---

            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, September 20, 2002, Vol. 3, No. 187


                              Headlines

* F R A N C E *

ALCATEL: To Provide Voex With Voice Over IP Solutions
ALCATEL: Announces Appointments Within Top Management
ALCATEL: Globalcom Data Services Selects Alcatel's LMDS Solution
ALCATEL: Nextenso Signs Partnership With Cap Gemini Ernst & Young
COMPLETEL EUROPE N.V.: Finalizes Recapitalization Plan
COMPLETEL: Telecommunications License Becomes National
FRANCE TELECOM:  Equant Confirms Guidance for 2002
VIVENDI UNIVERSAL: Receives Credit Line of EUR3 Billion
VIVENDI UNIVERSAL: Announces COO's Transfer to Alcatel

* G E R M A N Y *

BABCOCK BORSIG: Former CEO Allegedly Delayed Insolvency Filing
CONSORS DISCOUNT-BROKER: BNP Paribas Plans Squeeze-out
FAIRCHILD DORNIER: Russian Investors May Stave Off Collapse
KIRCHMEDIA: KirchSport Management Bids for Sports Rights
KIRCHMEDIA: Creditors to Decide on Narrowing Down Bidders
MOBILCOM: German 3U Telecom Courts Fixed Line Business
MOBILCOM: Conflict With Government May Hamper Bailout
PHILIPP HOLZMANN: Antitrust Regulations Delay Sale of U.S. Unit

* I R E L A N D *

JEFFERSON SMURFIT: Moody's Assigns B2 to Proposed Notes Issuance

* I T A L Y *

INTESABCI: Fitch Places Individual Ratings on Rating Watch Neg

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

AEGON NV: Shares Price Set at Euro 10.00 Per Bearer Shares
VERSATEL: Amsterdam Court Approves Financial Restructuring Plan

* P O L A N D *

TELEKOMUNIKACJA POLSKA: Announces Current Trading Report

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

ABB LTD: Sells Metering Business to Ruhgas for US$244 Million
SWISS LIFE: Posts Loss of CHF386 Million in First Half of 2002
SWISS LIFE: S&P Ratings Unaffected by Strategy Update and Results

* U N I T E D   K I N G D O M *

BRITISH ENERGY: Partner Likely to Buy Control of Amergen Energy
BRITISH ENERGY: FPL Group Apparently Eyeing British Energy
CARLTON COMMUNICATIONS: Notice of Holdings in Company
CELLTECH GROUP: Announces Manufacturing Agreement With Biocheme
CELLTECH GROUP: Interim Report for the Six Months Ended June 30
CELLTALK GROUP: Announces Final Results
COOKSON GROUP: Notification of Major Interests in Shares
COOKSON GROUP: Notification of Interests of Directors
CORDIANT COMMUNICATIONS: Notice of 10.13% Shareholdings
FILTRONIC: Notification of Major Interests in Shares
KINGFISHER: Announces Director Shareholding
RAILTRACK: Regulators Approve London & Continental Railways Deal
RAILTRACK: Transport Department Motions Exit From Administration
UK COAL: Dealings by Substantial Shareholders


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


ALCATEL: To Provide Voex With Voice Over IP Solutions
-----------------------------------------------------
Alcatel announced that it has been selected by the Florida-based
Internet telephony services provider, Voice Exchange (VoEx,
Inc.), to extend its network and enhance its capacity to provide
next generation VoIP (Voice over IP) services.

Under the terms of the contract, Alcatel will provide a network
extension based on its best in class Alcatel 5020 Softswitch and
Alcatel 7505 Media Gateway. By introducing these latest
generation products and applications into its infrastructure,
VoEx will be able to rapidly provide its customers with
additional revenue generating services such as modern telephony
services over packet-based infrastructure and access to Internet
applications.

"We chose Alcatel's NGN product portfolio due to their excellent
customer service, products, and worldwide reputation for success.
We will integrate Alcatel's softswitches to bring VoIP to our
customers in order to improve their business telecommunications.
Our customers understand the value of reliable data and voice
traffic," said Haydar Haba, president and CEO of VoEx

Alcatel's next generation solutions portfolio enables
telecommunications service providers to seamlessly integrate
capabilities like Internet offload, Class 4 and 5 applications,
as well as IP telephony and multimedia for SIP and H.323
terminals into their networks.

"North America is a market ripe for VoIP, and this deployment is
further evidence of this worldwide trend to a softswitched voice
network architecture and reinforces Alcatel as a strong market
contender," said Kevin Mitchell, Directing Analyst, Service
Provider Networks Infonetics Research.

"We will be working closely with VoEx to ensure that the
successful installation and integration of our softswitches
create the most value for their customers," said Henry Wasik,
vice president of voice networks activities, Alcatel. "No doubt
they will benefit from the enhanced calling and IP related
functionality of this augmented telecommunications network."

Alcatel NGN solutions are currently deployed with 35 customers.
Twenty Alcatel NGN applications are in commercial deployment with
11 customers, and 43 are in field trials.

VoEx enables telecommunications carriers and other communications
service providers to offer international voice, data and other
applications over the Internet. By outsourcing international
communications services to VoEx, customers are able to lower
costs, generate new revenue and extend their business into
Internet-based services quickly, while maintaining service
quality comparable to that of traditional voice networks. The
VoEx network is strategically accessible throughout points of
presence in the U.S. and Europe.


ALCATEL: Announces Appointments Within Top Management
-----------------------------------------------------
Alcatel announces that Jean-Pierre Halbron, President of Alcatel
and a member of the Board of Directors, will retire on December
31, 2002. He has served Alcatel as CFO initially and then in his
current position. Jean-Pierre will continue to serve on Alcatel's
Board.

Philippe Germond, formerly with Vivendi Universal, will join
Alcatel as President and COO.  He will assume his
responsibilities January 1st, 2003 and will be proposed to join
the Board of Alcatel as a Director.

Alcatel's Executive Committee membership and responsibilities
remain unchanged. The Executive Committee will be headed by:

- Serge Tchuruk, Chairman & CEO
- Philippe Germond, President & COO
- Mike Quigley, appointed Senior Executive Vice President
- Jean-Pascal Beaufret, CFO.

Alcatel designs, develops and builds innovative and competitive
communications networks, enabling carriers, service providers and
enterprises to deliver any type of content, such as voice, data
and multimedia, to any type of consumer, anywhere in the world.
Relying on its leading and comprehensive products and solutions
portfolio, stretching from end-to-end optical infrastructures,
fixed and mobile networks to broadband access, Alcatel's
customers can focus on optimizing their service offerings and
revenue streams.  With sales of EURO 25 billion in 2001 and
99,000 employees, Alcatel operates in more than 130 countries.


ALCATEL: Globalcom Data Services Selects Alcatel's LMDS Solution
-----------------------------------------------------------------
Alcatel (http://www.alcatel.com)announced that it has been
selected by Globalcom Data Services to install a nationwide
broadband wireless network in Lebanon. Alcatel will supply the
Lebanese operator with its industry leading LMDS (Local
Multipoint Distribution  Services) solution for their broadband
access network.

GDS has selected Alcatel's LMDS solution after conducting
extensive field trials last year. The 26GHz-network rollout
already covers Beirut and its suburbs and will be extended to
Tripoli and the Jounieh regions in a near future.

GDS is currently offering leased lines to corporate users such as
most of the major banks in Lebanon and plans to use the extensive
capabilities of the Alcatel's LMDS solution to provide high speed
Internet access as part of its ISP offer.

"We are delighted that Globalcom Data Services has selected
Alcatel's industry-leading LMDS network solution, this is for us
a major reference in broadband wireless networks in the Middle
East and it will certainly have a positive impact on Alcatel's
business in this region"declared Pascal Homsy, President of
Alcatel's Fixed Wireless activities.

Alcatel's LMDS offers operators a flexible, bandwidth-efficient
solution ideally suited to accommodate increasing amounts of
traffic. Featuring rapid and easy deployment, Alcatel's LMDS
provides fiber-like reliability for advanced voice and data
services and reduce operating expenses, the comprehensive
Alcatel's LMDS is a fixed broadband wireless network solution
which has already been adopted by more than 100 customers
worldwide.

"Globalcom Data Services wanted to deploy a top-caliber broadband
wireless network that could rapidly deliver revenue generating
services to multiple market segments.  Alcatel's LMDS solution
turned out to be the most suitable, both financially and
technically", added Habib Torbey, Chairman of Globalcom Data
Services.  "Furthermore, the system tested during the
field  trial period accommodated our current needs as well as our
needs for future network development".


ALCATEL: Nextenso Signs Partnership With Cap Gemini Ernst & Young
-----------------------------------------------------------------
Alcatel (http://www.alcatel.com)announces that its subsidiary
Nextenso has signed a alliance agreement with Cap Gemini Telecom
Media & Networks France - the French unit of Telecom Media
Networks, an industry practice of the Cap Gemini Ernst & Young
group. This deal allows Cap Gemini Telecom Media & Networks
France to enrich the solutions it proposes, integrates and
installs with its customers thanks to the very diverse Nextenso
product suite, notably in the domain of location, mobility, and
voice/data services in the Internet world.

