER PLC: Third-quarter Dive Triggers Management Shake-up
MARCONI CORPORATION: Gives Full Control of Confirmant to Oxford
TELESENS KSCL: Former Staff File Suit to Collect Severance Pay


                            *********


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B E L G I U M
=============


REAL SOFTWARE: Key Investors Back Bid to Keep Business Open
-----------------------------------------------------------
The shareholders syndicate of Real Software N.V., constituted on October 7,
2003, has been terminated with immediate effect on November 10, 2003.
Anthylis S.A. and Mr. Marc Sunnen, who in the past made an important
contribution to the company's continuity and growth, immediately closed
ranks with the Board of Directors of Real Software N.V.

Anthylis S.A. and Mr. Marc Sunnen will, therefore, vote in favor of the
company's continuity, within the current guidelines as determined jointly
with the bank consortium.  One representative of these shareholders will
receive a specific mandate from the Board of Directors to participate in the
forthcoming negotiations with the banking syndicate to reinforce the current
negotiating team.  The nomination of this representative as member of the
Board will be proposed to the next extraordinary shareholders' meeting, to
strengthen the existing Board (which composition remains further unchanged).

The Board of Directors is convinced that this development, mainly inspired
by the safeguarding of the interest of the staff, the customers and
providers of the group, will bring a positive dynamic to the activities of
the company and the negotiations with the bank consortium.

About Real Software

Real Software was established in 1986.  In 2002, it generated turnover of
EUR179.6 million and an operating profit (EBIT) of EUR14 million,
representing an EBIT margin of 7.8%.  The group employs 1,547 employees and
since 2002 its organization has been based around four divisions: Banking &
Insurance, Industry (formerly Manufacturing & Maintenance), Business &
Government and Retail.  It offers a comprehensive range of software
services, from the development and implementation of in-house products,
tailor-made projects and outsourcing through to advice, implementation and
sales of products produced by other companies such as SAP, JD Edwards,
Oracle, Microsoft Navision and Microsoft Axapta.  The company exports
Belgian technology to a number of countries, including Luxembourg, the
Netherlands, France, Germany and Switzerland.  Its customer portfolio
includes companies such as Du Pont de Nemours, Carrefour, Johnson & Johnson,
Merck Sharp & Dohme, Biogen, Renault, the Paris Metro, TF1, EDF -
Electricite de France, SNCF, PTT Post, NedCar, Philips, Bandag, Goodyear,
KBC Bank and Fortis Bank.


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


ALSTOM SA: Wins Contract to Supply Trains in Germany, Italy
-----------------------------------------------------------
ALSTOM won a EUR45 million commuter-train order from Hamburg S-Bahn and a
EUR39 million order for railway systems and infrastructure from Rete
Ferroviaria Italiana.

Trains for S-Bahn Hamburg

S-Bahn Hamburg, the city's rapid-transit railway, has awarded a consortium
consisting of ALSTOM and Bombardier Transportation an order for the supply
of nine new trains and the rebuilding of 33 existing trains.  ALSTOM's share
of the EUR90 million order is EUR45 million.

The 42 three-unit trains will offer service on a new extension of an S-Bahn
line.  Both the new and the renovated trains will be equipped to use two
different power-supply systems.  ALSTOM will supply the mechanical equipment
from its site at Salzgitter, and Bombardier will supply the electrical
equipment.

Railway systems and infrastructure for Milan-Bologna line

RFI, the infrastructure subsidiary of Italy's national railway group,
Ferrovie dello Stato, has awarded an ALSTOM-led consortium a EUR65 million
order to supply systems and infrastructure for a railway line between Milan
and Bologna.  ALSTOM's share of the contract is EUR39 million.

ALSTOM will design, manufacture, install and test the systems for signaling,
train control, telecommunications, power supply and lighting.  The other
members of the consortium are the Italian companies Sirti, Ceprini, Icefs
and CLF, which will carry out other engineering and construction work, such
as civil works and trackwork.

CONTACT:  ALSTOM S.A.
          Investor relations:
          E. Chatelain
          Phone: +33 1 47 55 25 33
          E-mail: Investor.relations@chq.alstom.com


FRANCE TELECOM: TOP-Line Programs Underpin Yearly Guidance
----------------------------------------------------------
On Wednesday, on the occasion of investor day, France Telecom:

(a) Confirmed its 2005 guidance

     (i) 2004 and 2005 revenue growth top end of 3% to 5% range
         on a comparable basis

    (ii) 2005 REAA/sales margin target of 40%

   (iii) 2004 and 2005 Capex ratio 10% to 12% of sales

(b) Detailed its TOP-Line programs to accelerate growth and
    anticipate industry changes

     (i) 40 growth initiatives to take advantage of all
         opportunities in France Telecom Group markets and 14
         group-wide initiatives to leverage synergies

    (ii) Commitment to a schedule for the development of
         numerous innovative products and services

   (iii) Major role of industrial partnerships and R&D

(c) Underlined priorities, which include debt reduction and
    operational improvement with the TOP program, among others.

     (i) 1.5 to 2 Net Debt/REAA ratio in 2005 targeted

    (ii) Continuing cost rationalization

   (iii) "Excess cash" used to improve organic growth and
         shareholder distribution as early as 2004

The full slide show is available in the investor section of France Telecom's
website: http://francetelecom.com

Group profile (Figures at September 30, 2003)

At September 30, 2003, the France Telecom Group (including companies in
which France Telecom holds a controlling interest) had a total of 114.9 mill
ion customers, broken down as:

Customers                      (in millions)   Countries
Wireless Communications             53.6         21
Fixed Line Telephony                49.7         11
Internet Access (active customers)  10.7         11
Cable networks                       0.9          1

                              *****

Comparable basis: constant exchange rates and scope of consolidation.

REAA: Operating income before depreciation and amortization and before
amortization of actuarial adjustments in the early retirement plan.

CAPEX (investments expenses): Acquisition of tangible and intangible assets,
excluding GSM and UMTS licenses.


SKF FRANCE: To Close SEK200 Million Bearings Factory in Thomery
---------------------------------------------------------------
SKF France will close its bearing factory in Thomery, near Fontainebleau at
Seine et Marne.  The factory has 206 employees and a yearly turnover of
close to SEK200 million.  This restructuring is necessary to improve the
productivity and thus the competitiveness of the product range of small ball
bearings and thin section bearings presently made at the Thomery plant, says
Jean Tournoux, President of SKF France.  The volumes manufactured at the
Thomery plant would be transferred to other SKF factories, mainly in France.
The cost of this restructuring will be included in the provisions to be
taken for the fourth quarter, which were announced in the nine-month report
in October this year.

                              *****

Last month, SKF GmbH also decided to discontinue production of plain
bearings at the Etzenhofen, Puttlingen plant in Germany by the end of 2004.
A competitive market and high production costs at the plant as well as the
currency development have negatively impacted profitability, making
cost-saving measures necessary to restore profitability for the plain
bearing business.

CONTACT:  AKTIEBOLAGET SKF
          SE-415 50 Goteborg, Sweden
          Phone: +46 (0)31 337 1000,
          Fax: +46 (0)31 337 2832
          Home Page: http://www.skf.com
          Investor Relations:
          Marita Bjork
          Phone: +46 (0)31 3371994,
          E-mail: Marita.Bjork@skf.com


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


COMMERZBANK AG: Offer Shares after Posting Record Loss
------------------------------------------------------
Commerzbank's board of managing directors decided on a complete revaluation
of its securities and investments portfolio.  The book values of all its
holdings in listed industrial and financial institutions were adjusted in
line with market values.  Other holdings were written down to a fair value.
This enabled the Bank to free itself from these hidden burdens.  The
write-down of these holdings as of September 30, 2003 totaled EUR2.3
billion.

The operating profit of the Commerzbank Group for the third quarter -- for
the third time in succession -- produced solid black figures (EUR101
million) and confirmed the progress made in the Bank's turnaround.  After
nine months, the operating profit of EUR467 million is almost three times
more than achieved a year ago.  The Board confirmed it expects to present a
respectable operating profit for the complete year.  Through its expenses
arising from special factors, a group net loss of EUR2.3 billion was
reported for Q3.  For the whole year 2003, a net loss of around EUR2 billion
is expected.  This will not permit a dividend payment for 2003.  However a
full distribution will be made on profit-sharing certificates.

To compensate for the reduction in its regulatory equity capital following
its revaluation action, Commerzbank will this Wednesday, November 12, go to
the market with a capital increase without subscription rights for
shareholders.  A total of around 53.3 million new shares, based on
capital-raising measures approved at Commerzbank's Annual General Meetings
in 1999 and 2002, will be offered by Commerzbank Securities and Morgan
Stanley to institutional investors.  After placing these shares, the core
capital ratio will return to the bank's long-term goal of around seven
percent.

To see key income statement items (in million euros):
http://bankrupt.com/misc/Commerzbank_3Q.htm

The complete interim report may be found in the Internet under:
http://www.commerzbank.com/aktionaere/konzern/index.html


COMMERZBANK AG: Takeover Rumors Fast Becoming Real
--------------------------------------------------
The continued erosion of Commerzbank AG's revenue base has made it an
attractive takeover target, according to analysts interviewed by Dow Jones
recently.

With its status as third-largest German bank fading, the group is catching
the attention of international banks, which until recently have shunned its
proposal to merge on equal footing.  At best, the bank is now considered a
second-tier European lender lacking the scale to compete with global giants,
says Dow Jones.

The scale of its deterioration was very evident in the third quarter
results, which underscored a EUR2.2 billion net loss.  Dow Jones says even
the company's asset management division -- considered a core growth area --
struggled to meet expectations.

The problem with Commerzbank, according to analysts, lies with its business
strategy.  Since 2001, CEO Klaus-Peter Muller has labored to focus the bank
on fund management, retail banking, and selling capital-markets services to
midsize companies.  The problem is: the fund management business is losing
customers, while the retail business lacks critical mass.  Its business
clients, in addition, don't want very much investment banking.

Just recently, Mr. Muller declared Commerzbank "a better bank."  S&P
analyst, Stefan Best, agrees but adds, it is "not yet a very profitable
one."  The rating agency rates Commerzbank 'A-' with a negative outlook.

"[T]he bank's stream of weak results... show[s] that its revenues are
sliding as fast as its costs.  Long the subject of takeover speculations and
a few attempts, Commerzbank could finally be turning into an attractive
target for international banks," Dow Jones says.


HEIDELBERGER DRUCKMASCHINEN: Halves Operating Loss to EUR34 Mln
---------------------------------------------------------------
During the first six months (April 1 to September 30) of fiscal year
2003/2004, Heidelberger Druckmaschinen AG (Heidelberg) recorded sales of
around EUR1.5 billion (previous year: EUR1.9 billion).  Adjusted for
currency and consolidation effects, this represents a fall of 15% compared
with the previous year.  Incoming orders during the same period amounted to
EUR1.8 billion (previous year: EUR2.0 billion).

Order levels during the second quarter were better than for the months April
to June, particularly in the Sheetfed Division and, under regional aspects,
in the countries of Asia and Eastern Europe.

"The global reluctance to invest and the economic and structural problems
facing our industry have not changed significantly in the first half of the
current fiscal year," stated Bernhard Schreier, CEO of Heidelberger
Druckmaschinen AG.  "The current economic climate does not allow concrete
sales and profit forecasts for fiscal year 2003/2004.  We must wait and see
over the coming weeks and months to what extent the positive development
from the second quarter proves to be sustainable."

The operating result for the half-year was -EUR93 million (previous year:
EUR36 million).  The net result was -EUR129 million (previous year: EUR13
million).

"Despite sales being only slightly up on the first quarter, we were able to
virtually halve the operating loss in the second quarter to -EUR34 million
(previous quarter: -EUR59 million).  The cost-cutting measures introduced
are already beginning to bite.  Personnel costs in the second quarter, for
example, were 7% down versus the first quarter," stated Dr. Herbert Meyer,
CFO at Heidelberg.  "We will continue to drive forward our
efficiency-enhancing and cost-cutting measures in order to achieve the
planned improvements in results."

As of September 30, 2003, the Heidelberg Group had a workforce of some
23,700 worldwide (previous year: 25,000).  Overall, Heidelberg is looking to
reduce staffing levels worldwide by around 3,200 over the period April 1,
2002 to March 31, 2004, some 400 jobs being cut in the second quarter of the
current fiscal year alone.

