/raid1/www/Hosts/bankrupt/TCREUR_Public/011130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, November 30, 2001, Vol. 2, No. 234


                            Headlines

* B E L G I U M *

LERNOUT & HAUSPIE: ScanSoft Agrees to Buy L&H Assets for $39.5MM
XEIKON NV: Granted Creditor Protection in Belgium and France

* F R A N C E *

BULL SA: Steria States Terms for European Service Bid
EUROPEENNE D'EXTINCTEURS: Seeks Continuation Plan
LVMH: Closes Sephora Stores in Japan Amid Plunging Sales

* G E R M A N Y *

AUGSBURGER KAMMGARN-SPINNEREI: Faces Closure After 165 Years
BANKGESELLSCHAFT BERLIN: To Reveal Results of Restructuring Talks
BROKAT AG: In Talks With Investors to Stave Off Collapse
DEUTSCHE TELEKOM: Beats Targets in Third Quarter
DEUTSCHE TELEKOM: Predicts Full-Year Loss
EM.TV: Analysts See Losses of up to 51MM Euros in Third Quarter
EM.TV: Chairman Klatten Will Assume CFO Responsibilities
KINOWELT MEDIEN: Analyst Sees Slim Chance of Survival

* I T A L Y *

ALITALIA SPA: In Alliance With Air France
ALITALIA SPA: Will Get 750BB Lire in State Aid

* N O R W A Y *

KVAERNER ASA: Agrees to Merge With Aker, Yukos Withdraws Bid

* S W E D E N *

LM ERICSSON: Stocks Fall 2.5%

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

SULZER MEDICA: Stands Firm on $783MM Settlement Offer
SWISSAIR GROUP: FedEx Drops Buy of Swissair Jets

* U N I T E D   K I N G D O M *

BRITISH TELECOM: Net Claim on Trial Next Year
CENES PHARMACEUTICALS: Agrees to Sell Chemical Library to Scion
COLT TELECOM: Announces Services in Lisbon and Valencia
ICELAND GROUP: First-Half Profit Falls on Organic Veggie Switch
MARCONI PLC: Plunges 11% in U.S. Markets
MARCONI PLC: Sells Part of Lottomatica Stake to Reduce Debt
MARCONI PLC: Starts Negotiations With Bankers
RAILTRACK GROUP: Byers Hires Ford Chief to Head Railtrack
UNIQ PLC: Stocks Gain, Analyst Raises Recommendation to 'Buy'


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


LERNOUT & HAUSPIE: ScanSoft Agrees to Buy L&H Assets for $39.5MM
----------------------------------------------------------------

Massachusetts-based ScanSoft Inc., a leading provider of paper-
to-digital solutions, has agreed to acquire the Speech and
Language Technologies business of Lernout & Hauspie Speech
Products N.V. and L&H Holdings USA Inc., including substantially
all of the operating and technology assets, in a bankruptcy
auction concluded early Tuesday morning.

Among the technology assets to be acquired by ScanSoft are
RealSpeak Text-to-Speech, the Dragon NaturallySpeaking Product
Line and the Automatic Speech Recognition Solutions.

The agreement remains subject to the approval of The U.S.
Bankruptcy Court for the District of Delaware, which has
scheduled a hearing for December 4.

Under the terms of the agreement, ScanSoft will pay approximately
$39.5 million, comprising $10 million in cash, a $3.5 million
note and 7.4 million shares of ScanSoft stock, which, based on
the November 26 closing price of $3.52 per share, is valued at
$26 million.

ScanSoft expects to retain at least 150 Lernout & Hauspie
employees worldwide.

Lernout & Hauspie filed for protection from creditors under
Chapter 11 of the Bankruptcy Code in the United States in 2000
and is subject to a bankruptcy proceeding in Belgium where the
company has one of its headquarters.

The closing of the transaction is expected prior to the end of
2001.


XEIKON NV: Granted Creditor Protection in Belgium and France
------------------------------------------------------------

The court in Belgium granted digital color printer manufacturer
Xeikon N.V. creditor protection for 4 months.

The company's subsidiary in France, Xeikon France S.A., was
granted similar protection for three months under applicable
French legislation on November 13.

During these periods, Xeikon N.V. and Xeikon France S.A. will
prepare, under the supervision of several officers appointed by
the courts, a restructuring plan for its business.