This agreement with Cap Gemini Ernst & Young also offers
unprecedented opportunities to Nextenso, as Cap Gemini Ernst &
Young's TMN is one of the world leading integrators for system
integration and strategic consulting to telecom operators, with
whom about 80% of the world's leading telecom operators partner.
TMN relies on a considerable savoir-faire in the domain of
telecommunications and has an exceptional geographical reach.

Cap Gemini is especially interested in Nextenso's location
services offer, a domain, which they find very promising.

Denis Attal, CEO of Nextenso, commented: "We are proud that TMN
has chosen to partner with us out of a range of competitors.
Their decision was based on the trustworthiness and flexibility
of our solution in the field of Internet applications. Our
portfolio consists of an integrated suite of voice, data and
multimedia applications, which will be of major importance for
the recovery of the telecom and media markets."

The Cap Gemini Ernst & Young Group is one of the largest
management and IT consulting organizations in the world. The
company offers management and IT consulting services, systems
integration, and technology development, design and outsourcing
capabilities on a global scale to help businesses continue to
implement growth strategies and leverage technology. The
organization employs about 55,000 people world-wide and reported
2001 global revenues of more than 8.4 billion euros. More
information is available at http://www.cgey.com.

Alcatel designs, develops and builds innovative and competitive
communications networks, enabling carriers, service providers and
enterprises to deliver any type of content, such as voice, data
and multimedia, to any type of consumer, anywhere in the world.
Relying on its leading and comprehensive products and solutions
portfolio, stretching from end-to-end optical infrastructures,
fixed and mobile networks to broadband access, Alcatel's
customers can focus on optimizing their service offerings and
revenue streams. With sales of EURO 25 billion in 2001 and 99,000
employees, Alcatel operates in more than 130 countries.


COMPLETEL EUROPE N.V.: Finalizes Recapitalization Plan
------------------------------------------------------
Completel Europe N.V. (http://www.completel.com)announced the
successful closing of its recapitalization plan: all Completel's
senior notes, representing aggregate principal outstanding of
EUR227 million, were converted into equity and the Company
received cash equity investments of approximately EUR44 million.
Total cash raised may increase to EUR47 million if the warrants
Completel issued to its shareholders on September 13, 2002 are
fully exercised.  The company estimates that the equity raised
today will cover its previously announced funding needs of EUR30
million to bring the Company to cash flow breakeven.

J,r"me de Vitry, CEO of Completel, noted: " With the
restructuring plan finalized, we are in a privileged situation:
we have no financial debt and sufficient capital to fund our
operations through to cash flow breakeven. We have therefore
reinforced our position as a durable alternative operator in
France. "

J,r"me de Vitry added: " With a healthy and privileged financing
situation along with key competitive advantages - the largest
network and broadest coverage of all alternative operators in
France, direct customer fiber connection and a comprehensive
portfolio of services - we are now in a position to enlarge our
prestigious customer base and to penetrate new strategic markets,
such as national accounts or public institutions."

Finally, James E. Dovey, James H. Kirby, Paul J. Finnegan and
James N. Perry, members of the Board have resigned from the Board
on September 17, 2002. Marie-Laure Weisberg, General Counsel,
noted: "The supervisors have been critical in transitioning
Completel to this point of a restructured and fully funded
company, and we thank them for their successful efforts on behalf
of Completel". Lawrence F. DeGeorge and James C. Allen continue
to serve on the Supervisory Board. In the near future, the
Supervisory Board will be reconstituted as a six-members board.

Completel Europe NV (ParisBourse: CTL).
Completel is a facilities-based provider of fiber optic local
access telecommunications and Internet services to business end-
users, carriers and ISPs in France.

Note:

Ordinary shares of CompleTel Europe N.V. will be issuable upon
exercise of the warrants previously distributed by it to certain
of its existing shareholders and any such issuance will represent
new financing for the company.  A registration statement relating
to the ordinary shares of the company underlying its warrants has
been filed with the U.S. Securities and Exchange Commission but
has not yet become effective.  These ordinary shares may not be
sold nor may offers to buy them be accepted prior to the time the
registration statement becomes effective.

CONTACT:  Stefan Sater
          Director
          Completel N.V. Investor Relations
          Telephone: +33-1-72-92-20-43
          Email: s.sater@completel.frmailto:s.sater@completel.fr


COMPLETEL: Telecommunications License Becomes National
------------------------------------------------------
Upon recommendation of the French Telecom Market Authority
(A.R.T.), Nicole Fontaine, the French Deputy Minister of Industry
signed on of August 29, 2002, the decree extending Completel's
license to cover all of the French metropolitan territory. This
national coverage license replaces the previous 9 regional
licenses outstanding where the company owns and operates
Metropolitan Area Networks.

Completel's customers, medium-sized companies, public
institutions and large national accounts will all benefit from a
unique supplier of telecommunication solutions. Completel will be
thus able to provide a simple, responsive service to sites
everywhere in the French national territory with the most
competitive rates and the best telecommunications products
portfolio in France.

The national license will strengthen Completel's position as a
leading telecom provider on the French corporate market.

J,r"me de Vitry, Completel's President and Chief Executive
Officer, commented: " This license is part of our continuous
strategy of development in the corporate and public sectors in
France engaged since the inception of the company. The extension
of our license to all France will reinforce our position on these
markets and allow us to respond globally to our customers'
needs."

Completel is a facilities-based provider of fiber optic local
access telecommunications and Internet services to business end-
users, carriers and ISPs in France.

CONTACT:  Stefan Sater
          Director
          Completel N.V. Investor Relations
          Telephon: +33-1-72-92-20-43
          Email: s.sater@completel.fr


FRANCE TELECOM:  Equant Confirms Guidance for 2002
--------------------------------------------------
Against the background of the market turbulence generated by
C&W's trading statement, Jim Armstrong Vice President Investor
Relations
said:

" We are disappointed that the market has seen fit to compare us
with C&W Global. Our business models are very different. Our
revenues for the half-year were US$1,473m on which we generated
US$76m of EBITDA.

C&W Global appear to have much higher revenues and still create
EBITDA losses of US$120m.

Equant does not have a US domestic voice business.  Our
agreements with
France Telecom ensure that such voice business that we do have is
carried without economic/financial risk to us.

Similarly we do not have any exposure to the ISP market, which
appears to be particularly weak. "

Equant confirms its full year guidance for revenues of US$2,950
million and EBITDA of US$180 m.

Equant (NYSE: ENT, Euronext Paris: EQU) is a recognized industry
leader in global IP and data services for multinational
businesses, offering network, integration and managed services to
global business.  The network has unmatched seamless global
reach, connecting key business centers in 220 countries and
territories, with local support in 145 countries and territories.
Building on more than 50 years of experience in data
communications, Equant serves thousands of the world's top
companies.

Equant, a member of the France Telecom Group, meets the diverse
needs of global companies with the industry's most extensive
portfolio of managed data network services.

CONTACT:  Jim Armstrong
          Equant Investor Relations
          Tel: +1 678 346 3754
          E-mail:james.armstrong@equant.com


VIVENDI UNIVERSAL: Receives Credit Line of EUR3 Billion
-------------------------------------------------------
Vivendi Universal (NYSE: V; Paris Bourse: EX FP) received a
commitment from ABN Amro, BNP Paribas, CDC Ixis, Citigroup,
Credit Agricole Indosuez, Credit Lyonnais, Credit Suisse First
Boston, Natexis Banques Populaires, Royal Bank of Scotland,
Societe Generale and Sumitomo Mitsui Banking Corporation for a 3
billion euro medium-term facility.

This new facility will replace the short-term 1 billion euro
credit facility obtained July 10th.

CONTACT:  Vivendi Universal
          Investor Relations
          Paris:
          Laura Martin, 917/378-5705
          Laurence Daniel, +33 (1)-71-71-1233
               or
          New York:
          Eileen McLaughlin, 212/572-8961


VIVENDI UNIVERSAL: Announces COO's Transfer to Alcatel
------------------------------------------------------
Philippe Germond, Deputy Chief Operating Officer of Vivendi
Universal (NYSE: V; Paris Bourse: EX FP) and Chairman and CEO of
Groupe Cegetel, has accepted a proposal from Alcatel to become
that company's Chief Operating Officer from January 1, 2003.
Until that date, he will continue to head Vivendi Universal's
telecommunications division and the senior management team that
has lead Groupe Cegetel for several years. Mr. Germond's work has
contributed to developing the technical, commercial and financial
performance of Groupe Cegetel, which is one of Europe's leading
non-incumbent operators.