Sheetfed fares much better in second quarter; development in Asia and
Eastern Europe very stable

Sales in the Sheetfed Division climbed EUR70 million from EUR492 million in
the first three months of the fiscal year to EUR564 million.  Incoming
orders rose from EUR551 million in the first quarter to EUR752 million in
the second.  The Digital Division's sales, incoming orders and result also
improved on the figures for April to June, though levels were still low.
Orders received by Web Systems were well up on the first quarter, while
Postpress recorded increases in both sales and incoming orders.

Only Digital returned figures that improved on the first half of last year.
Incoming orders for this Division grew EUR10 million over the same period
last year to EUR111 million, with the operating result improving to -EUR17
million (previous year:
-EUR38 million).  The operating result for Sheetfed was -EUR7 million
(previous year: EUR137 million).

The Asia and Eastern Europe regions continued to develop well.  Despite the
difficulties facing the industry, the figures for both regions were on a par
with those for the first half of last year.  Working time measures extended
As a result of the continuing reluctance of commercial printers on many
markets to invest, most noticeably on the key markets USA and Germany,
Heidelberg will continue to adapt its production capacities in the Sheetfed
Division to the order situation by extending job safeguards and short-time
working up to and including May 2004.  In Germany, the Heidelberg, Wiesloch,
Amstetten and Brandenburg sites will be particularly affected by these
measures.

Heidelberg is continuing to improve its cost structures in all divisions of
the Company and is currently in negotiations in this respect with regard to
the Digital and Web Divisions.

The table with the figures can be downloaded at
http://www.journalist.heidelberg.com

CONTACT: HEIDELBERGER DRUCKMASCHINEN AG
         Unternehmenskommunikation
         Thomas Fichtl
         Phone: +49 6221 92 47 47
         Fax: +49 6221 92 50 69
         E-Mail: thomas.fichtl@heidelberg.com


MG GROUP: Implementation of Restructuring Program On Track
----------------------------------------------------------
The mg Group is stepping up its strategic focus on specialty mechanical and
plant engineering.

"We are well on schedule with the implementation of our initiatives to
streamline our multi-layered holding-company structure, restructure our
industrial plant engineering business and sell our chemicals division,"
stated Udo Stark, Chief Executive Officer of mg technologies ag.

Initiatives launched to streamline holding-company structures

mg has taken initial steps to streamline its holding-company structures
throughout the Group and has begun the required consultations with employee
representatives.  mg aims to reduce the headcount on the holding level by
130 to approximately 280.  This will affect the holding companies of its
subgroups Lurgi, Lurgi Lentjes and solvadis, which are to be dissolved in
the near future and the Group's head office in Frankfurt am Main.  Further
decisions in this regard will be taken during the course of the year 2004 in
connection with the divestment of the chemicals division, as announced.

Restructuring in industrial plant engineering initiated

mg has already taken initial steps towards restructuring its industrial
plant engineering business.  Lurgi AG has started by analyzing the portfolio
of its Life Science business.  Its aim is to sell off activities that have
consistently failed to make a profit.

Lurgi Lentjes AG is to discontinue its denitrification and dedusting
technologies for power plants.  These activities form part of its flue-gas
cleaning business.

mg expects to reduce the headcount in its industrial plant engineering
business by several hundred by 2006.  Here too, consultations with employee
representatives have already begun.

Zimmer AG, which is running profitably, is not affected.  The integration of
Fleissner, a textile-machinery specialist, is the top priority here.  Zimmer
is expecting the antitrust authorities to approve the acquisition by the end
of this month.

The aim of restructuring the industrial plant engineering business is to
return it quickly to profitability.  This is also to be achieved by
improving its project management, applying more stringent criteria to the
selection of new business, and a focus on proprietary technologies.  Since
June 2003 the industrial plant engineering business has won total contracts
worth approximately EUR670 million.  Of this total, Lurgi accounted for
roughly EUR63 million, Lurgi Lentjes for around EUR386 million and Zimmer
for approximately EUR221 million.  Once the mg Group has been restructured,
industrial plant engineering is to generate roughly 20% of the total Group
value added.  The core of the new mg will be the GEA Group, which is to
generate roughly 80% of the value added.

Disposal of chemicals division on schedule

As previously announced, the disposal of the chemicals division, which
comprises the companies Dynamit Nobel and solvadis, is due to be completed
in 2004.


MG GROUP: Nine-month, Third-quarter Performance Lackluster
----------------------------------------------------------
From a business perspective, mg's key performance indicators for the third
quarter and the first nine months of fiscal 2003 cannot be directly compared
with the corresponding period last year.  Fiscal 2001/2002 ran from October
1, 2001 to September 30, 2002.  Last year's corresponding three-month period
from July to September 2002 was therefore the final quarter of the fiscal
year, which is when the mg Group traditionally realizes a sizeable
proportion of its annual sales and earnings.  In fiscal 2003, this effect
will not materialize until the fourth quarter (October to December).  For
this reason the statement that follows shows comparisons of mg's key
performance indicators adjusted for the effects of the change in fiscal year
(comparison of January to September 2003 with October 2001 to June 2002).
The attached table also presents comparable figures of the prior year
unadjusted for the effects of the change in fiscal year (comparison of
January to September 2003 with January to September 2002).

As expected, the performance of mg technologies ag in the third quarter and
the first nine months of 2003 was subdued.  The main reasons for this were
the effects of the change in mg's fiscal year and losses in the industrial
plant engineering business. Further factors were the continued weakness of
the economy and the strength of the euro against the U.S. dollar.

Consolidated sales came to EUR2.0 billion in the third quarter of 2003, a
decrease of 6.1% from the third quarter of 2001/2002.  This decline in sales
is largely due to the ailing state of the economy and exchange rate
movements.  In the first nine months of 2003, consolidated sales came to
EUR5.9 billion, after EUR6.2 billion in the first nine months of fiscal
2001/2002.

Pre-tax earnings in the third quarter of 2003 came to EUR23.3 million
compared to EUR79.2 million in the third quarter of 2001/2002.  In the first
nine months of 2003 consolidated pre-tax earnings came to EUR41.4 million
compared to EUR175.8 million in the first nine months of fiscal 2001/2002.
These decreases were due to the heavy losses in industrial plant
engineering, cyclical declines in volumes, and the continued strength of the
euro, which reduced consolidated pre-tax earnings by approximately EUR35
million.

There were no significant one-time charges in the third quarter of 2003.  In
the first nine months of the current fiscal year the mg Group reported
one-time charges of EUR52.9 million, an increase of EUR39.5 million compared
to the first nine months of fiscal 2001/2002.

Varied performance in the subgroups

At the GEA subgroup, the mechanical-separation business performed
particularly encouragingly.  An increase was also noted in new orders from
outside the USA.  Sales and earnings, however, were impacted by the change
in mg's fiscal year and exchange rate movements.  During the period under
review, Lurgi reported a lower volume of new orders mainly as a result of
the ailing state of the economy.  The company's earnings were impacted by
cost overruns and a lack of contract profitability.  In the third quarter of
2003, Lurgi Lentjes achieved a pleasing increase in new orders.  The
significant decline in its sales and earnings was attributable to weak
orders from previous quarters, decreasing orders in North America, and
delays in order processing.  Zimmer reported an encouraging level of new
orders, particularly as a result of two contracts it won to build
polycondensation plants.  As expected, its earnings were substantially lower
than last year's, which had been high due to the volume of orders processed.
At the Dynamit Nobel subgroup, developments in the growth segment of medical
technology, for instance, exceeded expectations.  On the whole, however,
sales and earnings were impacted by changes in exchange rates, the general
economy and portfolio adjustments.  Low gross margins and the weak US dollar
impacted the natural-products strategic business unit of solvadis.

Robust operating performance at GEA and Dynamit Nobel in 2003

As the main drivers of sales and earnings, the operating activities of GEA
and Dynamit Nobel will report earnings before interest and tax (EBIT) of
over EUR400 million for fiscal 2003.  Compared to their competitors, both
companies have therefore again managed to turn in a robust performance this
year.

GEA is set to significantly grow its business outside the USA in 2003.  The
company expects a return on sales in the range of 7% - significantly above
the industry average.  Market and technology leadership and cost cutting
activities initiated early on form the basis for this positive expectation.

Dynamit Nobel's business is well positioned against the competition and
costs have been reduced.  As a result, the return on sales will be only
slightly below the prior year's level despite the effects of the general
economy, exchange rate developments and portfolio adjustments.

Forecast for 2003 as a whole confirmed

In fiscal 2003 the mg Group will incur total charges of approximately EUR415
million for the cost of cleaning up polluted sites, restructuring and
reorganizing the industrial plant engineering business, terminating
contracts with executive directors, dismantling unnecessary holding-company
structures, and improving efficiency in other areas.

The company confirmed its previous expectation, which had predicted a
pre-tax loss of between EUR150 million and EUR170 million for the current
year.  This includes the traditionally strong final quarter, which in the
preceding fiscal year contributed some EUR145 million to total consolidated
earnings of EUR320 million.

"2003 is a year of transition towards a new structure for the mg Group.  The
overriding objective is to sustainably enhance the corporate value and to
form a focused and highly profitable group of companies focused on the
special machines sector whose strong performance will be rewarded by the
capital markets," stressed Udo Stark, mg's CEO.

To see key figures:
http://bankrupt.com/misc/Mg_Technologies_Figures.pdf


WCM GROUP: Sells Assets in Desperate Move to Keep Prime Holdings
----------------------------------------------------------------
German investment group WCM is planning to dispose all non-core assets
within six months to pay part of its EUR2.7 billion- debt, according to the
Financial Times.

WCM Chief Executive Roland Flach has reportedly ordered the sale of several
assets after efforts to find a new investor to help it keep prized assets
fell through last week.  Creditor banks HSH Nordbank, DZ Bank and WGZ,
called in EUR600 million (US$688 million) of debt from Sirius, the principal
holding company that holds WCM's 49.9% stake in IVG.  They sequestered the
holdings, and are due to auction the stake within six months.  Sirius is
understood to have until the end of November to pay back its debt or trigger
the seizure of the asset believed worth EUR550 million at current market
values.

Mr. Flach told the Financial Times: "IF WCM loses the battle to keep IVG,
the urgent necessity to find a new investor would be over."  But according
to him, the company still has two offers on the table.

Meanwhile, he said the company would dispose assets to redeem EUR1.4 billion
key debts within six months.  He is keen to keep investments in real estate
and in engineering conglomerate Klockner Werke, one of its principal
corporate holdings.  He did not rule out disposing equity investments, among
them a 5.5% stake in Commerzbank.

WCM had EUR3.3 billion of debts, including the EUR600 million Sirius
credits, at the end of the first half.  Mr. Flach said the group has about
EUR700 million renewable short-term debts, and EUR5 billion in assets.


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I R E L A N D
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ELAN CORPORATION: Third-quarter Total Revenues Slip Nearly 50%
--------------------------------------------------------------
Elan Corporation, plc (NYSE:ELN) announced its third quarter 2003 financial
results and provided an update on the progress of its product development
activities and on its recovery plan.

Commenting on the results and recovery plan, Kelly Martin, Elan's President
and Chief Executive Officer, said: "Our third quarter results are
characterized by solid progress in research and development, continued
growth in our commercial business from retained products, and continued
reductions in operating costs.

"We have continued to simplify our balance sheet, most recently by
exercising our option to purchase the remaining product royalty rights from
Pharma Marketing.  Now, with major pieces of our recovery program close to
complete, including the successful closing of our financing with aggregate
gross proceeds of approximately $630 million, Elan believes that it has in
place financial flexibility through 2005.  We believe that this flexibility,
along with our strengthened operating capabilities, will enable us to bring
science and innovation to patients in our core areas of neurology, severe
pain, and autoimmune diseases and, in particular, build upon our
breakthrough research in the treatment of Alzheimer's disease."

Third Quarter 2003 Financial Highlights

(a) Total revenue of $174.7 million compared to $331.7 million
    in the third quarter of 2002, a decrease of 47%.

(b) Revenue from retained products of $119.5 million compared to
    $91.1 million in the third quarter of 2002, an increase of
    31%.

(c) Reduction of 46% in selling, general and administrative
    expenses in the third quarter of 2003 to $92.0 million from
    $170.9 million in the third quarter of 2002 (approximately
    $37 million of this reduction relates to asset
    divestitures). Reduction of 31% in research and development
    expenditure in the third quarter of 2003 from $101.6 million
    to $70.6 million.