During that time, the company will temporarily be relieved from
its obligation to service existing debts. It will also continue
to manufacture, market and distribute its products during this
period of creditor protection.

Xeikon's subsidiaries in Germany, the U.K., Japan and the U.S.
have not filed for creditor protection and, therefore, continue
to operate normally.

Overall weak economic environment and slow progress in reaching
an agreement to raise additional capital has brought Xeikon to
request for creditor's protection and take up restructuring
measures to meet financial commitments.

Xeikon's securities have stopped trading on Nasdaq since November  
9.

For further information, contact the company's President & CEO,   
Alfons Buts, or Senior VP & CFO Gerrit Keyaerts at telephone +32
(0) 3 443 1311 or fax +32 (0) 3 443 1309


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


BULL SA: Steria States Terms for European Service Bid
-----------------------------------------------------

Technology services company Groupe Steria SA has agreed adjusted
terms with French computer maker Bull SA for the purchase of most
of Bull's European services activities, effective January 1, Dow
Jones Newswires reported.

Under the terms of the deal, Steria will pay 29 million euros in
shares, or 6.0% of the company. Bull also has an option to buy a
further 14% of Steria in three tranches over three years.

Steria will take 21 million euros in net debt, less than the 57
million euros announced in August.

Steria will take on Bull's services operations in the U.K.,
Germany, Italy, Switzerland, Belgium, Luxembourg, Sweden, Norway
and Denmark.

Bull must repay a 115-million-euro debt next year.


EUROPEENNE D'EXTINCTEURS: Seeks Continuation Plan
-------------------------------------------------

French fire-fighting equipment company Europeenne d'Extincteurs,
which has been in receivership since October, has not yet
attracted any continuation plans, the Le Figaro/FT Information
reported.

Observers said that a takeover via the sale of its assets is the
only solution given both the nature of the company's activities
and the state of its finances.

Europeenne d'Extincteurs' shareholders, Sogem France and the
Atenor Group of Belgium, refused to recapitalize the group after
it announced in October that its turnover fell by 13% in the
first half of 2001.

The debts of the Lyons-based group now amount to almost 91.5
million euros for 51 million euros worth of equity capital.

Meanwhile, Europeenne d'Extincteurs' management has called for
trading in the company's share to be suspended until the courts
decide its fate on December 28.


LVMH: Closes Sephora Stores in Japan Amid Plunging Sales
--------------------------------------------------------

The world's largest luxury goods group LVMH Moet Hennessy Louis  
Vuitton, known for the Louis Vuitton, Christian Dior and Givenchy  
brands, is closing its seven Sephora cosmetics stores in Japan
before the end of December amid plunging sales, Reuters reports.

"We are closing a loss-making business," an LVMH spokesman said.

"This is part of Sephora's rationalization plan. The priority is
profitability of Sephora US and increased profitability of
Sephora Europe."

Fifty of Sephora's full-time staff members will also be
dismissed.

In October, LVMH lowered its profit projections for the third
time this year after the September attacks on the U.S. pushed
third-quarter sales below market forecasts.

Its shares were down 4.38% at 44.07 euros on Wednesday with the
announcement of the closure of Sephora stores, wiping almost one
billion euros off its market value.


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


AUGSBURGER KAMMGARN-SPINNEREI: Faces Closure After 165 Years
------------------------------------------------------------

Augsburger Kammgarn-Spinnerei AG, the German yarn and knitting
wool manufacturer, is facing closure after 165 years after filing
for insolvency on November 26, reports Frankfurter Allgemeine
Zeitung/FT Information.

The company earlier announced it had share capital of only 56,000
deutsche marks, and that it was facing inability to pay.

In the first half of the year, its turnover fell by 9% to 38.5
million euros, while loss before tax stood at 3.9 million
deutsche marks, compared with a slight profit in the same period
last year. It employs 300 people.

For more information, contact the company at telephone 0821 5603-
0 or telefax 0821 5603-560, or email info@aks-ag.com


BANKGESELLSCHAFT BERLIN: To Reveal Results of Restructuring Talks
-----------------------------------------------------------------

Bankgesellschaft Berlin AG will soon announce the results of
ongoing restructuring talks with the majority shareholder, the
state of Berlin, and employee representatives, the AFX News
reports.

The struggling German bank adds it will post a full year loss.