CONTACT:  Vivendi Universal
          Investor Relations:
          Paris
          Laura Martin
          Phone: 917/378-5705
          Laurence Daniel
          Phone: +33 (1).71.71.1233
              or
          New York
          Eileen McLaughlin
          Phone: +(1) 212/572-8961


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


BABCOCK BORSIG: Former CEO Allegedly Delayed Insolvency Filing
--------------------------------------------------------------
The former chief executive officer of German engineering company,
Babcock Borsig, may face trial on grounds that he delayed the
firm's insolvency filing by "several months".

Bloomberg cited Financial Times Deutschland quoting Bernhard
Englisch, a spokesman for the regional court in Dusseldorf,
saying evidence is "mounting."

If proven guilty, ex-CEO Lederer, who left the company earlier
this year, may face a prison sentence of as long as three years
or a fine.

A spokesman for Lederer hopes the probe into the matter to clear
Lederer of the accusation.  The former head is as well facing
suit from U.S. investor Guy Wyser-Pratte in New York, who claims
he was "tricked' into investing in the German firm.

Babcock, an 111-year-old company, in July filed for protection
from creditors after it lacked the funds to pay workers, and
banks such as Deutsche Bank AG and Commerzbank AG, refused to
inject emergency cash. The company has said it aims to create a
new company comprising its main units.


CONSORS DISCOUNT-BROKER: BNP Paribas Plans Squeeze-out
------------------------------------------------------
BNP Paribas, Paris, holder of more than 95% of Consors Discount-
Broker AG capital stock, has requested of the Board of Management
of Consors Discount- Broker AG that an extraordinary
shareholders' meeting of Consors Discount-Broker AG approves a
resolution whereby the shares held by the remaining minority
shareholders of Consors Discount-Broker AG be transferred to BNP
Paribas against payment of a cash compensation per no-par-value
bearer share of Consors Discount-Broker AG.

BNP Paribas is currently undertaking the valuation of Consors Discount-
Broker AG necessary to determine the amount of the reasonable and fair
cash compensation.


FAIRCHILD DORNIER: Russian Investors May Stave Off Collapse
-----------------------------------------------------------
Court-appointed administrator Eberhard Braun says, a Russian
planemaker and a Russian aluminum producer may yet save Fairchild
Dornier GmbH.

The world's third largest regional plane maker attracted offers
from Irkutsk Aircraft Production Association, a maker of civil
and military planes and Basowyi Element, an aluminum maker, says
Bloomberg citing a report of the Financial Times Deutschland.

Fairchild Dornier opened insolvency proceedings at the start of
June.  Its hopes were dashed when Canadian aircraft maker
Bombardier Inc. abandoned talks on taking over its 728/928
program, which is thought to have significantly contributed to
the company's insolvency.  The German company had already
invested EUR1 billion in the program and this coupled with a low
turnout on anticipated sales led to further financial woes.

Fairchild then pinned its hopes on Alenia for the 728/928
project.  But Alenia later backed out of a possible deal because
it couldn't takeover the project on its own and had not found a
partner.

According to Braun, Fairchild has EUR3.3 billion (US$3.2 billion)
obligations to creditors.


KIRCHMEDIA: KirchSport Management Bids for Sports Rights
--------------------------------------------------------
KirchSport GmbH's management disclosed it is organizing a bidding
team led by French investor Louis-Dreyfus for the KirchMedia GmbH
unit that holds the rights to the soccer World Cup, Bloomberg
reports. KirchMedia acquired the rights to the 2002 and 2006
soccer World cups for CHF2.8 billion (US$1.9 billion).

The conglomerate is trying to find one buyer for its main
business while intending to sell its two largest sports rights
businesses separately. The sports assets include: ISPR, the
rights marketing agency for first and second-division German
football games, and the wholly owned KirchsSport.

According to John Kristick, a member of KirchSport's management,
``It's a complicated process, but the fact that we have the
management and business partners behind us and plan to continue
the business and keep the employees is positive.''

KirchSport has more than 80 employees and has sponsoring,
broadcasting and advertising contracts with about 40 European
soccer clubs.


KIRCHMEDIA: Creditors to Decide on Narrowing Down Bidders
---------------------------------------------------------
The creditors of KirchMedia, mainly German banks and US film
studios are scheduled to approve a break-up of the rights and
broadcasting arms of the empire, the Financial Times reports.

The convention will discuss bids for the company's 52.5% stake in
ProSiebenSAT.1, Germany's biggest free-TV broadcaster, and its
films and sports rights businesses. While the meeting is aimed at
hastening the auction, the narrowing down of bidders from three
to two during the discussion, will delay a closing until next
month, according to the report.

Although KirchMedia's management plans to sell the unit whole,
creditors may approve bidders for the stake in ProSiebenSAT.1
alone. The sell-off of the stake in the free-TV broadcaster is
expected to encourage full offer for the whole business.

According to the report, bidders disclosed that there are still
questions over the financing agreements of some investors.

The composition of the consortium are as well uncertain as
negotiations between possible members of a bidding group are
still going on, while others are still waiting for the outcome of
Germany's general election on Sunday which could influence the
deal.

The initial list of bidders includes: an alliance of Commerzbank
and Sony's Columbia Tristar studio; a consortium of former
KirchMedia shareholders led by Lehman Brothers Merchant Banking;
and a joint bid by media billionaire Haim Saban and TF1, the
French TV broadcaster.


MOBILCOM: German 3U Telecom Courts Fixed Line Business
------------------------------------------------------
German discount phone-service-provider, 3U Telecom AG, is
interested in acquiring MobilCom AG's fixed line business,
Bloomberg says.

The report cited a 3U Telecom's statement saying the phone-
service provider sees the concentration of Mobilcom, as part of
its business restructuring, on the main cellular phone business,
as an opportunity for it to expand into fixed-line activities.
The statement, however, did not specify the price of the
offering.

3U is expanding in Germany and has already acquired a deal take
over the preselection customers of telecom services provider
Talkline.

In Europe's largest telecom market, MobilCom provides cellular
phone services to more than 5 million subscribers and fixed-line
services to more than 925,000 customers following its purchase of
rivals TelePassport and D Plus. Its fixed network unit employs
500 people.



CONTACT:  MOBILCOM AG
          Hollerstraáe 126
          D-24782 B�delsdorf, Germany
          Phone: +49-43-31-69-11-73
          Fax: +49-43-31-69-28-88
          Home Page: http://www.mobilcom.de


MOBILCOM: Conflict With Government May Hamper Bailout
-----------------------------------------------------
Conflicts between German politicians and Mobilcom management may
block the EUR400 million (US$388 million) bailout of the
government for the troubled mobile phone company, according to
reports.

The Financial Times was cited as reporting that the government is
against the move of chief executive Thorston Grenz to cut jobs
and join rival Quam in freezing investments in 3G. Werner Mueller,
economics minister and Alfred Tacke, his deputy, reportedly asked
Greenz to postpone talks about job cuts until after Sunday's election.

Analysts are labeling the bailout as a strategy of the government
to boost support as the national election is approaching.

Mobilcom has plans of appropriating EUR170 million of the bailout
money for 3G to sustain the unit until the end of the year, but
Mr. Grenz is understood not to favor additional investment until
long-term 3G funding is available.

Half of the proposed 1,600 job cuts would affect Mobilcom's 3G
business while the other half would affect the core service-
providing business.


PHILIPP HOLZMANN: Antitrust Regulations Delay Sale of U.S. Unit
---------------------------------------------------------------
Concerns regarding antitrust fines may delay the sale of the U.S.
unit of insolvent German building company, Philipp Holzmann AG,
unidentified people familiar with the transaction says.

The sale of J.A, Jones, which is aimed at gathering proceeds of
EUR500 million (US$486 million), is supposedly considered
finished by the middle of the month. But bidders are currently
worried the unit is facing fines from U.S. competition
authorities over illegal price-fixing at construction projects,
Bloomberg reports citing the Financial Times Deutschland.

The withdrawal of Germany's two biggest construction companies,
Hochtief AG and Bilfinger Berger AG, had earlier delayed the
sell-off.

Ottmar Hermann, the insolveny lawyer responsible for the firm's
divestments, meanwhile, is concluding the sale of Holzmann's
asphalt unit, Deutsche Asphalt, to Austrian Basalt AG as well as
the company's Franki Grundbau unit, according to the report.

Philipp Holzmann filed for insolvency in March after a frantic
last-ditch attempt to broker a rescue plan failed, two years
after its dramatic 1999 rescue orchestrated by Chancellor Gerhard
Schroeder. The company has 164 units before the filing.

The 150-year-old firm has played a major part in rebuilding
Germany's bomb-shattered cities after World War II.


=============
I R E L A N D
=============


JEFFERSON SMURFIT: Moody's Assigns B2 to Proposed Notes Issuance
----------------------------------------------------------------
Moody's Investors Service gave a B2 rating to the proposed senior
notes issuance worth EUR900 million of Jefferson Smurfit Group
Plc through its indirect parent company, Mdp Acquisitions Plc.
The notes, which mature 2012, are to be donominated in euros,
pounds sterling, and US dollars.

The rating agency also assigned a Ba3 senior implied rating to
the company, and a Ba3 rating to the company's new ?2.525 billion
senior secured credit facilities.