(d) Negative EBITDA of $42.9 million (before including net
    losses on disposal of businesses and recovery plan related
    charges of $37.9 million) for the third quarter of 2003
    compared to negative EBITDA of $74.9 million in the third
    quarter of 2002 (before charging recovery plan related
    charges of $302.9 million).  (See 'Non-GAAP Financial
    Information' on Appendix 2).

(e) Net loss of $91.0 million ($0.26 loss per diluted share)
    compared to net loss of $996.4 million ($2.85 loss per
    diluted share) in the third quarter of 2002.

(f) Cash and cash equivalents at September 30, 2003, of $946.3
    million (including $7.2 million in restricted cash held by
    EPIL III) compared to $1,013.9 million (including $8.9
    million in restricted cash held by EPIL III) at December 31,
    2002.

R&D Highlights

(a) Elan submitted a Marketing Authorization Application to the
    European Union regulatory authorities on November 5, 2003,
    to seek approval for Zonegran (zonisamide) for use as
    adjunctive therapy in partial seizures in epilepsy.  Elan
    licensed zonisamide from Dainippon Pharmaceutical Co., Ltd.
    for North America and Europe and currently markets Zonegran
    in the United States.  Dainippon currently markets
    zonisamide in Japan as Exegran.

(b) The Antegren(TM) (natalizumab) data from the Crohn's disease
    (induction) Phase III trial was presented to the scientific
    and medical community in October at the American College of
    Gastroenterology 2003 Congress in Baltimore, Maryland and in
    November at the United European Gastroenterology Week 2003
    Congress in Madrid, Spain.

(c) The Phase III trial for Prialt(TM) in patients with severe
    pain is fully enrolled; we expect to file a New Drug
    Application in the first quarter of 2004.

(d) The Investigational New Drug application submitted by Elan
    and our partner Wyeth to the U.S. Food and Drug
    Administration for a monoclonal antibody against Alzheimer's
    disease is on track for commencement of dosing of patients
    in a Phase I clinical trial later this quarter.

Recovery Plan Implementation Update

(a) Completed private offerings of 35 million Ordinary Shares
    and $460 million in aggregate principal amount of 6.5%
    Guaranteed Convertible Notes due 2008 on November 5 and
    November 10, 2003, resulting in net proceeds of
    approximately $595 million.  The net proceeds from the
    offerings will be used by Elan to repurchase outstanding
    Liquid Yield Option Notes(TM) (LYONs), including LYONs
    surrendered for purchase at the option of the holders
    thereof as of December 14, 2003.

(b) Standard & Poor's raised Elan's corporate and senior
    unsecured debt ratings to 'B-' from 'CCC+'.

(c) Announced exercise of option to purchase the remaining
    royalty rights in respect of Zonegran(TM), Frova(TM) and
    Zanaflex(TM) from Pharma Operating Ltd., a wholly owned
    subsidiary of Pharma Marketing Ltd., for approximately $100
    million.  The transaction is expected to close in the fourth
    quarter of 2003 and is expected to result in a charge of
    approximately $100 million in the fourth quarter of 2003.

(d) Consideration received to date from asset divestitures of
    approximately $1.8 billion (excluding approximately $103
    million in consideration from the recent sale of four pain
    products, which is expected to close in the fourth quarter
    of 2003).

(e) Total contracted and potential future payments reduced to
    approximately $2.2 billion at September 30, 2003.

(f) Of a total of 55 active business ventures in July 2002, 41
    have been terminated or restructured to date.

(g) Headcount reduced to approximately 2,400 from approximately
    4,700 in July 2002 and approximately 2,500 in August 2003.
    Of the approximate 2,300 headcount reduction since July
    2002, approximately 1,100 relate to asset divestitures.

To see full copy of financial results: http://bankrupt.com/misc/Elan_3Q.htm


===========
N O R W A Y
===========


AKER KVAERNER: Posts NOK48 Million Third-quarter Net Loss
---------------------------------------------------------
Earnings before interest, tax and amortization increased in the third
quarter this year, mainly as a result of the significant order intake in the
first half of the year with consequent improved capacity utilization.  The
strong order intake continued in the third quarter and at the end of
September the order reserve had reached NOK39.4 billion.  This is 14% higher
than at the beginning of the year.

Improved operational performance and financial discipline have further
strengthened the balance sheet.  This combined with timing effects due to
completion of projects in the period, reduced net current operating assets
to NOK285 million at the end of September.

Cash, bank deposits and interest-bearing short-term receivables increased
correspondingly to NOK5.6 billion, and the group had net interest-bearing
receivables of NOK1.4 billion at the end of the third quarter.

The order reserve continued to grow and reached NOK39.4 billion at the end
of the third quarter. Order intake in the three-month period was NOK12.6
billion.

The combined value of awards announced after the third quarter and contracts
and letter of intents, which are likely to be booked in the coming quarters,
amounted to approximately NOK6 billion.  An option for a second
Ultra-Voyager cruise vessel is not included in this number.

Operating profit before interest, tax, goodwill and pension amortization
(EBITA) in the third quarter was NOK216 million compared with a loss of
NOK125 million in the previous quarter. EBITA for the first nine months this
year was NOK301 million.

Net loss in the third quarter was NOK48 million.  This included NOK174
million in non-cash goodwill and pension amortization and NOK87 million net
financial items including interest costs.

EBITA in the Oil & Gas segment continued to improve and reached NOK139
million in the third quarter.  This is 25% up from the previous quarter.

Engineering & Construction EBITA was NOK78 million in the third quarter, up
from NOK36 million in the previous quarter.

Within Shipbuilding Kvaerner Masa-Yards continued to perform strongly.  It
reported a NOK187 million EBITA for the third quarter.  The Kvaerner
Philadelphia Shipyard, which had a NOK440 million negative EBITA in the
second quarter, reported another NOK105 million loss in the third quarter,
taking the combined shipbuilding EBITA in the third quarter to NOK82
million, and NOK4 million negative for the first nine months.

The positive trend in EBITA in Oil & Gas and Engineering & Construction is
expected to continue in the fourth quarter and in 2004, supported by
continued strong order intake.  Within Shipbuilding profits are expected to
decline sharply until the new orders come into effect at Kvaerner Masa-Yards
in the middle of 2004.

Net current operating assets are expected to increase slightly towards the
end of 2003.  Cash and net interest-bearing receivables are expected to
decline correspondingly.

Further information

Key figures, detailed tables and other supplementary information is
available on both Aker Kvaerner's home page http://www.akerkvaerner.comand
on the Oslo Stock Exchange http://www.newsweb.no

Aker Kvaerner ASA is, through its subsidiaries and affiliates, a leading
global provider of engineering and construction services, technology
products and integrated solutions.  The business within Aker Kvaerner spans
a number of industries, including Oil & Gas production, Refining &
Chemicals, Pharmaceuticals & Biotechnology, Mining & Metals, Power, Pulping
and Shipbuilding.  Aker Kvaerner has aggregated annual revenues of
approximately USD6 billion and employs around 29,000 employees in more than
30 countries.

CONTACT:  AKER KVAERNER
          Phone: +47 67 51 31 06
          Investor Relations:
          Tore Langballe, Vice President, Group Communications


DNO ASA: Drops Plan to Raise Financing via Bond Issue
-----------------------------------------------------
The Board of Directors of DNO ASA has cancelled its plan to offer between
US$150 million and US$200 million senior notes in the international market
at this time.

The decision was taken after Moody's assigned the senior notes offering a
credit rating of 'Caa2', which would make it difficult to obtain terms
acceptable to DNO.  Standard and Poor's rated the debt instrument 'B-'.

The 'Caa2' rating from Moody's was a surprise to DNO, as the Company does
not believe this accurately reflects the company's potential after a notes
offering of this size.  DNO said it will continue its efforts to obtain
alternative long-term financing solutions for the Company, and if the
Company in the future will receive an improved rating, the situation with
respect to a contemplated senior notes offering in the international market
will be reconsidered.

CONTACT:  DNO ASA
          Helge Eide, Group Managing Director
          Phone:(+47) 55 22 47 00 /(+47) 23 23 84 80
          Home Page: http://www.dno.no


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


BALTIMORE TECHNOLOGIES: Sets EGM to Get Approval for Unit's Sale
----------------------------------------------------------------
Baltimore Technologies plc (London: BLM) will hold an Extraordinary General
Meeting on November 28, 2003 at 12:00 p.m.  The principal purpose for the
meeting is to seek approval for the proposed disposal of Baltimore
Technologies PKI business to beTRUSTed as announced on September 22, 2003.

Following the completion of the proposed disposal, the continuing Group's
assets will consist primarily of cash currently held, proceeds from the
disposal and the Company's residual hardware and software support business.
The Company intends to sell this residual business shortly and will
thereafter seek to ensure that shareholder value is maximized by pursuing
one of a number of options available to it.  These options include returning
cash to the shareholders, making a new acquisition or being involved in a
reverse takeover.  Depending on the option that is chosen, it may be the
case that the Company becomes unsuitable for listing on the London Stock
Exchange under UKLA listing rules.


BALTIMORE TECHNOLOGIES: Management Shake-up to Follow Divestment
----------------------------------------------------------------
In expectation of the sale of a significant percentage of the Company's
operational business, the Board has decided that there should be changes at
both the Board and the senior management level to reflect this and to
further reduce costs.

Copies of the circular are available for public inspection at the Document
Viewing Facility of the Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS.

Board and Senior Management Changes

Peter Morgan, Chairman, will resign from the Board immediately after the
Extraordinary General Meeting on November 28, 2003.  Bijan Khezri, currently
Chief Executive Officer, will become Executive Chairman and will also retain
his Chief Executive responsibilities.

Philip Smith, Chief Financial Officer, will resign with effect from 30
November 2003.  Denis Kelly, currently Executive Vice President, Global
Business Operations, will also assume the responsibilities of Chief
Financial Officer and Company Secretary, and will join the Board.  Denis
Kelly has not been a director of any listed Company within the past five
years, and there are no details to disclose for the purposes of Rule
16.4(b).

David Guyatt, Non-Executive Director, will resign from the Board immediately
after the EGM and currently there are no plans to replace him.

John Cunningham, the Senior Independent Non-Executive Director, has
announced his intention to resign from the Board when a replacement has been
agreed.

John OSullivan, Executive Vice President Engineering, will resign with
effect from 30 November 2003.

Commenting on the Board and senior management changes Chief Executive Bijan
Khezri stated: "Following completion of the sale of Baltimore's operational
businesses, the Company's assets will consist primarily of cash.  The
changes relating to senior management as well as Board structure reflect
this.  We are now focused on reviewing the future options available in order
to maximize value for shareholders.  We expect to update our shareholders
shortly on the future course of the Company.  I would like to take this
opportunity to thank the departing Board and senior management members for
their outstanding commitment and dedication to Baltimore over the years."

Future Board Structure

With the departure of Peter Morgan, David Guyatt, and the appointment of
Dennis Kelly, the Board of Baltimore Technologies will be reduced from seven
to five members, comprising of two Executive Directors and three
Non-Executive Directors:

Bijan Khezri, Executive Chairman and Chief Executive Officer.
Dennis Kelly, Chief Financial Officer and Chief Operating Officer.

John Cunningham, Senior Non-Executive Director.
George Powlick, Non-Executive Director.
Simon Enoch, Non-Executive Director.

About Baltimore Technologies

Baltimore Technologies' products, professional services and solutions solve
the fundamental security needs of e-business. Baltimore's e-security
technology gives companies the necessary tools to verify the identity of who
they are doing business with and securely manage which resources and
information users can access on open networks.  Many of the world's leading
business and government organizations use Baltimore's e-security technology
to conduct business more efficiently and cost-effectively over the Internet
and wireless networks.

Baltimore's products and services are sold directly and through its
worldwide partner network, Baltimore TrustedWorld.  Baltimore Technologies
is listed on the Official List of the London Stock Exchange.  For more
information on Baltimore Technologies please visit http://www.baltimore.com

CONTACT:  SMITHFIELD
          Andrew Hey
          Phone: 020 7360 4900
          Nick Bastin
          Will Swan


CABLE & WIRELESS: Key Indicators Up as Rehab Plan Bears Fruit
-------------------------------------------------------------
The highlights of the company's results for six months to September 30 are:

(a) Group revenue: GBP1,939 million (2002: GBP2,358 million)
    Joint ventures and associates: GBP21 million (2002: GBP44
    million);

(b) Total operating profit/(loss) before exceptional items:
    GBP101 million (2002: -GBP310 million);

(c) Exceptional items: -GBP148 million (2002: -GBP4,195
    million);

(d) Loss before tax: -GBP3 million (2002: -GBP4,429 million);

(e) Retained loss for the period: -GBP80 million (2002: -
    GBP4,573 million);

(f) Net cash balance: GBP1,623 million (2002:GBP2,216 million);

(g) Capital expenditure: GBP172 million (2002: GBP450 million);

(h) Underlying earnings/(loss) per share: 2.6 pence (2002: -9.3
    pence)

(i) Basic loss per share: -3.4 pence (2002: -194.5 pence)

(j) Interim dividend: nil (2002: 1.6 pence)

Chairman's statement

"We are now six months into our restructuring and performance improvement
plans for the Group.  There have been some encouraging indicators in terms
of cash management and control of capital expenditure.