Bankgesellschaft Berlin, which has been embroiled in a scandal
stemming from its real estate ventures, will be dropped from  
the mid-cap index MDAX on December 27 because more than 80% of
its shares are now held by the city-state of Berlin.


BROKAT AG: In Talks With Investors to Stave Off Collapse
--------------------------------------------------------

Brokat Technologies AG is believed to have entered into
negotiation with potential investors in an attempt to stave off
the threat of collapse, Frankfurter Allgemeine Zeitung/FT
Information reported.

The German software company filed for insolvency last week when
its debt-restructuring talks with bondholders had failed.

Only time will tell whether or not the company will be able to
meet the demands placed on it by creditors, due to the lack of
availability of funds.

Standard & Poor's and Moody's Investors Service recently
downgraded Brokat's ratings to D after the insolvency
announcement.


DEUTSCHE TELEKOM: Beats Targets in Third Quarter
------------------------------------------------

German telecommunications giant Deutsche Telekom revealed a
better operating result than expected for the third quarter.

According to a Financial Times report, Telekom's earnings before
interest, tax, amortization and depreciation (ebitda) rose from
3.39 billion to 4.1 billion euros in the three months on sales
revenue of 12.5 billion euros

The ebitda result was about 200 million euros above the group's
target.

The group further posted a total net loss of 627 million euros in
the quarter, after losses of around 1 billion euros in the second
quarter and 350 million euros in the first quarter.


DEUTSCHE TELEKOM: Predicts Full-Year Loss
-----------------------------------------

Deutsche Telekom AG said 2001 would bring its first full-year net
loss despite a higher-than-expected operating result in the
third-quarter, Handelsblatt reported.

Earlier, the telecoms giant revealed earnings before interest,
taxes, depreciation and amortization (ebitda) of 4.09 billion
euros, up 20% from a year ago.

Amortization of goodwill for U.S. carrier VoiceStream, which was
acquired in May, pushed Telekom's mobile division T-Mobile into
the red with a loss before taxes of 1.6 billion euros.

Telekom's fixed-line unit T-Com contributed 2 billion euros of
EBITDA in the quarter.

Deutsche Telekom, now facing the need to dismantle a debt
mountain that has grown to 65.2 billion euros, sees a full-year
net loss because the revenue from its sale of further cable
interests to U.S. company Liberty Media could not be expected to
come in until 2002.


EM.TV: Analysts See Losses of up to 51MM Euros in Third Quarter
---------------------------------------------------------------

Analysts expect EM.TV & Merchandising AG to post today a net loss
of between 33 million euros and 51.3 million euros on sales of
272.4 to 276 million euros in the third quarter to end-September,
AFX News reports.

Analysts say that calculating EM.TV's results is guesswork, while
some analysts did not even bother to make forecasts due to the
lack of transparency in the company's books.

The troubled media company is, however, expected to post an
operating profit in the third quarter though a loss of around
75.3 million euros in the financial result will bring EM.TVTV
into the red.


EM.TV: Chairman Klatten Will Assume CFO Responsibilities
--------------------------------------------------------

EM.TV & Merchandising AG Chairman Werner Klatten will take over
the responsibilities of Marius Schwarz after firing the Chief
Financial Officer early this week.

Both executives were in conflict over how much influence German
media giant Kirch Gruppe should be allowed to exert over its
business.

Schwarz is the second finance director to leave the company in
three months. He replaced Rolf Rickmeyer.

Merck Finck analyst Alexander Kachler says EM.TV still lacks
transparency and a clear strategy.

"EM.TV isn't known for being punctual with its quarterly figures
-- it looks now as if its next report will again be difficult,"
Kachler added.

In late September, EM.TV posted a first-half pretax loss of 127
million marks, due to expenses related to the financing of
Formula One and high restructuring costs.


KINOWELT MEDIEN: Analyst Sees Slim Chance of Survival
-----------------------------------------------------

Merrill Lynch analyst Bernard Tubeileh said that German media
rights group Kinowelt Medien AG has a slim chance of survival
after one of its major creditors called in loans of about 51
million euros, Dow Jones Newswires reported.

Tubeileh added that the only way to avoid insolvency proceedings
was to find a solution with ABN Amro Bank over its cancellation
of more than 100 million deutsche marks in loans.

