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            T R O U B L E D   C O M P A N Y   R E P O R T E R

                             E U R O P E

                 Wednesday, March 5, 2003, Vol. 4, No. 45


                              Headlines

* F I N L A N D *

BENEFON OYJ: Comments Publicized Information About the Company
BENEFON OYJ: Discloses Financing Agreement With NRJ International

*F R A N C E *

SCOR GROUP: 2003 Renewals and New Group Organization Successful
VIVENDI UNIVERSAL: Plans to Retain Music Business in Portfolio
VIVENDI UNIVERSAL: Still in Preliminary Talks With Davis

* G E R M A N Y *

BAYER AG: To Hold on to Rubber and Plastics Business
BAYER AG: Early Worries on Effects of Lipobay Discovered
DEUTSCHE TELEKOM: Obtains EU Permission to Sell Cable TV Assets

* I R E L A N D *

SIRIUS FINANCE: Fitch Downgrades Class A and B Notes

* I T A L Y *

FIAT SPA: IPI Rival Wants to Acquire Controlling Stake
FIAT SPA: Timing of Capital Increase to Depend on Other Moves

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

GETRONICS N.V.: Extends Period for Revised Invitation to Tender
KONINKLIJKE AHOLD: Tesco Might Consider Acquiring Assets
KONINKLIJKE AHOLD: Berman Says Investor Sues for Stock Fraud
ROYAL KPN: Posts Net Loss After Taxes of EUR 163 Million in 2002
UNITED PAN-EUROPE: Announces Acceptance of Akkoord in Court

* N O R W A Y *

PETROLEUM GEO-SERVICES: ADR, Preferred Securities in Pink Sheets

* P O L A N D *

BRE BANK: Board of Management Decides Not to Pay Dividend
BRE BANK: Informs of Motion to Set up the Reference Date
KREDYT BANK: Applies for De-listing of Global Depository Receipts

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

BANQUE CANTONAL: Participation-Certificate Boosts Capital
CREDIT SUISSE: Quattrone to Be Punished for Standing up Regulator

* U N I T E D   K I N G D O M *

AES DRAX: Energy Subordinated Debt Ratings Lowered to 'D'
AMP: Has No Plan of Putting More Money Into Its U.K. Businesses
CORUS GROUP: Extension of Loan Depends on Sale of Aluminum Asset
ENERGIS PLC: Showing Clear Signals of Return to Profitability
MOTHERCARE PLC: Finance Director to Leave With GBP225,000
MOTHERCARE PLC: Announces Appointment of New Finance Director
ROYAL & SUNALLIANCE: Issues Update on IPO of Businesses


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F I N L A N D
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BENEFON OYJ: Comments Publicized Information About the Company
--------------------------------------------------------------
Recently, there have been public statements in a number of press
articles based on the interviews of Mr. Peter Chlubek, the
President of NRJ, the committed main investor to Benefon as
reported last week. Because some of these statements may have
substantial effect in the value of the Benefon share, the company
considers it necessary to comment such information.

In the interviews the investor has told that their intent is to
have listing of Benefon in London. The company maintains that
this information is not based on any agreement between the
company and the investor but is the view of Mr. Chlubek regarding
the plans of NRJ International as the coming leading investor in
Benefon.

The investor has further revealed plans regarding merging other
consortium companies, Internav International LLC and it's four
subsidiaries, into Benefon. Benefon states that this matter has
been discussed but that there is no final agreement on it and
that any such matter would be subject to the future agreement of
the shareholders, and would be the responsibility of the future
Benefon Board. Benefon maintains further that the same applies to
the publicly presented information regarding the merger of Airo
Wireless Media into Benefon.

In addition, there has been information presented in public that
Benefon would stop producing equipment. The company maintains
that any such information is without merit. It has been agreed
with the investors that it is desirable to add new service-based
high margin revenue streams. The present business of mobile
telematics instruments and solutions is dependent on the R&D and
production units in Salo and Turku and there is no reason to make
radical changes in these units or to move them elsewhere. The
company and the investors are unanimous in this view.

In the result report of February 11, 2003, Benefon anounced that
it will report about the current year business plan later
providing that the financing can be arranged. Regarding the
interpretation in another press article with the interview of Mr
Jukka Nieminen, the President, according to which the company
turnaround would take place within the next couple of years, the
company wishes to make clear this is an interpretation by the
reporter and not a statement by the company on which any
estimates should be based regarding the future development of the
share value. The company will report about the business plan in
the next few weeks.

CONTACT:  BENEFON OYJ
          Jorma Nieminen, Chairman


BENEFON OYJ: Discloses Financing Agreement With NRJ International
-----------------------------------------------------------------
As announced on February 25, 2003 Benefon Oyj has entered into
agreement with NRJ International LLC concerning financing of
Benefon Oyj.

The agreement needs to be approved by Benefon's Shareholders'
Meeting. As agreed, NRJ International may subscribe for a maximum
of 14,750,000 new Benefon S-shares with a total subscription
price of EUR 5.015 Meuros and in addition for a maximum amount of
5.015 Meuros convertible bond loan entitling NRJ International to
convert the loan into a maximum of 14,750,000 new Benefon S-
shares.

Additionally NRJ Internatinal is offered as a part of the whole
arrangement a chance to subscribe for option rights, which
entitle NRJ International to subscribe for a maximum of
29,500,000 new Benefon S-shares more by January 31, 2006 with the
total subscription price of 10.03 Meuros.

As Benefon announced on February 25, 2003, the company is
preparing a directed share issue to be decided by the Board of
Directors by virtue of existing valid authorization. The amount
of the issue would be approximately 450,000 euros with the share
subscription price of 0.34 euros per share and the issue would be
directed to NRJ International or their affiliate company. The
number of new shares issued in this issue would thus be 1,323,529
at maximum.