"Progress to date supports our intention, as stated in June 2003, to pay a
final dividend for the financial year ending March 31, 2004.  The level of
the payment will be dependent on progress made in the second half of the
year, and particularly on establishing the long-term sustainable requirement
for capital expenditure.

"When we published our full-year results in June the CEO and COO had been
with Cable & Wireless for two months.  They are now well established.
Having determined the priorities of the Group, they have acted decisively in
setting the agenda and driving performance to create a sustainable business
going forward.

"We have nearly completed the reconstruction of the Board and I welcome
Charles Herlinger, who joins as CFO on December 1, and Lord Robertson, who
joins as Executive Deputy Chairman on February 1, 2004.  George Robertson
will, alongside
Rob Rowley, lead our new approach to building and developing constructive
relationships with governments in our national telco territories and in
areas of the world that are working towards liberalization.

"In line with the priorities I set at the beginning of the year, we have
further improved the financial stability of the Group by disposing of our
PCCW stake for GBP229 million.  The issue of the new convertible bond in
June for GBP258 million has locked in a low rate of interest and also
improved our funding repayment profile.

"In the first six months we have been tackling the route for exit from the
U.S. and implementing the first steps in improving the performance of the
U.K. business, as we lay the foundations for a clearer direction for the
Group.

"However, there is much to change operationally.  This will impact all our
businesses around the world and restructuring them to be fit for the future
will inevitably lead to a wider range of possible results by country."

Francesco Caio, CEO of Cable & Wireless said: "On June 4 I set out three
priorities for the Group: exit the U.S.; restructure the U.K. and drive
performance; and build on national telcos.

"We are making good progress in ensuring we are able to exit the U.S. whilst
maintaining continuity of services to our customers and reducing the cost of
continuing operations.  We have exited eight data centers and reduced
headcount by more than 1,000 to approximately 1,700. Pre-exceptional
operating losses have been reduced by GBP100 million and free cash outflow
by GBP156 million compared to the second half of 2002/3.  Cable and Wireless
plc and the U.S. business have signed a separation agreement to maintain
continuity of international services to respective customers. Cable and
Wireless plc has built a tailored network in the U.S. to continue to offer
U.S. termination to non-U.S. customers.  Together these preparations provide
a good basis to evaluate and pursue a range of options to exit the U.S.
market.

"We continue to review and reduce the U.S. lease exposure, including the
negotiation for early termination with landlords.  The net effect of this,
and taking into account lease payments in the period, is an estimated fall
of some GBP200 million in the US lease commitment.

"We announced a transformation plan for the U.K. that would take three years
to implement.  The performance we have seen in the six months since then is
consistent with our objective to stabilize the business in the first year of
this plan.  Operating cash flow has improved by GBP260 million to GBP21
million compared with the second half of 2002/3, primarily due to rigorous
controls on capital expenditure and renewed focus on working capital.  Our
1,500 headcount reduction program, originally anticipated to be over an 18
to 24 month period, is proceeding well.  Over 600 people have now left the
business and we anticipate a similar number leaving in the second half of
this year.  We are rationalizing our property portfolio and insourcing some
IT activities.  It is anticipated that the benefits of all these initiatives
will lead to approximately a GBP40 million reduction in the operating cost
base of the U.K. business in the second half of the year, compared with the
first half.  Revenue is flat compared with the prior six month period,
following a decline of approximately 12% per annum over the last two years.

"Many of our National Telcos have now entered a challenging phase of
competition and liberalization, reflected in the first half results.  The
markets in Jamaica and Panama have been fully competitive throughout this
period and, as reported in our last update, international revenues have
declined.  In this new environment we have responded by reducing headcount
by almost 800, de-layering and simplifying the management structure and
strengthening the Boards in Panama and certain Caribbean islands.  Our aim
has to be to produce a stable level of profits from a markedly different
sales mix.  Our operating priority therefore over the next six months will
be to increase efficiency, strengthen our marketing capabilities and enhance
our competitive position in mobile in the Caribbean.  We also recognize the
importance of constructive dialogue with governments and regulators.  This
is key to creating a 'win-win' scenario, where investments in new services
will benefit customers and businesses while generating adequate returns
capable of balancing, over time, the decline in margins of more mature and
increasingly competitive offerings.

"We have also focused on repositioning our businesses in continental Europe
and Japan.  In continental Europe we have completed our divestment program,
reduced cash outflow and are now concentrating on serving wholesale and
large corporate accounts.  In Japan we are also focusing the business on
wholesale and large corporate accounts, capitalizing on our position in the
international and data markets.

"We have just begun our transformational journey towards a renewed and
profitable Cable & Wireless.  I am under no illusion about the challenges
that are still ahead of us.  At the same time I am increasingly confident
that our business has great potential.  The progress we have made in the
first six months is an encouraging beginning."

Cash and funding

Tight cash management remains a key focus.  Cable & Wireless ended the
period with gross cash balances of GBP2,891 million (including GBP12 million
of treasury instruments).  Total borrowings were GBP1,268 million, of which
long term debt was
GBP937 million.  Included in the short-term portion are US$400 million of
bonds maturing in December 2003.

The net cash balance at September 30 was GBP1,623 million.  Cable & Wireless
continues to believe it has the necessary liquidity to carry out its
restructuring plans.

Dividend

On June 4, 2003 the Group announced that the Board had decided to suspend
dividends for 12 months in order to give greater financial flexibility
during this transitional period.  There is therefore no interim dividend
declared for this financial year.

It remains the Board's intention to pay a final dividend for this financial
year and the level of the payment will be determined by reference to
progress made against the restructuring plan, the resultant improved
financial performance and the likely future capital expenditure requirements
of the
Group.

Exceptionals

In the six months to September 30, 2003 the Group recognized GBP148 million
of exceptional charges.  The Group has incurred GBP40 million in the year to
date in respect of the U.S., related initially to restructuring the
business, and later, in preparation for exiting the business.  The review of
the U.K. business has resulted in the closure of a number of properties and
employee redundancies, with related costs of GBP81 million at the half year.
Other exceptional operating costs of GBP27 million mainly relate to
restructuring in the Caribbean, Panama, the corporate center and Japan.

Progress on restructuring initiatives

Since Cable & Wireless announced its intention to withdraw from its U.S.
domestic operations on June 4, 2003, it has continued to explore a range of
options for doing so at the lowest cost whilst taking into account
customers' interests.

In line with this strategy, the ongoing commercial dealings between the U.S.
operations and the rest of the Cable & Wireless Group have been formalized
and Cable & Wireless has put in place a tailored U.S. network to maintain
termination and continuity of service for customers with U.S. requirements.
In addition,
Cable & Wireless is continuing to implement a rigorous cost reduction
program throughout its U.S. operations.  Key milestones in the U.S. since
March 31, 2003 include:

Eight further data centers closed.

Headcount reduced by 1,028.

In addition, Cable & Wireless has continued to refocus operations in
continental Europe on multinational Wholesale and Enterprise customers.  Key
milestones in continental Europe since March 31, 2003 have been:

Disposal of domestic businesses in Sweden, Belgium, the Netherlands, Italy,
Switzerland, France and Germany as well as the domestic data business in
Russia.

Headcount reduced by 543.

Insurance

Cable & Wireless continues to review and monitor the status of Pender
Insurance Limited and the claims it receives.  Since making the disclosure
in our Annual Report 2003, there have been no material developments that
would substantially change that disclosure.

Statement on results for the six months to September 30, 2003

The results and commentary that follow focus on the continuing activities of
the Group and the geographic businesses within the Group.  In presenting
financial information for the period ended 30 September 2003 a management
approach has been used regarding revenue and cost allocation.

Exchange rate movements have had a significant impact on the results of the
Group, especially those in geographies with U.S. dollar denominated
transactions.

Since the second half of financial year 2002/3 there has been a 1%
devaluation of the U.S. dollar against sterling and a 17% devaluation of the
Jamaican dollar against sterling.  Since the first half of the financial
year 2002/3 there has been an 8% devaluation of the U.S. dollar against
sterling and a 29% devaluation of the Jamaican dollar against sterling.

To see full copy of financial results:
http://bankrupt.com/misc/Cable_and_Wireless_H1.pdf


CANARY WHARF: Chairman Steps in, Plans to Form Bid Vehicle
----------------------------------------------------------
Chairman Paul Reichmann at the Annual General Meeting of Canary Wharf Group
plc issued this statement recently:

The Committee of independent directors has decided that it is unable to
recommend to shareholders acceptance of either of the indicative offers that
have been put forward by MSREF and by Brascan.  In the light of that
decision, I am proposing to continue with the endeavors, which I have
recently began, to form a consortium with a view to its making an offer to
the shareholders of the company at a level in excess of that reflected in
the offers received so far.  I have therefore concluded that it would be
appropriate and proper that, while remaining an executive director of the
company, I should temporarily step aside from my duties as Chairman of the
Board.

I have asked Sir Martin Jacomb if he would be willing, for as long as it may
take me to reach a final conclusion on whether or not I can assemble a
consortium to put forward an offer acceptable to the Independent Committee,
to assume the position of Chairman and I am pleased to say that he has
agreed to do so.  These arrangements take effect from the close of this
annual general meeting.

Canary Wharf is Europe's premier business development.  In my view, we have
reached the point in the economic cycle where the prospects for the
commercial property market are set to improve.  I therefore remain highly
confident that, whatever the outcome of the current discussions,
shareholders are in a strong position from which to consider any proposal
either from IPC or from the other potential bidding parties.  I am confident
of my ability to provide a choice to shareholders, but if no formal offer is
forthcoming, CWG's prospects, and therefore those of its shareholders,
remain strong.

Statement by Sir Martin Jacomb:

As shareholders are by now aware, discussions with MSREF have been
terminated.  The Independent Committee was concerned that the proposal did
not have a likelihood of success and thus there is no outstanding indicative
offer for the Company.

The whole process of considering the indicative proposals which have been
under consideration for some months, has been immensely time consuming and,
incidentally, expensive.  But now the management can concentrate exclusively
on running the Company.

The Company will implement in an orderly way some asset disposals, while
maintaining the integrity and overall control of the estate.  In this way we
shall be in a position to reduce overall leverage.

CONTACT:  BRUNSWICK
         Phone: 020 7404 5959
         James Bradley

         LAZARD
         Phone: 020 7187 2000
         William Rucker
         Maxwell James

         CAZENOVE
         Phone: 020 7588 2828
         Duncan Hunter
         Richard Cotton


CANARY WHARF: CWG Acquisition Weighs Options Following Rejection
----------------------------------------------------------------
Brascan notes the announcement by the Independent Committee of Canary Wharf
of November 11, 2003 and confirms that, on behalf of CWG Acquisition
Limited, it submitted a proposal concerning an all cash offer of 252 pence
per Canary Wharf share to the Independent Committee of Canary Wharf on
November 10, 2003.  Brascan also advised the Independent Committee of Canary
Wharf that it was willing to consider providing shareholders with the option
to elect to receive part of this cash offer in the form of equity
participation in the future of Canary Wharf and put forward a number of
specific proposals in this regard.  These proposals were rejected by the
Independent Committee of Canary Wharf.

CWG Acquisition is currently considering its options in light of this
rejection and intends to canvass Canary Wharf shareholders for their views
on its proposals.

CWG Acquisition is a company recently formed at the direction of CWG
Holdings Limited (a company itself recently formed at the direction of
Brascan and certain institutional investors, including British Columbia
Investment Management Corporation, for the purpose of investing in CWG
Acquisition) and Hermes Pensions Management Limited (on behalf of the BT
Pension Scheme).  There can be no certainty that any offer by CWG
Acquisition for Canary Wharf will ultimately be made.  A further
announcement will be made if and when appropriate.