The ratings affect approximately EUR3.9 billion of debt
securities as follows:

- Senior implied rating assigned at Ba3

- Unsecured issuer rating (at MDP Acquisitions Plc) assigned at
B2

- EUR 900.0 million in proposed new senior notes due 2012 at B2

- EUR 2.525 billion in new senior secured credit facilities at
Ba3

- $250.0 million in 6.75% guaranteed debt securities of Smurfit
Capital Funding Plc due 2005 lowered from Baa2 to Ba3

- $292.0 million in 7.50% guaranteed debt securities of Smurfit
Capital Funding Plc due 2025 lowered from Baa2 to Ba3

According to the rating agency, the Ba3 senior implied rating
shows: the company's dominance in Europe's containerboard
industry; Moody's belief that "the company should remain strongly
cash flow generative going forward, particularly in the context
of a relatively light mandatory debt amortisation schedule for
the next 24 months"; the management's competence to grow amidst
strong competition; the company's high degree of vertical
integration and generally low-cost mill position; and the
stability of the market for the company's product.

In conjunction with the transaction, Jefferson Smurfit Group is
believed to also benefit from a EUR250 million subordinated PIK
facility, EUR732 million in equity from Madison Dearborn and
management, and EUR125 million in proceeds from non-recourse
financing at a finance subsidiary of the holding company.

The net proceeds of the transactions will fund the purchase of
EUR2.4 billion outstanding equity interest of Jefferson Smurfit
Group, re-finance approximately EUR1.0 billion of its debts, and
cover fees and expenses.

Jefferson Smurfit Group is the leading European producer of
kraftliner, and the second largest producer of testliner.


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


INTESABCI: Fitch Places Individual Ratings on Rating Watch Neg
--------------------------------------------------------------
Fitch Ratings, the international rating agency, has placed
IntesaBci's Long-term rating of 'A+' and Individual of 'C' on
Rating Watch Negative. The Short-term rating of 'F1' and Support
of '2' are affirmed.

The rating action reflects Fitch's concerns that despite
restructuring, the group faces several immediate challenges that
are likely to put pressure on its ratings. The main concerns are
of earnings remaining low while restructuring takes place, and
thus of the bank's impaired capacity to make additional charges
for unforeseen problems. Fitch welcomes the group's greater
emphasis on retail business, but considers that more loan loss
provisions may be needed to improve asset quality so that it is
similar in quality to that of its national and international
peers. Capital adequacy ratios are also likely to remain
stretched until net income recovers to a reasonable level.

In IntesaBci's recently announced new strategic plan, there are
many positive elements, including the focus on creating a fully
unified bank, the desire to exit from Latin America, stronger
emphasis on retail banking, improvements in organizational
structure, and the goal of strengthening capital adequacy,
boosting profitability and reducing credit risk.

The agency will be visiting the bank shortly to discuss these
various matters with management, and expects to resolve the
Rating Watch soon afterward.

CONTACT:  Fitch Ratings, London
          Matthew Taylor, +44 (0)20 7417 4345
          Matthew Hegarty, +44 (0)20 7417 6319
          Media Relations: Kris Anderson, 44 20 7417 4361


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


AEGON NV: Shares Price Set at Euro 10.00 Per Bearer Shares
----------------------------------------------------------
Vereniging AEGON and AEGON N.V. announce the placement of 350
million existing AEGON common shares at an offering price of EUR
10.00 per bearer share and USD 9.71 per New York share.

The closing price of AEGON common shares on Euronext Amsterdam on
Tuesday 17 September 2002 was EUR 10.04. The Association is
selling 350 million shares, representing 24.4% of AEGON's
outstanding common shares.

Of the 350 million common shares being sold by the Association,
143.6 million common shares are being sold directly by the
Association in an offering outside the United States in reliance
on Regulation S of the United States Securities Act. The balance
of 206.4 million common shares are being purchased by AEGON from
the Association in connection with the placement in the market by
AEGON in a global offering, including an SEC-registered public
offering in the United States.

After the transaction, payment of related expenses, receipt of
the interim dividend in 2002 on AEGON common shares and using
other available funds, the Association will reduce its bank debt
by EUR 1.8 billion to EUR 1.7 billion. The Association will
invest EUR 2.064 billion in an increase in the paid-in capital on
440 million existing AEGON preferred shares held by the
Association. The proceeds of the increase in the paid-in capital
will be used by AEGON to retire senior debt.

The closing date for the transaction will be Monday 23 September
2002.

Copies of the final prospectus of the registered offering being
made in the United States will be available from ABN AMRO
Rothschild (55 East 52nd Street, Park Avenue Plaza, New York, NY
10055, Tel: + 1 212 409 7770, Fax: +1 212 409 1462) and Morgan
Stanley (1585 Broadway, New York, NY 10036, c/o Domenico
Ruscitti, Fax: +1 212 7610211).

ABN AMRO Rothschild and Morgan Stanley are joint global
coordinators and joint bookrunners for the offering.

CONTACT:  Investor Relations
          Group Communications
          AEGON
          Telephone: + 31 70 344 83 05
          Telephone: + 31 70 344 83 44


VERSATEL: Amsterdam Court Approves Financial Restructuring Plan
----------------------------------------------------------------
Amsterdam, 18 September 2002, Versatel Telecom International N.V.
(http://www.versatel.com)gives notice that today its
administrator Mr. Deterink announced that the Court in
Amsterdam has approved the financial restructuring plan of
Versatel, also known as the Akkoord, as part of the Dutch
suspension of payments proceeding. This decision will become
final and binding on September 27, 2002 after a formal appeal
period of eight days.

Versatel Telecom International N.V. based in Amsterdam, is a
competitive communications network operator and a leading
alternative to the former monopoly telecommunications carriers in
our target market of the Benelux and northwest Germany. Founded
in October 1995, the Company holds full telecommunications
licenses in The Netherlands, Belgium and Germany and has over
81,000 business customers and 1,168 employees. Versatel operates
a facilities-based local access broadband network that uses the
latest network technologies to provide business customers with
high bandwidth voice, data and Internet services.

CONTACT:  AJ Sauer
          Manager
          Investor Relations and Corporate Development
          Versatel Telecom International N.V.
          Tel: +31-20-750-1231
          E-mail: aj.sauer@versatel.nl


===========
P O L A N D
===========


TELEKOMUNIKACJA POLSKA: Announces Current Trading Report
--------------------------------------------------------
Pursuant to Sub-Para 81 point 2 of the Law on Public Trading in
Securities dated 21 August 1997 on the type, form and frequency
of disclosure of current and periodic information by issuers of
securities admitted to public trading (Official Journal No. 118
item 754 as amended)), the Management Board of Telekomunikacja
Polska S.A. informs that on September 17,2002 TP S.A. redeemed
the short-term corporate bonds of TP S.A., totalling PLN100
million par, issued on June 13,2002.

As a result of the redemption, the aggregate nominal value, as of
September 18, 2002, of the outstanding bonds issued under the TP
S.A. short - term Corporate Bond Issue Programme of 19 December
2001 total PLN 100 million par.

Besides the bonds mentioned above there are bonds being still in
circulation and which were issued under the Bond Issuance
Programme signed on 15 July 2002 (see TPSA current report no
58/2002) by the following entities i.e. Bank Handlowy having its
official seat in Warsaw, BRE Bank S.A. and ABN AMRO Bank
(Polska). The aggregate par value of the bonds issued under the
Programme amounts to PLN 100 million as at 18 September 2002.

As at the day of starting the above Programme TPSA has stopped
issuing short term bonds under the a/m Programme dated 19
December 2002. All the bonds issued under the a/m Programme which
were not redeemed so far have been included in the total value
covered by the Programme. At the day of redemption of the last
issue of the short term TPSA bonds the agreement dated 19
December 2001 regarding the short term Bond Issuance Programme
will be dissolved.


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


ABB LTD: Sells Metering Business to Ruhgas for US$244 Million
-------------------------------------------------------------
Swiss Engineering group, ABB Ltd, agreed to sell its metering
business to a unit of Germany's largest gas distributor, Ruhgas
AG, for US$244 million in cash, says The Deal.  The transaction
is expected to close this year.

According to spokesman Wolfram Eberhardt, the group allocated the
proceeds of the sell-off to cut net debt of US$5.2 billion in
July to US$2.6 billion by the end of 2002.

ABB had earlier divested most of its structured finance business
to GE Commercial Finance for US$2.3 billion in net cash proceeds.
The company wants to follow the sale with the unloading of its
real estate and other non-core businesses.

ABB's UK-based global water and electricity metering business
employs about 3,800 people in more than 30 countries.  The unit
of the Automation Technology Products division reported about
$450 million in revenue last year.

Ruhrgas Industries is Essen, Germany-based Ruhrgas AG's wholly
owned holding company for its industrial affiliates.