Kinowelt spokesman Joerg Lang said the company has less than a
month to reach an agreement with the bank but was unlikely to be
able to come up with funds to repay the loan.

Some banks say they are willing to contribute towards funding
restructuring measures. Creditor BHF Bank said its credit lines
were still available, but the credit relationship would end if
Kinowelt files for insolvency.

HypoVereinsbank said it still has not reached a decision over its
loan to Kinowelt.

Kinowelt shares have tumbled this week, falling to 0.55 euros
from 0.90 euros.

For further inquiries, contact Christin Wegener, SVP Corporate
Communications, at telephone 089-30 796 7270, fax 089-30 796 7330
or email presse@kinowelt.de


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


ALITALIA SPA: In Alliance With Air France
-----------------------------------------

Italian president Silvio Berlusconi, French prime minister Lionel
Jospin and president Jacques Chirac confirmed the agreement
reached between Italy's Alitalia and French airlines Air France
in July.

Alitalia chief executive Jean Cyril Spinetta stressed that the
commercial alliance will allow Alitalia to advance as Air France
"is one of the companies that will survive the crisis".

Based on Corriere della Sera/FT Information's report, the share
exchange between the two companies will take place in June and
will range between 2 and 4%.

Further talks on the possible merger of sectors such as baggage
handling are also taking place.


ALITALIA SPA: Will Get 750BB Lire in State Aid
----------------------------------------------

Alitalia SpA will get 750 billion lire ($342 million) in aid from
the Italian government to help the state carrier return to profit
even though the European Union has raised questions about the
move, reports Bloomberg.

According to Transport Minister Pietro Lunardi, the contribution
is to be considered as already received under a 2.75 trillion-
lire capital injection package previously approved by the EU in
1997.

The Rome-based airline, which forecasts a 350 million-euro loss
before interest and taxes for this year, says the assistance will
help it return to profit by 2003.


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


KVAERNER ASA: Agrees to Merge With Aker, Yukos Withdraws Bid
------------------------------------------------------------

Norwegian billionaire Kjell Inge Rokke finally agrees to merge
his Aker Maritime oil services group with troubled Anglo-
Norwegian construction and engineering firm Kvaerner.

Aker Maritime is Kvaerner's largest shareholder with 24.9%,
followed by Yukos with 22%.

The industrial and financial solution for Kvaerner means that the
group will secure new equity through a Directed Equity Issue, a
subsequent Rights Issue, and through the merger of Aker
Maritime's core business with Kvaerner Oil & Gas.

The main elements of the agreement are as follows:

* A merger of Aker Maritime and Kvaerner Oil & Gas. Aker Maritime
is valued at 3.6 billion Norwegian krone, including 800 million
Norwegian krone in debt. The conversion rate will be based on the
subscription price in the new issues.

* A Directed Equity Issue of at least 2 billion Norwegian krone.
The subscription price will be set in the range of 4-8 Norwegian
krone per share through book-building.

* A Rights Issue for Kvaerner shareholders, as of December 14.
The value of this Issue will be up to 1.5 billion Norwegian
krone, at the same price per share as the Directed Equity Issue.

The value of the businesses being transferred amounts to 3.6
billion Norwegian krone, of which debt accounts for 800 million
Norwegian krone.

Following the merger and injection of new capital, Aker
Maritime'sshareholding in Kvaerner will amount to approximately
50%.

Yukos, on the other hand, will still have Kvaerner's two
subsidiaries, hydrocarbons and process technologies, which it
agreed to buy last month.

Under the new deal, Yukos's 22% stake in Kvaerner could be
diluted to as little as 5 to 10%.

Kvaerner was broken largely by debt. It was losing money, writing
down assets by the billions, while struggling to sell off assets
to pay down its debt load.

In September, creditors pressured Kvaerner to raise capital or
face bankruptcy.

For more information, contact Paul Emberley, Vice President Group
Communications at telephone +44 (0)20 7339 1035 or +44 (0)7768
813090 or paul.emberley@kvaerner.com or Geir Arne Drangeid,
Director, Corporate Communications, Aker Maritime at telephone
+47 913 10 458


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


LM ERICSSON: Stocks Fall 2.5%
-----------------------------

Ericsson, the largest manufacturer of equipment for mobile phone
networks, lost 1.5 Swedish kronor, or 2.5%, to 58 after dropping
2.5% Tuesday, Bloomberg reported.