Deutsche Bank AG London and Merrill Lynch International, which are regulated
by the Financial Services Authority for the conduct of designated investment
business in the United Kingdom, are acting exclusively for Brascan and for
no-one else in connection with a possible offer for Canary Wharf and will
not be responsible to anyone other than Brascan for providing the
protections afforded to clients of Deutsche Bank and Merrill
Lynch, respectively, or for providing advice in relation to such possible
offer.

CONTACT:  BRASCAN
          Phone: + 1 416 369 8246
          Katherine C. Vyse

          DEUTSCHE BANK
          Phone: +44 (0) 20 7545 8000
          Debbie Robertson-Bond
          David Church
          Roger Aylard

          MERRILL LYNCH INTERNATIONAL
          Phone: +44 (0) 20 7628 1000
          Kevin J. Smith
          Michael Profenius
          Mark Brooker

          THE MAITLAND CONSULTANCY
          Phone: +44 (0) 20 7379 5151
          Angus Maitland
          Philip Gawith


CANARY WHARF: Barclays, Lehman Brothers Exercise Right to Sublet
----------------------------------------------------------------
Canary Wharf Group plc announces that Barclays Bank plc has served notice
regarding their right to sub-let to the Group certain floors at One
Churchill Place, their new Headquarter office currently under construction
at Canary Wharf.  Under the terms of the original agreement, Barclays
committed to lease 650,000 sq. ft. initially in the one million sq. ft.
building, with the flexibility to move into more space if required.

In addition to the 650,000 sq. ft., Barclays will be taking one extra floor
(floor 24) in the building, equivalent to approximately 33,300 sq ft. Of the
remaining space, 2 floors (floors 22 and 23 - 65,300 sq. ft.) will be
sub-let to Canary
Wharf on a short-term basis (for either 5 or 5.5 years).  Four floors
(floors 18,19,20 and 21 -133,400 sq ft) will be sub-let on a long-term basis
(15 years).

Four floors (floors 14, 15, 16 and 17 -129,000 sq ft) will be sub-let on a
medium-term basis (10 or 10.5 years).

Lehman Brothers has also served notice on their right to sub-let to the
Group certain floors in their newly constructed Headquarter offices at 25
Bank Street, Canary Wharf (HQ2).

Further to its agreement to lease the entire building (1,000,000 sq ft) over
a term of 30 years, Lehman Brothers have served notice to sublet back to the
Group 8 floors in the building over differing time periods.  These are
floors 18-21 (102,000 sq ft) to be sub-let for a period of 10 years and
floors 14-17 (100,800
Sq. ft.) to be sub-let for a period of 5 years.

Following expiry of the sub-let periods, all space will revert back to the
tenants, Barclays and Lehman Brothers respectively. In the meantime, Canary
Wharf Group will seek tenants for the space.

CONTACT:  CANARY WHARF GROUP PLC
          Wendy Timmons
          Phone: 020 7418 2000


CORUS GROUP: Taps Market for Cash Needed to Fund U.K. Shake-up
--------------------------------------------------------------
Corus announced a Placing and Open Offer of 1,304,340,897 million New
Ordinary Shares at the Issue Price of 23.5p per New Ordinary Share to raise
approximately GBP307 million (GBP291 million after expenses).  This Placing
and Open Offer, which is fully underwritten by Cazenove and Lazard, will
enable the immediate launch of the second phase of the U.K. restructuring
program and the implementation of further 'Restoring Success' initiatives.
The Issue Price of 23.5p per New Ordinary Share represents a 9.6% discount
to the Closing Price of 26.0p on 11 November 2003 (being the last
practicable date prior to this announcement).  The principal terms of the
Placing and Open Offer are set out.

Background to and reasons for the Placing and Open Offer

2003: a year of change

Philippe Varin was appointed as Chief Executive of Corus with effect from
May 1, 2003, joining the Company from Pechiney where he built up
considerable experience in the global metals industry.  Upon joining the
Company, Mr. Varin carried out an intensive and detailed review of the
Group's activities, which resulted in the endorsement of the strategy to
focus on carbon steel and the finalization and approval of the restructuring
plans for the U.K. asset base.  The aluminum activities will continue to be
run in the best interests of Shareholders and the Group will explore all
appropriate opportunities for these assets going forward.

As a result of his review, Mr. Varin has established the main priorities for
the Group going forward, launching key initiatives known as the 'Restoring
Success' initiatives, aimed at setting Corus on the road to recovery and
closing the competitive gap with its European peer group.  Three main areas
of focus were identified:

(a) Introducing new leadership and instilling a new corporate
    culture across the Group;

(b) Developing a program to return all parts of the Group to
    acceptable levels of profitability, building on existing
    cost reduction programs, finalizing restructuring proposals
    for the U.K. asset base and initiating further Group-wide
    efficiency initiatives; and

(c) Aligning the financial resources available to the Group with
    its future strategic needs.

The Corus Board has discussed Group strategy and the 'Restoring Success'
plans with the supervisory and management boards of Corus Nederland as they
have developed.  The supervisory and management boards of Corus Nederland
have confirmed their support for the proposed Placing and Open Offer, the
related restructuring of the U.K. asset base and the 'Restoring Success'
initiatives.  The supervisory board has further confirmed its willingness to
enter into a constructive and open-minded dialogue with the Group as to the
future of its remaining aluminum activities at an appropriate time.

Management and leadership

The past six months have seen extensive changes within the leadership of the
Group.  In addition to Philippe Varin becoming Chief Executive and Jim Leng
succeeding Sir Brian Moffat to the chairmanship of the Group, two new
non-executive directors have been appointed to the Board in June and August
of this year.

Furthermore, three new senior managers have been appointed to the Executive
Committee, which is charged with the day-to-day running of the Group.  The
reporting structure has also been enhanced in order to bring greater
accountability to the management process and clear responsibilities for the
delivery of revenues, costs and customer service enhancements.  The top 50
senior managers across the Group have participated in a rigorous external
assessment process.  This renewal of the management team is giving momentum
to the Group and is accelerating the pace of change.

Existing ongoing initiatives

A number of previously announced cost reduction and efficiency programs are
still ongoing, the benefits of which are planned to be realized over the
next few years.  These include:

(a) The final stages of the previously announced headcount
    reduction programs are planned to generate a further GBP40
    million of cost savings per annum from July 2003 to the end
    of 2004;

(b) The 'World Class IJmuiden' program, which was aimed at
    achieving significant performance improvement across the
    Dutch flat carbon steel business through increased output
    and productivity improvements, as well as improved sales
    mix. Launched in 2001, this program aimed at saving EUR300
    million per annum by the end of 2004; management estimates
    that, of this, GBP50 million per annum remained to be
    achieved from July 2003 until the end of the program; and

(c) The 'High Performance Strip U.K.' program, which was aimed
    at achieving significant performance improvement in the U.K.
    flat products business through improved purchasing, lower
    manufacturing costs and improved customer service and
    delivery performance.  Launched in 2001, this program was
    planned to generate cost savings of up to GBP150 million per
    annum by the end of 2005, of which management believes
    GBP120 million per annum remained to be achieved from July
    2003 to the end of the program.

U.K. restructuring

In April 2003, the Board announced that, in response to the Group's poor
financial performance due to weak U.K. demand and poor competitiveness, the
U.K. steel-making businesses required further restructuring in order to
improve efficiency, reduce costs and become cash generative throughout the
economic cycle.  The proposed restructuring program is aimed at implementing
structural change within the U.K. asset base and aligning U.K. steel making
capacity to a realistic assessment of likely sustainable demand through a
combination of site rationalization, focused capital investment and process
improvements.  As a result, it is intended that steel production in the U.K.
will be focused on three sites: Port Talbot in South Wales for flat
products, Scunthorpe in North Lincolnshire for long products and Rotherham
in Yorkshire for engineering steels.

In September 2003, the Board approved the launch of the first phase of the
U.K. restructuring, involving a major investment in Corus' engineering
steels business.  The main focus of this program is to end the current
duplication of facilities and overcome the structural weaknesses in
processes by concentrating steel making, casting and rolling at Rotherham.
This program, expected to cost up to GBP90 million over the next three
years, is planned to generate annual savings of up to GBP70 million by the
end of 2006, allowing the engineering steels business to achieve a
competitive position in the European market.


CORUS GROUP: Bets GBP160 Million on Strip and Long Products
-----------------------------------------------------------
The Directors are announcing, together with the Placing and Open Offer, the
launch of the second phase of the U.K. restructuring program.  This program
involves an investment in the Group's strip and long products operations and
associated cash costs of up to GBP160 million, and is planned to deliver an
annual operating profit improvement of up to GBP50 million by the end of
2006.

In strip products, this second phase of restructuring will be directed at
developing Port Talbot into an optimally sized upstream plant benefiting
from economies of scale, by increasing its steel making capacity and thus
removing the need for the costly and inefficient transfer of semi-finished
slab from Teesside.  Llanwern's hot-rolled strip mill will continue as a
satellite re-roller of slab from Port Talbot.  This is intended to improve
materially the competitiveness of the Group's U.K. strip products
operations.

In long products, the restructuring program will focus steel making around
Scunthorpe, and raise capacity through some internal plant transfers as well
as an eventual move to a four blast furnace operation.  This, together with
the investments in Port Talbot, will remove the need for Teesside to supply
slab to the rest of Corus.  The Directors continue to assess the potential
for ring-fencing and repositioning Teesside as a cash-generative slab
producer feeding international markets.  As part of this work, equity
partnerships and joint venture opportunities with other international steel
groups are actively being explored.  Teesside will need to demonstrate its
ability to survive as a stand-alone cash-generative slab producer.  However,
as a contingency, an allowance of GBP40 million to cover the net cash cost
to the Company in the event of the closure of Teesside has been included in
the total restructuring cash costs highlighted above.  As the implementation
of the second phase of the U.K. restructuring program is expected to last
until the end of 2006, and with Teesside continuing to supply Port Talbot
during that period, no final decision on the future of Teesside needs to be
reached until that time.

Taken together, the first and second phases of the U.K. restructuring
program are expected to cost up to GBP250 million and are planned to deliver
annual cost savings and profit improvement of up to GBP120 million by the
end of 2006.
Provisions totaling GBP70 million are expected to be made in the 2003
accounts for closure costs and related expenditure for the U.K.
restructuring programs announced to date.


CORUS GROUP: Unveils Additional GBP350 Mln Cost-cutting Program
---------------------------------------------------------------
The 'Restoring Success' project [of Corus] includes, in addition to the
existing ongoing cost reduction programs and the two phases of the U.K.
restructuring [outlined above], a series of initiatives designed to improve
Group performance in line with the Group's European peers.

Over the past few months a detailed review process has been taking place at
individual business unit level, aimed at identifying and quantifying areas
in which significant further savings could be achieved through the
implementation and sharing of 'best practice' across the Group.  In total,
management has identified target cost savings and profit improvement
opportunities of up to GBP350 million per annum to be achieved by the end of
2006, as follows:

(a) Up to GBP200 million cost savings per annum through
    manufacturing excellence, purchasing savings and supply
    chain optimization;

(b) Up to GBP70 million cost savings per annum through
    rationalizing support functions across the Group.  Functions
    which have already been benchmarked against industry best
    practice include finance, information technology and human
    resources; and

(c) Up to GBP80 million profit improvement per annum through
    rebalancing the Group's product-customer mix towards
    premium end-markets.

Detailed efficiency plans are now being finalized within each business unit
as part of the normal annual budgeting process.  The Group's capital
expenditure plans going forward allow for a substantial increase from the
current level of capital expenditure to support these additional
initiatives.

The Group's ambition is to close the competitive gap, which currently exists
between Corus and its European peer group. Corus estimates that this gap is
currently some six percentage points at the EBITDA margin level when
measured against the average of its European competitors.  Full
implementation of the
'Restoring Success' initiatives described above, having taken account of the
possible counter-balancing effects of recurring pressures on prices and
margins, as well as exchange rate fluctuations, is designed to close the
current competitive gap over the next three years.


CORUS GROUP: Subscription to Share Offer Expires December 8
-----------------------------------------------------------
On July 31, 2003, the Group signed a new committed syndicated working
capital facility with an initial principal amount of EUR1.2 billion.  This
replaced an existing facility that was due to expire at the end of January
2004.  The new facility has a final maturity date of June 30, 2006.

The purpose of the Placing and Open Offer is to enable the immediate launch
of the full U.K. restructuring plan and the implementation of the further
initiatives described above.  The Board believes that the Placing and Open
Offer, together with the achievement of the cost savings and profit
improvements identified in the 'Restoring Success' initiatives, will meet
the Group's main criteria of restoring profitability, strengthening the
balance sheet and improving financial flexibility.