SWISS LIFE: Posts Loss of CHF386 Million in First Half of 2002
--------------------------------------------------------------

Capital increase planned

Swiss Life/Rentenanstalt's result for the first half of 2002 was
unsatisfactory on the whole, bearing the mark of extraordinary
amortisation charges. At the same time some crucial improvements
were achieved. Despite the difficult operating environment, the
company produced a clear increase in its financial result,
expanded its business volume and lowered its operating expenses.
Gross operating income rose from CHF 158 million (adjusted) to
CHF 500 million. Due to the extraordinary amortisation of
goodwill, the first half of the year closed with a loss of CHF
386 million.

Swiss Life/Rentenanstalt will concentrate on its life insurance
business for the future. The management structure is being
streamlined and core units organised into functional groups in
order to boost efficiency. This will entail trimming another 700
positions within the Group as a whole by the end of 2004.

Swiss Life/Rentenanstalt plans to introduce a holding company
structure at its parent company in conjunction with a capital
increase. An extraordinary general meeting is scheduled for 23
October 2002 for this purpose.

Gross operating income rose from CHF 158 million (adjusted prior-
year figure) to CHF 500 million. As a consequence of
extraordinary write-downs of goodwill (CHF 624 million) there was
a half-year loss of CHF 386 million after taxes, minority
interests and goodwill. These extraordinary amortisation charges
mainly relate to the equity stake in Banca del Gottardo, which
was written down by CHF 537 million. The financial result
totalled CHF 3.53 billion and exceeded the result for the same
period in the previous year by more than half a billion Swiss
francs. Nevertheless, equity capital decreased by CHF 1.1 billion
to CHF 3.9 billion as a result of the substantially lower market
value of the investments concerned. Assets under management fell
by around 2.5% to approximately CHF 198 billion.

Life sector
Gross premiums in the life business totalled about CHF 10.4
billion (a rise of 6% after adjusting for currency effects).
Policyholder deposits recorded a clear decline of 9% from the
corresponding period of the previous year. On the other hand,
premiums on pure insurance business expanded by more than 9%
after adjustment for currency effects. Gains realised on the
trading portfolio had a strongly positive impact on the life
insurance result for the period under report, bringing it up to
CHF 384 million (prior-year figure CHF 14 million, adjusted).

Non-life sector
Gross premiums advanced more than 14% on a currency-adjusted
basis. This clear rise reflects the transfer of our daily
sickness benefit business to ®La Suisse¯ (thus removing
it from the Swiss Life/Rentenanstalt Swiss Division's portfolio
where it formed part of the life segment). Costs remained at
practically the same level as the prior-year figure in spite of
this transfer of business. The non-life result is notably lower
than the corresponding figure for the previous year, but remains
positive at CHF 11 million.

Private banking sector
The profit figure for the first half of 2002 came to CHF 74.9
million. Income equalled CHF 459.4 million for the period,
against expenses of CHF 384.5 million. Banca del Gottardo
experienced a drop of 10.1% in income from commission business
and 5.4% in income from interest business. Trading income, in
contrast, showed an increase of CHF 23 million to stand at CHF 32
million. The private banking sector held assets under management
amounting to CHF 38.1 billion as of 30 June 2002.

Investment management sector
The investment management sector's statement of income closed the
first half of the year with a profit before taxes of CHF 111.5
million. Income totalled CHF 181.9 million for the period. This
includes the net proceeds on the sale of Swiss Life Hedge Fund
Partners AG. Assets under management for third parties (off-
balance sheet assets) came to CHF 14.7 billion at mid-year.

Concentration on life insurance business
The strategic review conducted in spring of this year concluded
that Swiss Life/ Rentenanstalt should focus on its core business
of life insurance. This is a market where it can use its strong
brand identity, substantial product expertise and an established
distribution network to maximum advantage.

The geographic focus is on the domestic market in Switzerland and
the core European markets of France, Germany, the Netherlands and
Belgium/ Luxembourg. In all these countries, Swiss
Life/Rentenanstalt enjoys a good market position, a uniform
management orientation and a common potential for synergies,
together with sustainable earnings prospects and growth
opportunities.

The U.K., Italy and Spain markets, as well as our non-life
activities in France and Belgium, are now considered to be
peripheral to our core business. Moreover, ®La Suisse¯, Banca del
Gottardo and STG are no longer counted among our core units. The
non-core units are profitable and represent significant value.
These units will be managed with a view to creating additional
value until better market conditions prevail.

Streamlined structure
The new Swiss Life/Rentenanstalt Group will have uniform
governance. It is converting from a diverse group of autonomous
financial service companies to an integrated life insurance
group. The core competencies - distribution, products,
operations/IT and investments - will be reinforced across
borders. This should create greater transparency and allow skills
and resources to be utilised groupwide.

New business model
The financial business model is oriented toward achieving
sustainable profitability based on lower investment risks. Its
core elements are greater efficiency, a clear reduction in
complexity and streamlined processes and structures. This will
involve trimming another 500 positions in Switzerland and 200
positions abroad by the end of 2004. The staff cuts will be
achieved not only by exploiting natural turnover but will also
involve redundancies. A redundancy programme has been drawn up.

Changing the legal structure and stocking up on equity capital
In parallel to the introduction of the new business model Swiss
Life/Rentenanstalt is planning a transition from a parent company
structure to a holding company structure. To this end, the
company will first establish a subsidiary called "Swiss Life
Holding", which will later become the holding company. This
company will tender an exchange offer for all Swiss
Life/Rentenanstalt shares. As soon as the exchange has been
carried out, Swiss Life Holding will raise additional equity
capital of between CHF 0.9 billion and CHF 1.2 billion, in
particular by conducting a capital increase. The additional
capital will safeguard the realisation of the new strategy - and
thereby the restructuring of the company - and enable a
divestment process to take place without undue time pressure.
Resolutions aimed at implementing a new holding company structure
and the capital increase will be put before an extraordinary
general meeting planned for 23 October 2002.

Outlook for the annual results
The equity markets experienced further setbacks in July and
August. The Swiss Life/Rentenanstalt Group made allowances for
this and reduced its positions in shares and equity funds. The
current portfolio in equities is under 3%. Further risks in the
half-year results were reduced by impairments and additional
amortisation of goodwill from Banca del Gottardo and the STG
Group.

Up to the end of 2002 all efforts will be focused on
strengthening the equity base and increasing operational
excellence. The planned capital increase is an essential
component of this. In addition, the cost reduction programme
introduced in the spring is continuing to demonstrate positive
results. The operational measures are beginning to take effect.
However, it is not possible in the current environment to pass
comment on the annual results.

Personnel Matters
At his own request, Dominique P. Morax is stepping down as the
Chief Investment Officer of Swiss Life/Rentenanstalt on 1 October
2002. His departure follows in the wake of our new strategic
focus on the life insurance business and new investment strategy
with, among other things, its noticeably reduced equity
component. Dominique P. Morax will retain his position on the
Board of Directors of Banca del Gottardo and STG.

Hannes A. Meyer, hitherto a member of the Corporate Executive
Board, will also be leaving the company at his own request
following 17 years of service.

The Board of Directors and the Corporate Executive Board would
like to thank Mr Morax and Mr Meyer for their contribution to
Swiss Life/Rentenanstalt.


Half-year ended 30 June, 2002 in CHF million (if not noted
otherwise)


Swiss Life/Rentenanstalt Group Key Figures





                       2002 HY 6 2001 HY 6       Change in %
                        month        month restated

Gross written premiums,
policy fees,
other related income
from policyholder
investments      11'684         11'141          +4.9

Gross written premiums,
policy fees and other related income
                        9'759          9'023           +8.2
Net written premiums,
policy fees and other related income
                        9'526          8'791           +8.4
Net investment income
including net trading income
                        3'654          2'384          +53.3
Net realised and
unrealised gains/losses as restated
                         -126            626           n.a.
Operating income as restated, gross
                          500            158           n.a.
Operating income before tax as restated
                         -206             87           n.a.
Net loss as restated  -386             -1           n.a.
Assets under management 198'138   203'334           -2.6
Disclosed equity         3'908         4'982         - 21.6
Total core capital
  as restated        5'671     7'744          -26.8
Members of staff (number)12'715         12'784           +0.5


CONTACT:  SWISS LIFE INSURANCE AND PENSION COMPANY
          General Guisan-Quai 40
          8022 Zurich, Switzerland
          Phone: +41-1-284-3311
          Fax: +41-1-281-2080
          E-mail: info.com@swisslife.ch
          Home Page: http://www.swisslife.com


SWISS LIFE: S&P Ratings Unaffected by Strategy Update and Results
-----------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that its
ratings and outlook on Swiss Life/Schweizerische
Lebensversicherungs- und Rentenanstalt AG (A/Negative/--) are
unaffected by the company's strategy update and half-year
results, published today.

Swiss Life's announcement that it will strengthen its capital
base (including a rights issue of between Swiss franc (SFr) 0.9
million ($0.6 million) and SFr1.2 billion), tighten its strategic
focus on life insurance and pensions, and narrow its geographic
spread is in line with Standard & Poor's expectations. The first-
half results reflect investment market conditions and are also in
line with expectations.