"We are in the process of a slow recovery," HWB Capital
Management fund manager Johan Vystavel said.

"We're going through a difficult period, but we should be looking
forward to the second quarter of next year."

In the third quarter, Ericsson made a 5.8 billion Swedish krona
($548.7 million) pre-tax loss.


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


SULZER MEDICA: Stands Firm on $783MM Settlement Offer
-----------------------------------------------------

Sulzer Medica, Europe's biggest orthopaedics group, will not
increase its proposed $783 million settlement for US lawsuits
over faulty hip products, reports the Financial Times.

"We will fight with every legal measure against preferential
treatment for only a few, which openly discriminates against the
majority of the affected patients," Sulzer Medica chief executive
Stephan Rietiker said.

Earlier, the company was warned that it could be forced into
bankruptcy if it is obliged to pay damages.

The group offered patients around $100,000 in cash and shares.
This was approved by more than 80% of plaintiffs' lawyers.

Sulzer Medica's shares have plunged more than 80% this year after
the group was hit by more than 1,800 lawsuits from patients in
the US who had been forced to undergo fresh surgery after being
fitted with faulty hips.


SWISSAIR GROUP: FedEx Drops Buy of Swissair Jets
------------------------------------------------

U.S. express shipper Fedex Corp has decided not to buy 15
McDonnell Douglas MD-11 wide-body airliners from collapsed
Swissair Group.

According to a report from the Flight International magazine, the
deal had been "suspended."

Swissair, which recently declared bankruptcy, is trading under
protection from creditors and has debts exceeding assets. It will
eventually wind up, with some of its operations undertaken by
affiliate Crossair AG.

The airline's bankruptcy gave FedEx the right to cancel its plan
to purchase the planes, but the U.S. company might still be
interested in the planes in about three years.

The deal for the planes had been estimated to be valued at more
than $1 billion.


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


BRITISH TELECOM: Net Claim on Trial Next Year
---------------------------------------------

British Telecom, which last year discovered an old patent that
covers the concept of hyperlinks, a key building block of the
Internet, is suing US Internet service provider Prodigy, reports
The Times newspaper.

The court trial is set for February 11 next year.

The case, in the US, will decide whether the BT can ask royalties
of companies that use hyperlinks in their services, potentially
bringing the debt-laden group millions of pounds.


CENES PHARMACEUTICALS: Agrees to Sell Chemical Library to Scion
---------------------------------------------------------------

CeNeS Pharmaceuticals plc, a biopharmaceutical company
specializing in the development and commercialization of drugs
for CNS disorders and pain control, said yesterday that it had
signed an agreement to sell its chemical library of ion channel
blockers to Scion Pharmaceuticals Inc, a US based ion-channel
focused research and development company for up to $2.8 million.

The sale is part of the company's restructuring plan to divest
and continue to scale down operations in order to reduce its cash
burn and become self-funding in 2003.

Under the terms of the agreement, Scion will acquire CeNeS'
chemical library and associated intellectual property.

In return CeNeS will receive $300,000 in cash at completion
together with further stage payments of $500,000 and up to $2
million in the form of milestone dependent payments.

CeNeS' current development compounds focused on pain and
disorders of the central nervous system do not form part of this
agreement.

For more information, contact Chairman Alan Goodman or Finance
Director Neil Clark of CeNeS Pharmaceuticals plc at telephone +44
(0)1223 266466 or fax +44 (0)1223 266467


COLT TELECOM: Announces Services in Lisbon and Valencia
-------------------------------------------------------

Cash-strapped telecommunication infrastructure provider COLT
Telecom Group plc announced Wednesday the launch of services in
Lisbon and Valencia, bringing to 31 the number of cities in which
it operates.

COLT further said that it has completed the fifth phase of its
pan-European long distance network roll-out with the western
France and Spanish sections now operational.

COLT's services extend throughout Europe, expanded its reach into
Southern Europe enabling customers to connect to other key
business centers in Europe more cost effectively without having
to use local PTTs.

Peter Manning is the President and CEO of COLT Telecom Group plc.

For more information, please contact John Doherty, its Investor
Relations Director at Email: jdoherty@colt-telecom.com or at
telephone +44 20 7390 3681.