If the Placing and Open Offer is not approved, this will delay or adversely
affect Corus' ability to implement the U.K. restructuring program and Group
strategy and to achieve financial flexibility.

Principal terms of the Placing and Open Offer

The Company is proposing to raise approximately GBP291 million, net of
expenses, through the issue of 1,304,340,897 New Ordinary Shares at a price
of 23.5p per New Ordinary Share, payable in full on acceptance.  The Issue
Price of 23.5p per New Ordinary Share represents a discount of approximately
9.6% to the Closing Price for an Existing Ordinary Share of 26.0p on
November 11, 2003 (being the last practicable date prior to this
announcement).

Cazenove and Lazard have conditionally agreed to place the New Ordinary
Shares with institutional and other investors and, to the extent that they
fail to do so, themselves subscribe, subject to clawback to satisfy valid
applications made by Qualifying Shareholders under the Open Offer.

Qualifying Shareholders are being given the opportunity under the Open Offer
to apply to subscribe New Ordinary Shares at the Issue Price pro rata to
their existing shareholdings on the basis of 5 New Ordinary Shares for every
12 Existing Ordinary Shares held by them on the Record Date and so in
proportion for any other number of Existing Ordinary Shares then held.
There is a subscription process through which the Open Offer is being made
available to Qualifying Euronext Shareholders.

New Ordinary Shares issued pursuant to the Open Offer will be credited as
fully paid and will rank pari passu in all respects with the New Ordinary
Shares arising on the sub-division of the Existing Ordinary Shares under the
Share Capital Subdivision, including the right to receive all dividends and
other distributions declared or paid on New Ordinary Shares following
Admission.  No temporary documents of title will be issued.

Shareholders should note that the Open Offer is not a 'rights issue'.

Invitations to apply under the Open Offer are not transferable unless to
satisfy bona fide market claims and the Application Form is not a document
of title and cannot be traded.

Shareholders should be aware that in the Open Offer, unlike in the case of a
rights issue, any New Ordinary Shares not applied for under the Open Offer
will not be sold in the market or placed for the benefit of Shareholders,
but will be placed with the Placees for the benefit of the Company at the
Issue Price pursuant to the terms of the Placing and Open Offer Agreement.

The Placing and Open Offer is conditional on (i) the passing of the
Resolutions at the Extraordinary General Meeting; (ii) the Placing and Open
Offer Agreement becoming unconditional in all respects, save for Admission,
by no later than December 8, 2003 (or such later date, being no later than
December 31, 2003, as the Company, Cazenove and Lazard may agree) and not
having been terminated in accordance with its terms; and (iii) Admission
taking place by not later than 8.00 a.m. on December 8, 2003 (or such later
time and/or date, being no later than December 31, 2003, as the Company,
Cazenove and Lazard may agree).

Accordingly, if any of these conditions are not satisfied, the Placing and
Open Offer will not proceed.

Share capital subdivision

The current nominal value of 50p of each Existing Ordinary Share exceeds the
proposed Issue Price.  As a matter of English company law, it is not
possible for the Company to issue shares at less than their nominal value
and, therefore, in order to effect the Placing and Open Offer, it is
proposed to subdivide and convert each Existing Ordinary Share of 50p into
one new ordinary share of 10p nominal value (a 'New Ordinary Share') and one
deferred share of 40p nominal value (a 'Deferred Share').

This will result in 3,130,418,153 New Ordinary Shares and 3,130,418,153
Deferred Shares being in issue immediately following the Share Capital
Subdivision.  Each Shareholder's proportionate interest in the Company's
issued ordinary share capital will remain unchanged as a result of the Share
Capital Subdivision.  The Board believes, whether or not the Placing and
Open Offer proceeds, that this Share Capital Subdivision will give the
Company greater flexibility than it currently has to optimize its share
capital structure in the future.  As such, subject to Shareholders approving
the necessary resolution, the Share Capital Subdivision will take place
whether or not the Placing and Open Offer proceeds.

Each New Ordinary Share will have the same rights (including voting and
dividend rights and rights on a return of capital) as each Existing Ordinary
Share has prior to the Share Capital Subdivision.

The rights attaching to the Deferred Shares, which will not be listed and
which will not be freely transferable, will render them effectively
worthless and it is intended that they will be cancelled and an appropriate
reserve created in due course.  No share certificates will be issued in
respect of the Deferred Shares.

The Share Capital Subdivision will not affect the Company's or the Group's
net assets.


CORUS GROUP: European Trading Remains Sluggish
----------------------------------------------
Corus' unaudited financial results for the six months ended 28 June 2003
were announced on September 24, 2003 and are set out in the circular to be
issued to Shareholders.  Current trading is in line with the Directors'
expectations as positive and negative factors continue broadly to offset
each other.  Global steel demand is being driven by China.  However,
underlying European demand remains weak.  Benefits are expected from
improvements in manufacturing, ongoing efficiency programs and the delayed
effects of the strength of the euro against the pound in the first half of
2003.  Negative factors include higher raw material costs, freight input
prices, maintenance-related outages and the effect of a fire at the Group's
Scunthorpe works on September 29, 2003.

The Board is cautiously positive regarding the market outlook for 2004,
expecting a gradual global economic recovery, led by Asia and the United
States, with Europe lagging.  The global steel supply/demand balance is
forecast to improve, underpinned by China. Further increases in input prices
are anticipated, and supply-side disciplines will be key to further price
progression in Europe.

Pro forma financial position

As at June 28, 2003, the Group had net assets of GBP2,724 million and net
debt of GBP1,506 million.  After adjusting for the expected proceeds of
GBP291 million (net of expenses) from the Placing and Open Offer, the pro
forma net assets as at
June 28, 2003 would be GBP3,015 million, pro forma net indebtedness would be
GBP1,215 million and pro forma capitalization and indebtedness would be
GBP4,727 million.  Further information on the pro forma financial position
of the Group is set out in the circular.

Use of Proceeds

The Placing and Open Offer is expected to raise approximately GBP291 million
net of expenses.  The Board believes that these proceeds will significantly
strengthen the capital base of the Group and provide greater financial
flexibility.  In particular, they will:

(a) Enable the immediate launch of the full U.K. restructuring
    program, which is estimated to cost up to GBP250 million;

(b) Underpin the group-wide 'Restoring Success' initiatives,
    supported by appropriate capital expenditure; and

(c) In the short term, reduce net borrowings.


CORUS GROUP: Sets Extraordinary General Meeting December 5
----------------------------------------------------------
A notice convening an Extraordinary General Meeting to be held at Congress
Centre, Great Russell Street, London WC1B 3LS at 10.30 a.m. on December 5,
2003 will be set out at the end of the circular.  A Form of Proxy to be used
in connection with the Extraordinary General Meeting will also be sent with
the circular.  Qualifying Euronext Shareholders can request a Euronext Form
of Proxy from the Euronext Paying Agent.

The purpose of the Extraordinary General Meeting is to seek Shareholders'
approval of the Resolutions that will propose that:

(a) Each Existing Ordinary Share be subdivided and converted
    into one New Ordinary Share of 10p and one Deferred Share of
    40p.  The same resolution sets out the rights attaching to
    the Deferred Shares and further proposes that each
    authorized but unissued Existing Ordinary Share be
    subdivided and converted into five New Ordinary Shares;

(b) The Company's authorized share capital be increased to
    GBP2,250,000,000 by the creation of 499,500,010 New Ordinary
    Shares (representing an increase of 2.3% over the Company's
    existing ordinary share capital) for the purposes of the
    Placing and Open Offer;

(c) Subject to and conditional upon the resolution described in
    paragraph (a) and (b) above being passed and Admission, the
    Directors be authorized, for the purposes of section 80 of
    the Act, to allot relevant securities (as defined in that
    section)

    (i) Up to GBP130,434,089.70 (1,304,340,897 New Ordinary
        Shares) pursuant to the Placing and Open Offer
        (representing approximately 41.7% of the existing number
        of Ordinary Shares and approximately 29.4% of the
        Enlarged Share Capital), and

   (ii) Otherwise up to an aggregate nominal amount of
        GBP147,825,301 (1,478,253,010 New Ordinary Shares)
        (representing approximately 47.2% of the existing number
        of ordinary shares and 33.3% of the Enlarged Share
        Capital); and

(d) Subject to the resolutions described in paragraphs (a), (b) and (c)
above being passed and Admission, approval be given for the disapplication
of the statutory pre-emption provisions of section 89 of the Act to allot

    (i) 1,304,340,897 New Ordinary Shares pursuant to the
        Placing and Open Offer (representing approximately 41.7%
        of the existing ordinary share capital and approximately
        29.4% of the Enlarged Share Capital),

   (ii) Equity securities in connection with a rights issue or
        open offer made, subject to certain allowances, on a
        pre-emptive basis, and

  (iii) Otherwise, equity securities up to an aggregate nominal
        value of GBP22,173,795 (221,737,950 New Ordinary Shares)
        (representing approximately 7.1% of the existing number
        of ordinary shares and approximately 5.0% of the
        Enlarged Share Capital).

The authority described in sub-paragraphs (c) and (d) above will (unless
previously revoked or varied by the Company in general meeting) expire on
the date five years from the passing of the Resolutions.  The authority and
approvals described in paragraphs (c) and (d) above will both be in
substitution for the like existing authority and approval conferred at
Corus' last annual general meeting but are without prejudice to any other
such authorities and powers.

Save in respect of the issue of New Ordinary Shares pursuant to the Placing
and Open Offer and any issues of new shares which may be required to be made
pursuant to the Corus Group Share Schemes, the Directors currently have no
plans to issue any new shares, but the Directors believe it to be in the
best interests of the Company for the Board to be granted these authorities
to enable the Board to take advantage of appropriate opportunities.

Convertible Bonds and Dutch Convertible Bonds

The Company will announce as soon as practicable the effects, if any, of the
Share Capital Subdivision and the Placing and Open Offer on the terms of the
Convertible Bonds and the Dutch Convertible Bonds.

Directors' Intentions

The Directors, who in aggregate hold 1,270,675 Existing Ordinary  hares
(representing approximately 0.04% of the Company's current issued share
capital), intend to apply to take up an aggregate of 529,444 New Ordinary
Shares, which represents the maximum number of New Ordinary Shares for which
they can apply to subscribe under the Open Offer.

The Directors intend to vote in favor of the Resolutions in respect of their
respective beneficial holdings, amounting, in aggregate, to 1,270,675
Existing Ordinary Shares, representing approximately 0.04% of the existing
issued ordinary share capital of the Company.

CONTACT:  CORUS GROUP PLC
          Investor Relations
          Phone: +44 (0)20 7717 4501/503/504

          Corporate Relations
          Phone: +44 (0)20 7717 4502/505/498/597

          LAZARD
          Phone: +44 (0)20 7187 2000

          CAZENOVE
          Paul Jameson
          Paul Gismondi
          Phone: +44 (0)20 7588 2828

          Nick Wiles
          Jonathan Wilcox
          Robert Constant

          HOARE GOVETT LIMITED
          Phone: +44 (0)20 7678 8000
          (a subsidiary of ABN AMRO Bank N.V.)
          Peter Meinertzhagen
          Tom Reid

           BRUNSWICK
           Neil Collingridge
           Phone: +44 (0)20 7404 5959
           Mike Smith


CORUS GROUP: S&P Keeps Ratings on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' long-term and 'B'
short-term corporate credit ratings on U.K.-based steel consortium Corus
Group PLC remain on CreditWatch with negative implications, following the
announcement of a GBP307 million (GBP291 million net of expenses) fully
underwritten placing and open offer of shares.

In addition, the 'B+' senior secured bank loan and 'CCC+' senior unsecured
debt on Corus also remain on CreditWatch with negative implications.  All
ratings were placed on CreditWatch on Oct. 6, 2003.

"The placing and open offer of shares is positive for Corus' credit quality,
as it removes uncertainty regarding the funding of the U.K. restructuring
plan, necessary for Corus' future, and provides short-term relief for
liquidity," said Standard & Poor's credit analyst Tommy Trask.

"Nevertheless, resolution of the CreditWatch status remains dependent on the
group's progress in restructuring its heavily loss-making U.K. steel
operations and stemming the negative cash flow.  The aim is to resolve the
CreditWatch placement by January 2004."