The successful completion of Swiss Life's initiatives to reduce
its dependency on capital markets and restore the long-term
profitability of its core domestic business -- including the
introduction of risk-adjusted pricing for the mandatory layer of
its Swiss group life business -- remain key factors in
maintaining the ratings.

The ratings on Swiss Life incorporate the expectation that the
company will successfully implement these measures over the next
six months. Standard & Poor's will closely monitor Swiss Life's
capital-raising program and will review its ratings in the event
that the rights issue fails to occur.

CONTACT:  Standard & Poor's
          Karin Clemens, Frankfurt, (49) 69-3 39 99-193
          Paul Waterhouse, London, (44) 20-7847-7084


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


BRITISH ENERGY: Partner Likely to Buy Control of Amergen Energy
---------------------------------------------------------------
Exelon Corp, which together with British Energy, sought bids for
their Amergen Energy venture, may instead buy control of the
project from its 50-50 partner, according to Bloomberg.

Chief Executive John Rowe, who sees the asset worth more as a
whole rather than in halve, says: ``We won't sell unless our half
is worth more in the market than it is to us. If that's
unsuccessful, British Energy knows where we are.''

Amergen owns nuclear plants in New Jersey and Illinois, and
produces 2,842 megawatts of electricity. Exelon has a contract to
buy 100% of the energy produced by AmerGen.

According to reports, British Energy, which is in danger of
administration, could receive more for its stake in Amergen
Energy if it sells its stake together with Exelon. A fire-sale of
the asset could halve its value.

According to industry bankers, possible bidders for British
Energy's stake are Dominion Resources, En-tergy, Constellation
Energy and Florida Power & Light.  These are U.S. companies
already involved in nuclear power generation.


BRITISH ENERGY: FPL Group Apparently Eyeing British Energy
----------------------------------------------------------
Juno Beach-based FPL Group wants to offer a bid for the U.K.'s
British Energy, reports say. FPL officials, though, declined to
discuss the issue, says The Palm Beach Post.

According to the report, Sunday Times in London said, FPL Group,
Entergy Corp. of New Orleans and billionaire investor Warren
Buffett are interested in acquiring the utility.  FPL owns two
nuclear reactors on Hutchinson Island in St. Lucie County and
another two near Homestead.

Analysts, however, are skeptical on the matter.  Iain Turner, an
analyst with Deutsche Bank AG in London, doubts there would be
any buyer until the government decides on what to do with the
power generator, which runs eight nuclear power plants.

According to the London newspaper The Observer, the British
government may consider taking a majority interest in the company
to save it from bankruptcy. British Energy, which generates one-
fifth of the U.K.'s power supply, is currently suffering tfrom the
impact of falling wholesale power prices.

Lew Hay, chairman and CEO of FPL Group, also mentioned
previously that the group "is not looking to do anything
international at this point," except possibly in line with wind
power.

Analysts also see FPL unlikely to embark on acquisitions
overseas, as there are still plenty of power plants they could
buy in the U.S.

According to Marc Zabicki, an analyst at H&R Block Financial
Advisors in Detroit, although FPL has the expertise and balance
sheet to handle a deal for the British company, it does not see
the move advantageous considering U.K.'s problems with wholesale
power.


CARLTON COMMUNICATIONS: Notice of Holdings in Company
-----------------------------------------------------
The Company received notification from Fidelity on 16 September
2002 that, as at 13 September 2002, FMR Corp. and its direct and
indirect subsidiaries and Fidelity International Limited (FIL)
and its direct and indirect subsidiaries held non-beneficial
interests in 87,646,398 Carlton ordinary shares.


CELLTECH GROUP: Announces Manufacturing Agreement With Biocheme
----------------------------------------------------------------
Celltech Group plc announced that it has entered into a long-term
agreement with Biochemie, an affiliate of Novartis AG (NYSE:
NVS), under which Biochemie will manufacture for and supply to
Celltech PEGylated antibody fragment-based drugs.

Celltech has developed a method of producing in a microbial
fermenter system very high affinity antibody fragments that are
chemically modified using polyethylene glycol (PEG) to facilitate
a long circulating half-life in patients. Celltech is developing
products using this technology to address large disease markets
such as rheumatoid arthritis and cancer. The leading product
using this technology, CDP 870, is being developed with Pharmacia
Corporation as a treatment for rheumatoid arthritis and other
inflammatory diseases, and is currently manufactured under a
separate agreement between Biochemie and Pharmacia.

Under the terms of the agreement, Celltech has reserved at
Biochemie a fixed annual manufacturing capacity in its 3,000
litre and 13,000 litre fermenter systems for recombinant
microbial products, covering the period 2004 to 2010, at a pre-
agreed rate. The agreement allows Celltech flexibility in
scheduling to meet the clinical timelines for its portfolio of
PEGylated antibody fragment based development products. Biochemie
will provide technology transfer, scale-up, GMP manufacturing and
quality control testing services at its site in
Kundl, Austria.

Dr Peter Fellner, Chief Executive Officer of Celltech, commented:
'Access to product supply is critical for the timely execution of
clinical studies and the ultimate commercialisation of protein
therapeutics. Celltech now has four PEGylated antibody-fragment
based products in development, with further products in late
stage research. This long-term agreement ensures that Celltech
has access to high quality material for use in clinical studies,
and in the ultimate commercialisation of these products if
successful. We look forward to continuing our excellent
relationship with Biochemie.'


Celltech Group plc (LSE: CCH; NYSE: CLL) is one of Europe's
largest biotechnology companies, with an extensive late stage
development pipeline and a profitable, cash-generative
pharmaceutical business. Celltech also possesses drug discovery
capabilities of exceptional strength, including a leading
position in antibody engineering.

Biochemie GmbH is a global pharmaceutical and biotechnology
company and possesses more than 20 years of experience in
commercial scale manufacture of biologics. In 2001 total sales
amounted to EUR 880 million and 2291 people were employed. More
details can be found at
www.biochemie.com.

CONTACT:  Richard Bungay
          Telephone: (44) (0) 1753 534655


CELLTECH GROUP: Interim Report for the Six Months Ended June 30
---------------------------------------------------------------
Celltech's business model is centred upon its commitment to
innovative R&D, supported by revenues from its cash-generative
pharmaceutical business. This enables Celltech to sustain a
competitive level of R&D investment, while maintaining its
profitable, self-financing profile. During the last six months
this strategy has continued to perform well. There have been
advances with Celltech's broad pipeline, in particular with CDP
870, where Pharmacia is initiating Phase III development, with
patient dosing scheduled to begin during October. This has been
coupled with a significant increase in turnover and a substantial
growth in operating profit before other income and goodwill
charges.

Financial results

* #Turnover: o155.6 million (+16%)

- Product sales: o116.8 million (+10%)

- Royalty income: o38.8 million (+41%)

* Operating profit before other income and goodwill charges:
o10.1 million (+36%)

- Increase in insurance costs: o2.7 million

* Net profit before taxation and goodwill charges: o11.9 million
(2001: o27.4 million, which included a o17.5 million initial
payment from Pharmacia)
* EPS: 3.6p (2001: 8.3p, incl. 5.3p from Pharmacia payment).

* Cash (at 30 June 2002): o98.8 million

# Turnover comparisons are stated at constant exchange rates

Operating profit, excluding other income and goodwill charges,
showed strong growth to o10.1 million (+36%), notwithstanding R&D
investment of o45.1 million, an increase of o3.4 million (+8%),
and sales and marketing costs of o 38.8 million, a rise of o7.8
million (+25%). Sales and marketing expenditure will reduce
significantly in the second half of 2002, following restructuring
of the US sales force.

The operating income statement incorporates an additional charge
of o2.7 million for insurance costs, including o1.5 million
related to the establishment of a captive insurance company, in
response to large rises in insurance costs since September 2001.
The effect of the anticipated charge of o 3 million for the
captive insurance company for the year will be to decrease
earnings per share from previous market expectations by
approximately 1.0p.

Excluding this charge, operating profit before other income and
goodwill charges would have grown by 73% compared to the same
period in 2001. Proforma earnings per share were 3.6p, compared
to 8.3p in the first half of 2001, which included an initial CDP
870 collaboration payment of $25 million (o17.5 million; EPS
effect of 5.3p) from Pharmacia.

New product pipeline

Celltech has an extensive development portfolio, with six
products in Phase II or Phase III clinical development and a
further four products in earlier stage development. Recent
advances with these pipeline products include the following
highlights:

* CDP 870: Results from Phase II studies in RA, reported
previously, demonstrated a competitive clinical profile for CDP
870, a humanised PEGylated anti-TNFa antibody fragment. These
have been confirmed through further Phase II studies. Pharmacia
has developed a revised formulation of the product which will be
used for the extensive Phase III programme, and subsequently in-
market.