ICELAND GROUP: First-Half Profit Falls on Organic Veggie Switch
---------------------------------------------------------------

The first-half profit of frozen-food retailer Iceland Group Plc
sharply dropped following a decision last year to focus on
organic vegetables, Bloomberg reported.

Iceland had poor performance in the 22 weeks ended September 1
where sales fell 2.3% compared with a 6.4% third-quarter gain for
Tesco.

Net income was 600,000 pounds (US$855,000) in the 24 weeks
through September 15 with a profit of 21 million pounds compared
to last year last year, which ran the 26 weeks ending July 1,
2000.

Chief Executive Officer Bill Grimsey, who took over in January,
has dived down prices to compete with rivals including Tesco Plc.

On Wednesday, Iceland shares rose 3.75 pence, or 2.3%, to 167p.


MARCONI PLC: Plunges 11% in U.S. Markets
----------------------------------------

Shares of troubled telecoms equipment maker Marconi Plc were
moving in U.S. markets Wednesday.

According to Bloomberg's report, the Marconi American depositary
receipts, each representing two common shares, fell 12 cents, or
11%, to $1.02 and traded as low as $1.

The recent drop was amid report that the U.K. phone-equipment
maker sold part of its stake in Lottomatica SpA, the manager of
Italy's lottery, for about 25 million pounds in cash.


MARCONI PLC: Sells Part of Lottomatica Stake to Reduce Debt
-----------------------------------------------------------

Marconi Plc sold part of its stake in Lottomatica SpA, the
manager of Italy's lottery, for about 25 million pounds ($35
million) in cash, as it tries to cut debt.

Marconi sold 6.16 million Lottomatica shares, reducing its stake
to 4.92 million shares. The company sold the shares for 6.55
euros each in an offering managed by Schroder Salomon Smith
Barney.

Marconi is shedding small, non-phone equipment assets as it tries
to reach its goal of cutting a debt that ballooned to about four
times its market value.

Earlier this week, it sold a stake in Siemens Telecommunications
Pty Ltd for about $28 million.

Marconi, which has seen its share price collapse and three senior
executives ousted since the first warning on profits in July,
revealed it had dropped 5.1 billion pounds into the red in the
first six months of the year (see
http://www.bankrupt.com/misc/marconi.pdffor the company's  
interim report).


MARCONI PLC: Starts Negotiations With Bankers
---------------------------------------------

Marconi started key talks with its bankers to renegotiate its 7.5
billion euros of loan facilities in an effort to get its finances
into shape, the Independent News reported.

The company's senior executives, as well as representatives of
the 31 banks involved in the syndication of the loan facilities
attended the meeting.

A source said he was not expecting any immediate conclusions on
the debt refinancing as the talks were at an early stage.

When Marconi published its half-year results earlier this month,
it said it hoped to refinance or restructure the facilities by
the end of its current financial year in March.


RAILTRACK GROUP: Byers Hires Ford Chief to Head Railtrack
---------------------------------------------------------

UK transport minister Stephen Byers is hiring the boss of Ford's
UK operations to spearhead the government's bid to turn Railtrack
into a not-for-profit company.

According to a Financial Times report, Ford of Britain chairman
Ian McAllister will spend the next few months working up a bid
that will be assessed by the administrator alongside private
sector offers and will not be paid for his efforts unless he is
successful.

Associates say that McAllister can operate Railtrack in a
competitive industrial environment, being with the Ford for 37
years and mostly in the sales and marketing departments.

Rail Passengers' Council chairman Stuart Francis welcomes the
government's move as a sign that progress was being made in
getting Railtrack out of administration.


UNIQ PLC: Stocks Gain, Analyst Raises Recommendation to 'Buy'
-------------------------------------------------------------

Stocks of Uniq Plc are making significant gains in the U.K.
market, climbing 3.8% to 163p, Bloomberg reports.

Dresdner Kleinwort Wasserstein analyst Victoria Broom also raised
her recommendation on the maker of Shape yogurts and Utterly
Butterly spreads to "buy" from "hold."

She set a price target on the stock of 200p.

In September, Uniq issued its second profit warning as its St
Ivel yogurt business continued to be below its expectations

                                  ***********

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

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Kimberly MacAdam,
Salve M. Mordeno and Maria Lourdes Reyes, Editors.

Copyright 2001.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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The TCR Europe subscription rate is $575 per half-year, delivered
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