EQUITABLE LIFE: Chairman Claims 'Society' Is Solvent
----------------------------------------------------
Dear Members,

In the Society's Annual Report, published in March 2003, your Board stated
that it remained 'resolute in dealing efficiently with all the issues that
continue to face your Society'. We also stated that your Board was
'cautiously optimistic' for the year ahead.  We remain so.  Your Board
believes that the Society has made significant progress towards greater
stability during the first half of 2003.  However, the business continues to
face a unique set of challenges and uncertainties.

In this review, we provide a detailed statement of the Society's current
position and developments against key projects.  The key issues stated here
have been highlighted already to you in previous review statements but this
review provides an update along with an analysis of the significant legal
and financial risks and uncertainties that continue to overhang the
business.

Equitable Life is solvent.  The continued maintenance of solvency -- the
ability of the Society to meet its guaranteed obligations to continuing
policyholders and annuitants -- remains your Board's primary goal.

We are pleased to report good progress towards resolving the major known
claims against the Society.  In particular, we have achieved settlement in
respect of a high proportion of claims from former non-GAR policyholders and
we are set to launch the revised rectification scheme (for GAR policyholders
who retired before the House of Lords' ruling in the Hyman case) shortly.

There are still challenging issues from the past that need to be resolved.
These are not new issues but their consequences remain uncertain.  For
example, in the case of the Treasury-commissioned Lord Penrose Inquiry, it
is possible that claims against the Society may follow publication, or, on
the positive side, there may be possible opportunities for policyholder
compensation from other parties that his report may reveal.

The fundamental uncertainty surrounding the appropriate amount to be set
aside for mis-selling claims and other provisions will continue until the
various reviews are substantially complete (likely to be achieved around the
end of 2004).  Your Board believes, after much discussion and advice, that
the level of provisions for mis-selling and other claims is appropriate.
There obviously remains, however, a risk of exposure to other claims or that
the provisions prove insufficient.

Last year, your Board set clear business objectives to move the Society
towards a stable financial position while ensuring that we treat different
groups of policyholders fairly.  They are:

(a) Resolve outstanding claims against the fund;

(b) Stabilize the with-profits fund to ensure its continued
    solvency;

(c) Ensure we meet the guarantees provided to policyholders by
    pursuing an appropriate investment strategy;

(d) Reduce expenses and restore an efficient business model.

Good progress towards meeting these objectives is reported in this Corporate
and Financial Review.

GAR Rectification Scheme and Managed Pension Review

Your Board believes that the Society has made significant progress
developing the revised GAR rectification scheme, which we are set to launch
shortly for individual policyholders who are eligible to be considered under
it.  The previous GAR rectification scheme was withdrawn in March of this
year.  The previous Board launched it in December 2000, in order to
compensate former holders of GAR policies who retired before the House of
Lords' ruling in 2000 in the Hyman case.  The original scheme was reviewed
and withdrawn by this Board as it was very complex and time-consuming and,
most importantly, it would have allowed policyholders the opportunity to
revisit the decisions they made at retirement with the benefit of hindsight.
The impact of the significant fall in stock market values since 2000 would
clearly influence such decisions and your Board considered that it would be
unfair to allow former GAR policyholders retrospectively to change
investment decisions at the expense of other continuing policyholders.  We
have also changed the processes, which are expected now to be much simpler
and easier to administer, and this will lead to greater efficiency as the
new GAR rectification scheme progresses.

The review, instigated by the FSA, of the sale of managed pensions,
continues to be developed.  The detail remains to be settled before the next
stage of the review can be implemented, but the intention, in line with the
FSA's requirements, is that determinations will be made and issued by the
Society in all eligible cases during the course of next year.  The
liabilities connected with the managed pension review cannot therefore be
predicted with a high degree of accuracy.

The liabilities relating to the GAR rectification scheme and the managed
pensions review have been increased by GBP20 million to
GBP440 million, allowing for the impact of interest rates on the cost of
provision of compensation under these reviews.

Complaints by former non-GAR policyholders

In June, the Society implemented a case-by-case assessment of complaints by
former non-GAR policyholders.  We mailed former policyholders, representing
some 16,000 policies, advising them of the Society's complaints procedure
and the redress formula and inviting them to respond if they believe they
have a valid complaint against the Society in relation to the GAR issue.

The Financial Ombudsman Service is continuing to review various claims by
certain former non-GAR policyholders.  The Society is co-operating with the
Financial Ombudsman Service and has made detailed representations to the
Financial Ombudsman Service as to the appropriate level of redress for these
particular claims.

The Society has received a preliminary view from the Financial Ombudsman
Service, based on its own legal advice, that it is considering a different
approach from that of the Society for some cases.  The Ombudsman has invited
views from both the Society and complainants.  The Society has made
representations to the Financial Ombudsman Service that the appropriate
approach to assessing compensation in cases such as these should be based on
the Society's own legal opinion, which is consistent with the published
legal advice obtained by the FSA.  It could be many months before the matter
is finally resolved with the Financial Ombudsman Service and/or the courts.
At this stage we have no reason to change our approach.  For those
complainants dealt with by the Financial Ombudsman Service under its review,
the Financial Ombudsman Service has agreed in the meantime to provide
complainants with details of offers consistent with the Society's approach
to redress and we are pleased that many subsequently have settled their
complaints on this basis.

Litigation by the Society

In February, the High Court accepted Ernst & Young's application to have
part of the Society's claim against them struck out.  In July, the Court of
Appeal overturned the earlier decision, substantially reinstating our claim.

In the High Court on 17 October, Mr. Justice Langley rejected the
application by certain former non-executive directors to strike out the
claim against them and permitted the Society's case to go forward against
the group of 15 former directors.  The Society was awarded its costs in both
cases.  The decisions have vindicated your Board's action to pursue this
important litigation in the interests of policyholders.  The trial of both
claims is planned to commence in April 2005.

Based on all our legal advice and the current assessment of the chances of
success, your Board has a duty to act and we must pursue these claims.  Any
compensation the Society receives will be added to the with-profits fund for
the benefit of continuing with-profits policyholders.

Investigations by the Parliamentary Ombudsman and by The Lord Penrose
Inquiry

The Parliamentary Ombudsman, in her report published in July, concluded that
she did not find evidence to suggest that the FSA, acting as prudential
regulator, had failed in its responsibilities during the period under
investigation.  The period under review was January 1, 1999 to December 8,
2000, the date on which the Society closed for new business.

Your Board awaits the publication of Lord Penrose's Report.  His terms of
reference are much broader and his inquiry is therefore more complex than
that of the Parliamentary Ombudsman.  Whilst recognizing the Society's and
its policyholders' commercial interests, the current Board has provided the
Lord Penrose Inquiry with a very substantial amount of documentation.  Lord
Penrose is investigating decades of the Society's history and also the roles
of the various regulatory agencies that supervised the Society's business
over the years.

There is much public speculation on the progress of that inquiry and the
timing of the delivery of Lord Penrose's report to the Treasury.

Whether Lord Penrose's report is made public in whole, in part or at all is
a matter for the Treasury.  Lord Penrose's report will set out his view of
what went wrong.  On publication, which we very much hope will not be
delayed, your Board will consider, with its advisers, what the potential
implications for the Society may be and the next steps on behalf of
policyholders.

Other uncertainties

As the Society has stated on previous occasions, although no proceedings
have been initiated, allegations of fraud have been made, including those by
a small number of former non-GAR policyholders, that the Society's conduct
(after 1998) in relation to the GAR issue went beyond negligence and
amounted to fraud.  Having taken legal advice, your Board consider there is
no sustainable case of fraud, and, in the event that any proceedings were
issued, they would be defended vigorously.

There exists the possibility that further claims could be made against the
Society, alleging fraud, or other mis-selling not addressed hitherto, or
otherwise seeking compensation.  In particular, these potential claims could
arise as a result of any criticism of the conduct of the Society included in
or following publication of Lord Penrose's report, or of former management
and advisers following any FSA investigations or reviews by the actuarial
and accounting professions.

With-Profits Annuity payments

We wrote in November 2002 and advised that cuts in final bonus would be made
to the payments to with-profits annuitants over two policy years, beginning
in February 2003.  The changes, when completed (in January 2006), will bring
the position for with-profits annuitants into line with the Society's other
with-profits policyholders.

The amount of future with-profits annuity payments is dependent on the
performance of the with-profits fund relative to the bonus rate anticipated
by the individual policyholder when the policy started. Each year, the
income level reduces at the rate of bonus anticipated by the policyholder
and increases by any final bonus declared by the Society.
Policyholders generally chose the anticipated bonus rate at a time of higher
prevailing inflation and higher expected investment returns.  With lower
inflation and low investment returns, the overall performance of the
with-profits fund may be insufficient in many cases to enable the Society to
award final bonuses that will match the reduction in the basic annuity.
Many with-profits annuitants will therefore see ongoing falls to their
income, though generally by much smaller amounts than the cuts that started
in February 2003.  This situation is common to other with-profits annuity
providers, not just Equitable Life.

Review of the Society's current financial position

In the six months since December 31, 2002, the Fund for Future
Appropriations fell by GBP103 million to GBP453 million.  The Fund for
Future Appropriations balance at June 30, 2003 represents approximately 4.5%
of with-profits reserves, little changed from the percentage as at December
31, 2002.  The Fund for Future Appropriations is the most important measure
of the Society's financial position as it represents the Society's net
resources available to meet non-guaranteed bonuses, any unforeseen
liabilities and liabilities in excess of those provided for at the balance
sheet date.

In assessing the Society's ability to meet its obligations as they fall due,
the Fund for Future Appropriations is a more relevant measure than the
excess of net assets over the Required Minimum Margin, which forms part of
the financial returns sent to the Financial Services Authority.  The
Required Minimum Margin is calculated by the application of specified
factors to the policy reserves and acts as a minimum level of required
capital.  If the Society's excess assets fall below Required Minimum Margin,
the FSA has powers to require that certain information and plans be prepared
to demonstrate how the Society would correct the position.  However, if the
Society has a positive Fund for Future Appropriations, and can meet its
liabilities as they fall due, it will remain solvent even if the Required
Minimum Margin is not met.  The FSA plans to introduce new requirements for
the measurement of financial strength in the annual regulatory returns.
Until the FSA's requirements are finalized, the impact on the Society cannot
be ascertained with any certainty.

When assessing solvency, it is the Society's ability to pay its guaranteed
obligations to policyholders that is most significant.  The guaranteed
obligations include reversionary bonuses on with-profits policies that have
already been declared in respect of previous years.  The guaranteed
obligations do not include any allowance for non-guaranteed bonuses.

The current value of policyholders' with-profits policies includes an
estimate for the anticipated non-guaranteed final bonus accumulated to date.
It is important to recognize that the estimated final bonus, sometimes
referred to as the terminal bonus, included in the policy value is not
guaranteed and is therefore not included in either the valuation of the
long-term business technical provision or as part of the solvency
calculations.  In accordance with current actuarial and accounting guidance
and industry practice, only guaranteed obligations are included in the
valuation of the long-term business technical provisions included in the
balance sheet.  The Society's objective is for net income to be adequate in
future years at least to meet those guarantees and any increases in
guarantees.

The following reconciliation shows the interaction of the Fund for Future
Appropriations and Required Minimum Margin figures for the Society:

                                June 30, 2003  December 31, 2002
                                         GBPm         GBPm
Fund for Future Appropriations            453          556

Subordinated debt (note 1)                334          346

Implicit item (note 2)                    150          200

Reserving adjustments and disallowed      (15)         (23)
assets (note 3)
Regulatory net assets                     922        1,079

Required Minimum Margin (note 4)          668          723

Excess of net assets over Required Minimum Margin (note 4)
                                          254          356

(1) For the purposes of Required Minimum Margin reporting, the subordinated
debt can presently be treated as capital. This is achieved in practice by
disregarding as a liability the inter-company loan from Equitable Life
Finance plc (issuer of the subordinated debt) up to an amount not exceeding
50% of the Society's Required Minimum Margin.

(2) The implicit item is a concession, available to insurance companies,
which is granted in certain circumstances by the FSA to permit margins in
the reserving basis, from business previously written, to be taken into
account.

(3) Certain balances are required to be held at values that are measured on
bases different from those adopted for the Accounts or otherwise are treated
differently between the FSA Returns and the Accounts.

(4) The figures at 30 June 2003 for Required Minimum Margin and the excess
of net assets over Required Minimum Margin are estimated, as there is no
requirement to prepare full regulatory returns as at that date.

The movement in the Fund for Future Appropriations during 2002 and the first
half of 2003, is shown in the table below.