Following FDA review of this new formulation, and of the Phase
III clinical plans, Pharmacia are initiating Phase III
development, with patient dosing scheduled to begin during
October 2002. Celltech will receive a milestone payment in the
second half of 2002 related to the entry of the product into
Phase III studies.

In May 2002 Celltech reported that a small Phase II study with
CDP 870 in Crohn's disease, administered intravenously, confirmed
earlier efficacy and safety findings obtained from a large Phase
II subcutaneous dosing study. Planning is ongoing for Phase III
studies with CDP 870 in Crohn's disease.

* CDP 571: Celltech announced in July results of two large Phase
III studies in Crohn's disease, with this humanised anti-TNFa
antibody. In the main study, in 400 patients, the treatment
achieved statistically significant efficacy in respect of a range
of acute and 28-week clinical endpoints, but did not reach
significance in relation to the primary 28-week endpoint.
Celltech intends to seek guidance from U.S. and European
regulatory authorities with regard to the probable requirements
for CDP 571 approval for the acute treatment of active Crohn's
disease, and for its clinical management on a periodic, as-needed
basis.

* PDE4 inhibitor: Merck is progressing a potent and specific oral
once-daily PDE4 inhibitor, which arose from their collaboration
with Celltech, in several Phase II studies, in both asthma and
chronic obstructive pulmonary disease.

* CDP 323: a novel small molecule integrin antagonist, has been
entered into development as a potential new treatment for immune
and inflammatory disorders. In addition, Celltech has entered
into strategic manufacturing alliances with BioChemie (a Novartis
subsidiary) and BioReliance for long-term large-scale supply of
PEGylated antibody fragment-based products, reflecting the
importance of these products within Celltech's development
pipeline.

Discovery operations

Celltech has continued to invest in novel technologies, which
underpin its substantial drug discovery efforts. Highlights in
the first half have included:

* A new collaboration with Amgen on novel antibody fragment-based
osteoporosis treatments

* Access to Seattle Genetics' linker and cytoxic drug technology,
for new cancer approaches and other applications.

Celltech Pharmaceutical Operations

The pharmaceutical business, which supports Celltech's
substantial R&D investment, performed well in the first half of
2002, with product sales increasing by 10% to o116.8 million.

The acquisition from Pharmacia of U.S. and EU promotional rights
for Dipentum, a treatment for inflammatory bowel disorders, will
enable Celltech to accelerate the transformation of this business
into one that is able in the future to support marketing of its
own novel pipeline products to specialist prescribing audiences.
Celltech will establish a gastroenterology salesforce in the US
to market Dipentum, initially with 30 representatives. In Europe
a part of each of the existing salesforces will be used to
address gastroenterology specialists.

Linked to this refocusing of its sales and marketing
capabilities, Celltech recently announced a reduction of its US
general primary care salesforce, from 350 to 170 representatives,
following the conclusion of the immediate post-launch promotional
effort on Metadate CD. The restructured salesforce will continue
to detail Celltech's cough/cold range of products and Zaroxolyn,
and will support a more focused marketing campaign with Metadate
CD. Following the salesforce restructuring, Celltech expects
Metadate CD to make a significant positive financial contribution
to the business. The restructuring will not result in any
exceptional charges in the second-half financial results.

Commenting on the results, Dr Peter Fellner, Chief Executive
Officer, said:

'Celltech's long-term commitment to R&D has continued to be
underpinned by its strong financial performance in the first half
of 2002. Important mid- and late-phase pipeline products have
advanced further, including CDP 870, and Celltech's business
model, with its cash-generative financial profile, is enabling it
to sustain the level of R&D investment required to generate
substantial new value.'

To view complete report, refer to the information sourced from
UK-Wire: http://bankrupt.com/misc/Celltech.pdf

CONTACT:  Dr Peter Fellner
          Chief Executive Officer
          Telephone:(44) (0) 1753 534655


CELLTALK GROUP: Announces Final Results
---------------------------------------
Highlights

-Celltalk plc came out from administration on 16 August 2002
-Group turnover for fifteen months ended 31 March 2002 GBP24.5m
(seven months ended 31 December 2000:  GBP13.4m)
-Operating profit from continuing operations, before goodwill and
exceptional items, of GBP0.11m (2000: loss GBP1.81m)
-Loss on ordinary activities before tax of GBP4.22m (after
goodwill and exceptional items of GBP4.28m)
-Management accounts for first three months trading of current
year show a profitable position

Chairman's Statement

The optimism expressed in my Chairman's Statement of June 2001
quickly evaporated.  The following six months was a period of
reducing demand for mobile phone contracts, reduction in
commission rates and a more selective approach from the major
networks as they strove to increase profitability.  With blanket
advertising by both networks and phone manufacturers for
particular models, fashion started to dictate demand and often
this meant loss of sales because of stock shortages on heavily
advertised products.

During the six months to December 2001 the Board struggled with
these mounting problems and watched many of our competitors cease
trading.  This in itself caused further problems through a crisis
of confidence amongst bankers, credit insurers and some of our
suppliers.

In early 2002, it became evident that Celltalk Plc (the
'Company'), the trading arm, would have insufficient cash flow to
reduce capacity and operating costs to a viable level.  Rather
than struggle on to an inevitable conclusion, the Directors
decided to put the Company into administration and attempt to
agree a rescue plan with creditors.  A plan was agreed and the
Company came out of administration on 16 August 2002.  In
summary, GBP200,000 plus half of the residual profits has to be
paid to creditors over the next 24 months.  Subject to these
payments, any residual liabilities will be written off at the end
of the period and the Company allowed to retain sufficient
working capital to streamline operations and continue in
business.

One of the outcomes of the administration was the need to seek a
new credit card processing facility.  The poor record of the
industry meant that providers wanted substantial deposits and
this has been supported by a short term secured loan of GBP50,000
from the Executive Directors.

I am pleased to report that the management accounts for the first
3 months trading of the current year show a profitable trading
position and the business generating sufficient cash flow to
continue to trade at current levels.  This will enable funds to
be banked by the administrator to pay creditors and make an,
albeit small, contribution to reserves.

To assist with reporting and to facilitate the administration,
the financial year was extended to 15 months ending 31 March
2002.  The operating profit before goodwill amortisation and
exceptional items relating to the administration was GBP105,229
on a turnover of GBP24,474,169.  Exceptional items relating to
the reorganisation totalled GBP282,483 and goodwill written off
was GBP4m.  In the circumstances the Directors are not
recommending the payment of a dividend (2000:nil).

The company continues to be one of the largest UK suppliers of
contract mobile phones by mail order and direct marketing.  The
telecommunications industry is currently one of the most
difficult sectors to operate in, although early signs indicate
that capacity and demand are more in line than previously.  The
Directors believe that the capacity and infrastructure costs of
the company have been reduced to the minimum required to have an
on-going viable business.

Current trends in the industry and the improved profitability and
cashflow now provide comfort that the business can have a long
term viable future.  The target now is to maintain the
profitability and positive cashflow in order to build up reserves
to be able to face the future with confidence.  This will be a
long haul but all of us at the company are confident that the
painful decisions that have been taken over the preceding 15
months provide a firmer platform for the future.

This has been a difficult time, both for my remaining fellow
Directors and staff. It is to their credit that they have always
been optimistic and unstinting in their efforts. I want to thank
them for this and trust in their continuing support.

Derek M Joseph
Chairman

There were no recognized gains or losses in the current or
previous period other than those reported above, and therefore no
statement of total recognized gains and losses has been
presented.

On 28 January 2002 Begbies Traynor were appointed as
administrators of Celltalk Plc, which is the wholly owned
subsidiary of The Celltalk Group Plc. On 22 February 2002 the
administrators agreed a company voluntary arrangement (CVA) with
the creditors.  The creditors of Celltalk Plc as at 28 January
2002 have agreed to accept consideration of GBP200,000, payable
over the next 24 months, plus half of any annual profits in
excess of GBP100,000 in lieu of their existing balances at that
date of GBP1,061,600.  The company came out of administration on
16 August 2002.

The existing balance of GBP1,061,600 has been retained in
creditors as the gross obligation that would fall due should the
terms of the CVA be breached.

The financial information set out above does not constitute the
statutory accounts for the period ended 31 March 2002 or the year
ended 31 December 2001 but is derived from those accounts.
Statutory accounts for the year ended 31 December 2001 have been
delivered to the registrar of companies, and those for the period
ended 31 March 2002 will be delivered following the annual
general meeting. The auditors have reported on those accounts;
their reports were unqualified and did not contain statements
under section 237(2) or (3) of the Companies Act 1985.

Copies of the Report & Accounts will be posted to shareholders
shortly and will be available from the offices of The Celltalk
Group plc, 24th Floor Sunley Tower, Piccadilly Plaza, Manchester
M1 4BT.