                                      January to      January to
                                      June 2003    December 2002
                                         GBPm             GBPm

Opening Fund for Future Appropriations    556             1,105

Changes in net asset values and valuation  12               (80)
rates of interest

Elimination of provision for future         -               241
discretionary guaranteed bonus for
non-GIRs

Change in mortality assumptions             -              (179)

The effect on Fund for Future Appropriations of policy maturities
20              (211)
and surrenders

Increase in provisions and expenses       (97)             (242)

Contractual cost of HBOS past service     (10)             (106)
pension funding (net of payments made)

Other movements                           (28)               28

Closing Fund for Future Appropriations    453               556


It should be noted that, unless the level of provisions and their related
uncertainties reduce at the same rate as the number and value of policies
decline as a result of maturities and surrenders, their relative importance
increases in considering the adequacy of the Fund for Future Appropriations
to address the risks facing the Society.

Investment performance and capacity to pay bonuses

In 2002, the Society accelerated the implementation of a more cautious
investment strategy, reducing significantly the proportion of the
with-profits fund held in equities in order to match more closely its
liabilities.  The weighting in favor of fixed-interest securities and bonds
within the investment portfolio results in there being limited scope for its
growth, as any changes to bond values resulting from movements in bond
yields are mirrored in equivalent and largely offsetting changes in the
value of liabilities.  Any uplift in equity values in the market generally
will have little direct impact on the value of the Society's assets and on
its ability to boost future rates of bonus.  The ability to increase policy
values depends to a considerable extent on the returns achieved on the
Society's property and private equity portfolios.  The value and liquidity
of these assets could be affected by adverse market conditions.

Expenses and provisions

The increase in provisions and expenses of GBP97 million arose principally
as a result of the impact of increased project,
litigation and miscellaneous costs and an increase of GBP20 million in the
GAR Rectification and Managed Pension provisions.

The Board believes that the funds set aside as provisions are sufficient to
deal with the various claims against the Society, but recognizes that
uncertainties remain in establishing appropriate values relating to
provisions, principally in respect of the applicable split of claimants into
categories representing the most suitable form of redress and take-up rates.
In addition there remains the possibility of changes arising from regulatory
interpretations or requirements.

The Society has issued a range of pensions policies incorporating guaranteed
investment returns of 3.5% per annum. In valuing the liabilities in respect
of these policies, it is assumed that the relevant duration is to the first
contractual date.  If the market level of fixed interest yields falls below
this rate, higher reserves would be required.

Equitable Life Finance plc

The payment of principal and interest and all other monies payable by
Equitable Life Finance plc, a wholly owned subsidiary of the Society, in
respect of the GBP350m 8% undated subordinated guaranteed bonds, issued in
1997, has been irrevocably and unconditionally guaranteed on a subordinated
basis by the Society.

If, when payment of interest in relation to the Bonds becomes due, the
Society does not meet Required Minimum Margin as of the date of its latest
actuarial valuation, then the payment will be deferred by ELF unless FSA
consent to such payment is obtained.

If regulatory returns were to be prepared as at June 30, 2003, the Society's
net assets would be in excess of its estimated Required Minimum Margin.
However, as noted above, there exists the possibility that the Society may
not meet Required Minimum Margin at all times in the future.  There is,
therefore, uncertainty in respect of the repayment of the interest on and
principal of the Bonds, because Bondholders' interests are subordinated to
those of the Society's policyholders and other creditors in the event of a
winding up of the Society.

The Board's conclusions on going concern

The Board is responsible for making a formal assessment as to whether the
'going concern' basis is appropriate for preparing these accounts.  The
going concern basis presumes that the Society will continue to be able to
meet its guaranteed obligations to policyholders and other creditors as they
fall due.  To do this, the Society must have sufficient assets not only to
meet the payments associated with its business but also to withstand the
impact of other events that might reasonably be expected to happen.

Considerable time has again been spent by the Board in examining the issues
relevant to the going concern basis which, in summary, are mainly the
exposure to: increases in provisions, investment losses, impact of
discretionary bonus payments, future expense levels (including the costs of
the continuing pension obligations to former staff) and mortality risks.

The financial position of the Society has been projected under a very wide
range of economic scenarios.  The Board has also considered the level of
contingent liabilities (that is, liabilities not recorded in the Accounts
but which could conceivably arise) in its analysis of the Society's
financial position.  The results of this work show that the probability,
over the foreseeable future, of the Society being unable to meet its
guaranteed obligations to policyholders is not significant. The Board is
confident of its ability to manage adverse scenarios that may arise, but
there cannot be absolute assurance.  In such circumstances, as with any
other long-term fund, painful actions could be necessary to adjust maturity
values, with-profits annuity payments and surrender values.

In addition, the Board has considered the potential additional claims
referred to under the heading 'Other uncertainties'.  The Board has assessed
the probability of these uncertainties arising and on the basis of current
information and having taken legal advice, has concluded that it is highly
unlikely they will result in any material adverse financial consequences.

The Board has given due consideration to all the potential risks and
possible actions set out above and has concluded that it remains appropriate
to prepare these Accounts on a going concern basis.

As a result of volatility in investment and property markets, the uncertain
nature of provisions and the other potential strains on the Society's
finances, and even though all these issues are subject to close management
scrutiny, the Board recognizes the possibility that the Society may not meet
Required Minimum Margin at all times in the future.  As noted above, any
failure to satisfy Required Minimum Margin does not, of itself, cause the
Society to become insolvent.

The Society will continue to need very diligent management of its risks and
your Board will not hesitate to take appropriate action in any circumstances
which jeopardize the fund's ability to meet guaranteed obligations to
policyholders.

Looking forward

Your Board's core focus is to continue to ensure that Equitable Life remains
solvent and that we continue to move the Society towards greater stability.
We have made further progress towards this goal and, looking forward, we
remain cautiously optimistic.  As this review makes clear, however,
significant challenges, including those that may arise from publication of
the Penrose Report, and the continuing fundamental uncertainties --
particularly surrounding provisioning levels -- remain to be resolved.

We know very well that recent years have been very worrying for
policyholders and annuitants.  Our aim has been to ensure fairness to all,
given the considerable financial constraints within which we have to
operate.  We can assure you that your Board works extremely hard on
policyholders' behalf to move this business towards the calmer water you
deserve.  We will not decrease our efforts to represent your interests at
all times and to deal with the remaining issues as speedily and fairly as we
possibly can.

Charles Thomson
Chief Executive

Vanni Treves
Chairman

To see financial statements:
http://bankrupt.com/misc/Equitable_Life_Results.htm

                              *****

Board of Directors

Vanni Treves, Chairman (a, b, c, e)

Charles Thomson, Chief Executive (b, d)

Nigel Brinn, Finance and Investment Director (d)

David Adams, OBE, Non-executive Director (a, d)

Ron Bullen, Non-executive Director (a)

Sir Philip Otton, Non-executive Director (b, c, e)

Michael Pickard, Non-executive Director (d)

Fred Shedden, Non-executive Director (b, d)

Peter Smith, Non-executive Director (a, b, c, e)

Andrew Threadgold, Non-executive Director (d)

Jean Wood, Non-executive Director (d)

Key to membership of principal Board Committee

(a) Audit
(b) Legal Audit
(c) Remuneration
(d) Investment
(e) Nominations

Appointed Actuary
David Murray

Legal Advisers     Auditor
Lovells            PricewaterhouseCoopers LLP
Atlantic House,    Southwark Towers
Holborn Viaduct    32 London Bridge Street
London             London
EC1A 2FG           SE1 9SY

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          City Place House
          55 Basinghall Street
          London
          EC2V 5DR
          Home Page: http://www.equitable.co.uk


HOLLINGER INC.: U.S. Tycoon Launches Due Diligence
--------------------------------------------------
Hollinger Inc., the debt-laden publisher of The Daily Telegraph, has
commenced negotiations with American financier, Nelson Peltz, according to
The Times.  This follows the failed negotiations with blue chip venture
capitalist, Bain Capital, last month.

The newspaper publisher, controlled by Lord Black of Crossharbour, has
refused to confirm the development amid rumors that the financier has
already started conducting due diligence.  The Times said the potential
buyer will likely demand a controlling position in the newspaper group.

Lord Black currently controls Hollinger International, which holds interests
in newspapers in Chicago and Israel through Canadian holding company,
Hollinger Inc.  This holding company has 32% of the shares but controls 73%
of the votes.

"Hollinger's finances are notoriously complex and any third-party investor
is unlikely to accept any terms that leave them with anything other than a
controlling position in the newspaper group," The Times said.

The group, according to the paper, badly needs cash to meet a CA$92 million
payment next spring.  The company has been struggling to meet obligations,
paying only the interest on a CA$120 million bond with the help of Lord
Black's personal vehicle and the group's ultimate parent, Ravelston.
Ravelston, however, draws much of its income from a management fee that is
paid directly from Hollinger International to Lord Black and his associates,
The Times said.

"The existence of the fee, which last year totaled CA$21.4 million, has been
criticized by a group of the company's minority investors, led by the New
York fund manager Tweedy Browne," The Times added.

Lord Black is now under pressure to straighten the company's finances and
improve its corporate governance, according to the paper.


KINGFISHER PLC: Third-quarter Dive Triggers Management Shake-up
---------------------------------------------------------------
After reporting slower sales growth in the third quarter, Kingfisher Plc has
announced a shakeup in its senior management.  The company says Helen Weir
had resigned as finance director while Bill Whiting would retire as B&Q
chief executive at the end of January 2004.  According to the Financial
Times, current B&Q finance director, Duncan Tatton-Brown, will replace Ms.
Weir, while B&Q Managing Director Rob Cissell will takeover as chief
executive.

Group like-for-like sales in the 13 weeks to November slowed by 3.6%
compared to the 5.5% growth in the first half.  Considered the largest DIY
retailer in the U.K., the group recently demerged its electrical business to
focus on home improvement.


MARCONI CORPORATION: Gives Full Control of Confirmant to Oxford
---------------------------------------------------------------
Marconi Corporation plc (London: MONI and Nasdaq: MRCIY) announces that it
has sold its 50% interest in Confirmant Limited for over GBP4 million in
cash to Oxford GlycoSciences, a wholly owned subsidiary of Celltech Group
plc.  Confirmant is a joint venture set up by Marconi and Oxford
GlycoSciences in June 2001.

The purchase price represents an apportionment of Confirmant's available
cash resources between Marconi and Oxford GlycoSciences.  Marconi will pay
the gross cash proceeds into the Mandatory Redemption Escrow Account and the
cash will be used, in due course, to fund a further partial redemption of
the Group's Junior Notes.  Mike Parton, chief executive, said: 'In addition
to the cash proceeds we will receive for disposing of our interest in what
is a non-core joint venture, we eliminate an annual non-cash loss to the
Group of some GBP5 million.

About the Mandatory Redemption Escrow Account (MREA)

When the balance of the MREA reaches US$30 million, this triggers a
mandatory partial redemption of Marconi's Junior Notes at 110% of par value.

About Marconi Corporation plc

Marconi Corporation plc is a global telecommunications equipment, services
and solutions company.  The company's core business is the provision of
innovative and reliable optical networks, broadband routing and switching
and broadband access technologies and services.  The company's customer base
includes many of the world's largest telecommunications operators.  The
company is listed on the London Stock Exchange under the symbol MONI and
Nasdaq under the symbol MRCIY.  Additional information about Marconi
Corporation can be found at http://www.marconi.com

CONTACT:  MARCONI CORPORATION
          Investor Enquiries:
          Heather Green
          Phone: 0207 306 1735
          E-mail: heather.green@marconi.com


TELESENS KSCL: Former Staff File Suit to Collect Severance Pay
--------------------------------------------------------------
Former employees of Telesens KSCL are lodging a GBP8 million-legal suit
against the receivers and new owners of the Edinburgh software firm,
according to The Scotsman.

The case carried in behalf of 160 workers, alleged that the staff were not
paid thousands worth of redundancy payouts and one month's salary, were not
consulted about the firm's plans, and were not given the statutory three
month's notice prior to the company's demise in June last year.  The
payments were not given despite the sale of the company for GBP6 million to
American firm Convergys afterwards, they said.

A test case was supposed to be heard last Wednesday to determine whether the
complaints that include sex discriminations and unfair dismissal against
Deloitte & Touche and Convergys could proceed to a full hearing.  The gender
discrimination case arose from the fact that eight of those made redundant
were women who were either pregnant or on maternity leave.


                            *********


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
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Beard Group, Inc., Frederick, Maryland USA.  Larri-Nil Veloso, Ma. Cristina
Canson, and Laedevee Gonzales, Editors.

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

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