For consolidated profit and loss and balance sheet info, refer to
this link: http://bankrupt.com/misc/Celltalk2.pdf

CONTACT:  Derek Joseph
          Non-Executive Chairman
          The Celltalk Group plc
          Tel: 020 7609 9491


COOKSON GROUP: Notification of Major Interests in Shares
--------------------------------------------------------
Name of company: Cookson Group Plc

Name of shareholder having a major interest: Fidelity
International Limited

Name of the registered holder(s) and, if more than one holder,
the
number of shares held by each of them:

REGISTERED NAME       MANAGEMENT COMPANY              NUMBER OF
SHARES

STATE STREET
NOMINEES LTD.        FIDELITY MANAGEMENT
                     TRUST COMPANY                     150,000
BROWN BROTHERS
HARRIMAN             FIDELITY MANAGEMENT
   TRUST COMPANY                    82,200
CHASE NOMINEES LTD.  FIDELITY INVESTMENT
   SERVICES LTD.                    79,676,301
CHASE MANHATTAN
BANK LONDON          FIDELITY INVESTMENT
                     SERVICES LTD.                    19,547,502
RBS TRUST BANK       FIDELITY PENSION MANAGEMENT      3,268,795
NORTRUST
NOMINEES LTD.        FIDELITY PENSION MANAGEMENT      788,060
BT GLOBENET
NOMINEES LTD.        FIDELITY PENSION MANAGEMENT      269,880
CITIBANK             FIDELITY PENSION MANAGEMENT      476,580
CHASE NOMINEES LTD.  FIDELITY PENSION MANAGEMENT      10,335,600
BANK OF
NEW YORK LONDON      FIDELITY PENSION MANAGEMENT      2,045,940
NORTHERN TRUST       FIDELITY PENSION MANAGEMENT      2,783,240
HSBC                 FIDELITY PENSION MANAGEMENT      847,780
BANKERS TRUST        FIDELITY INTERNATIONAL LIMITED   511,420
RBS TRUST BANK       FIDELITY INTERNATIONAL LIMITED   7,820,740
CITIBANK             FIDELITY INTERNATIONAL LIMITED   367,120
CHASE NOMINEES LTD   FIDELITY INTERNATIONAL LIMITED   15,202,050
HSBC CLIENT
HOLDINGS
NOMINEE (UK)         FIDELITY INTERNATIONAL LIMITED   92,647,427
LIMITED
CHASE MANHATTAN
BANK LONDON          FIDELITY INTERNATIONAL LIMITED   289,540
DEUTSCHE BANK        FIDELITY INTERNATIONAL LIMITED   2,617,780
BANK OF
NEW YORK LONDON      FIDELITY INTERNATIONAL LIMITED   21,733,318
NORTHERN TRUST       FIDELITY INTERNATIONAL LIMITED   6,102,140
MELLON TRUST         FIDELITY INTERNATIONAL LIMITED   620,360
BANK OF NEW
YORK BRUSSELS        FIDELITY INTERNATIONAL LIMITED   1,215,689

Number of shares/amount of stock acquired: 19,099,500


Percentage of issued class: 1.01%

Class of security: Ordinary Shares Of 1 Pence Each

Date of transaction: September 13 2002

Date company informed: 17 September 2002

Total holding following this notification: 269,399,462 Shares

Total percentage holding of issued class following this
notification:
14.24%

Name of contact and telephone number for queries:

Alan Wallwork, Asst Company Secretary, Cookson Group Plc - Tel:
020 7766 4537

Name and signature of authorised company official responsible for
making this notification:

Alan Wallwork, Asst Company Secretary, Cookson Group Plc

Date of notification: September 17 2002


COOKSON GROUP: Notification of Interests of Directors
------------------------------------------------------
Name of company: Cookson Group Plc

Name of director: Stephen Howard

Name of the registered holder(s) and, if more than one holder,
the
number of shares held by each of them (if notified): Stephen Lee
Howard

Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if
discretionary/non discretionary: Purchase Of Ordinary Shares Of 1
Pence Each In Cookson Group Plc

Number of shares/amount of stock acquired: 100,000

Percentage of issued class: Less Than 0.01%

Class of security: Ordinary Shares Of 1 Pence Each

Price per share: 22.75 Pence Per Share

Date of transaction: September 17 2002

Date company informed: 17 September 2002

Total holding following this notification: 713,976

Total percentage holding of issued class following this
notification:
0.04%

Name of contact and telephone number for queries:

Alan Wallwork, Asst Company Secretary, Cookson Group Plc - 020
7766 4537

Name and signature of authorised company official responsible for
making this notification:

Alan Wallwork, Asst Company Secretary, Cookson Group Plc

Date of Notification: September 17 2002


CORDIANT COMMUNICATIONS: Notice of 10.13% Shareholdings
--------------------------------------------------------
Cordiant was notified on 11 September 2002 that Active Value Fund
Managers Limited has a holding of 41,500,457 Ordinary shares,
representing 10.13% of the issued share capital of the Company.


CONTACT:  Nathan Runnicles
          College Hill
          Cordiant
          Tel: +44 207 262 4343
          Tel: +44 207 457 2020


FILTRONIC: Notification of Major Interests in Shares
-----------------------------------------------------
Name of company: Filtronic plc

Name of shareholder having a major interest: The Capital Group
Companies, Inc. and affiliates, including Capital Research and
Management Company

Name of the registered holder(s) and, if more than one holder,
the number of shares held by each of them: State Street Nominees
Limited

Number of shares / amount of stock disposed: 225,000

Percentage of issued class: 0.30%

Class of security: Ordinary shares

Date of transaction: 16 September 2002

Date company informed: 17 September 2002

Total holding following this notification: 2,949,600

Total percentage holding of issued class following this
notification: 3.96%

Name of contact and telephone number for queries: Fiona Pick,
Tel: +44 1274 231166

Date of notification: 18 September 2002


KINGFISHER: Announces Director Shareholding
-------------------------------------------
Kingfisher plc became aware on 17 September 2002 that certain
Directors of Kingfisher plc, whose names are set out below,
technically became interested on that date in 20,197 Kingfisher
plc ordinary shares of 13.75p each by virtue of the QUEST being
allotted the shares and the Directors being potential
beneficiaries under the QUEST.

Kingfisher plc also became aware on 17 September 2002 that each
of the
below-named Directors of Kingfisher plc technically ceased to be
interested on that date in 20,197 Kingfisher plc ordinary shares
of 13.75p each by virtue of the QUEST transferring the shares to
employees.

Directors:

Sir Geoffrey Mulcahy
Mr William Whiting
Mr Ian Cheshire
Ms Helen Weir
M. Jean-Noel Labroue

CONTACT:  Catherine Callaghan
          Group Share Schemes Manager
          Tel: 020 7725 5830


RAILTRACK: Regulators Approve London & Continental Railways Deal
----------------------------------------------------------------
The European Union has cleared Railtrack Group Plc's sale of its
interest in the Channel Tunnel Rail Link to London & Continental
Railways Ltd., says Bloomberg.

The approval of the EU Commission for the Channel Tunnel Rail
Link, the railway linking Britain and France, sets off the final
arrangements for the deal between Railtrack and Network Rail.
Network Rail will pay London & Continental 80 million pounds to
operate and maintain the route.

Railtrack is selling its troubled U.K. train track and station
unit, Railtrack Plc, to Network Rail Ltd. for a GBP500 million
deal that includes taking on Railtrack's GBP7.1 billion debt.
Network Rail Ltd. was granted by the government a EUR37.5 billion
(US$36.5 billion) package to acquire the unit.


RAILTRACK: Transport Department Motions Exit From Administration
----------------------------------------------------------------
Officials at the transport department are preparing to present a
motion to the High Court on October 1 to lift the administration
order for RailTrack, the Financial Times says.

Transport secretary Alistair Darling is also expected to present
the progress of the railways on the Labour party conference in
Blackpool on that day.

The network operation is to be turned over to the care of Network
Rail in the first week of October. Authorities in Brussels on
Wednesday allowed the transfer of Railtrack's assets to Network
Rail.  The approval came after authorities allowed London and
Continental Railways to pay Railtrack Group GBP375 million for a
part of the Channel tunnel rail link using bonds underwritten by
the government.

According to the Financial Times, Railtrack Group had linked the
approval of the LCR deal to its acceptance of the offer of
Network Rail to take on the responsibility of running the
network. If the plan proves successful, the group is expected to
meet in October to appoint a liquidator.

The European Commission has as well permitted the state to
provide GBP21 billion in grants and guarantees to Railtrack in an
effort to save the Network Rail.

The deals enable Railtrack Group to raise more than GBP1.3
billion in cash to pay shareholders of stakes worth 245 to 255
per share.  The group plans to make the payments in two stages,
with the first installment of 160-180 p expected in January 2003.


UK COAL: Dealings by Substantial Shareholders
----------------------------------------------
Name Of Company: UK Coal Plc

Name Of Shareholder Having A Major Interest: Merrill Lynch & Co
Inc

Class of security: ordinary shares

Date company informed: September 16 2002

Total holding following this notification: no longer have a
notifiable interest

Any additional information: reduced holding

Name of contact and telephone number for queries:
M. Garness, Tel: 01302 751751

Date of Notification: Sept. 17, 2002

                                  ************

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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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