In case the described arrangement is realised in full, holding of
NRJ International LLC would raise, as described in Chapter 2
section 9 of the securities market act, over two thirds (2/3) of
the registered share capital and votes of all shares. Proportion
of NRJ International LLC's holding could raise at most to 618.09%
of the registered share capital and to 313.21% of the votes of
all shares provided that NRJ International converted the whole
convertible bond loan subscribed by it into new Benefon S-shares
and that NRJ International subscribed for new Benefon S-shares
with all option rights offered to it for subscription.

BENEFON OYJ

Jorma Nieminen
Chairman of the Board


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F R A N C E
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SCOR GROUP: 2003 Renewals and New Group Organization Successful
----------------------------------------------------------------
The Board of Directors of SCOR was informed of the 2003 renewals
campaign and the new Group organization chart at its meeting on
February 28, 2003.

The 2003 renewals campaign is considered to be successful and
consistent with the "Back on Track" plan announced on November
18, 2003.

--  For Non-Life treaties, the volume of writings for treaties
renewed on January 1, 2003 represents 92% of the corresponding
volume in 2002.

--  For Business Solutions, premium volumes are up +14% in
property damage, and +18% in liability, relative to the
comparable campaign in 2002.

--  In Life and Accident reinsurance, net annual premiums are
expected to grow by approximately +5% relative to the 2002
premiums.

--  The Group has strictly applied the underwriting criteria laid
down in the "Back on Track" plan.

--  SCOR has taken full advantage of the rate increases in all
its business segments.

--  These renewals reflect a re-balancing of the portfolio toward
Europe, short-tail risks and life and accident reinsurance.

-- 2003 renewals compliant with the "Back on Track" plan

The 2003 renewals fully satisfy the requirements of selectivity
and profitability set by SCOR in its "Back on Track" plan.

The campaign has fulfilled the following five objectives:

--  the imperative need to respect combined ratios guaranteeing
the profitability of business written,
--  strictly controlling and limiting Group's exposures,
--  re-balancing the portfolio toward Europe and Asia,
--  restructuring the portfolio in favor of non-proportional
treaties and short-tail business,
--  strengthening the Group's position in life and accident
reinsurance, with an emphasis on death cover products.

I. Successful Non-Life treaty renewals

The Non-Life treaty renewals campaign was successful.

Non-Life treaties represent around 40% of SCOR's total annual
premium income.

77% of the 2002 portfolio was renewed on January 1, 2003. 94% of
European treaties, 61% of North American treaties, and 26% of the
Far Eastern treaties expired on that date.

Based on renewals already concluded since January 1, the volume
of business written for 2003 represents 92% of the 2002 figure.
This -8% contraction is slightly different from the figure (-10%)
decided in the "Back on Track" plan. This works out to -13% in
North America, and to -8% in Europe, with no change in writings
elsewhere in the world.

This trend reflects the combined effect of new writings (+9%),
higher premium rates (+8%), changes in quota shares on renewed
business (+2%), and treaty cancellations (-27%).

2003 renewals highlights:

-- An +8% improvement in rating terms on average, notably
reflecting the deliberate reduction in long-tail risks in the
portfolio.

-- Long-tail classes (notably liability, motor, workers'
compensation) have fallen to 39% of total writings in 2003,
against 41% in 2002 and 47% in 2001.

-- The share of non-proportional treaty business represents 36%
in 2003, compared with 35% in 2002 and 27% in 2001.

-- The treaties renewed allow for tighter control over exposures
and aggregates, especially in acts of terrorism, legal liability
and natural catastrophe reinsurance.

-- SCOR's natural catastrophe exposure in Europe is in reduction
of -10%. Group exposure will continue to decline as contracts
come up for renewal in the United States.

-- The cancellation of 27% of treaties coming up for renewal
illustrate SCOR's scrupulous compliance with the underwriting
rules laid down in the "Back on Track" plan.

Rate increases: highlights of the latest renewals campaign

-- The rate increases (increase in premiums net of commissions
for a given risk exposure) varies from +5% to +11% in SCOR's
seven largest markets, excluding Japan. Rates are up +11% in
Germany, +10.6% in Canada, +9% in Italy, +8.6% in the United
States, +7.5% in the United Kingdom, +7% in Spain, and +5% in
France.

-- Rates for non-proportional treaties (excluding natural
catastrophes) are up +8.4%, +3% for non-proportional natural
catastrophe treaties, and +7.4% for proportional treaties.

-- By class of business, rates are up +11.6% in liability, +7.4%
in motor, and +6.4% in property damage, including for natural
catastrophe covers.

II. Satisfactory consolidation in Large Corporate Accounts
portfolio

After growing strongly over the past two years (+26% in 2001 and
+56% in 2002), the December 2002 and January 2003 renewals of
Large Corporate Accounts brought satisfactory consolidation of
existing positions.

Business Solutions' portfolio comprises:

-- 20% non-renewable business,

-- 80% renewable business, of which a third (detailed below) is
scheduled for renewal at year-end.

Business Solutions' property damage renewals highlights:

-- Property damage premium volumes on business expiring at year-
end are up +14% relative to the comparable campaign in 2002.

-- This +14% increase reflects the combined effects of +31%
growth due to new business, a +16% rate increase on the existing
portfolio, and cancellation of 33% of the portfolio.

-- After rising for three years, rates continued to increase,
though at a slower pace. These rate increases on SCOR's
portfolio averaged from +5% to +15% for US risks, and from +15%
to +50% for risks in Europe. Expiring multi-year programs pre-
dating the 2001 recovery have been sharply re-rated and guarantee
terms comprehensively revised.

-- Higher deductibles and recourse to insurance or reinsurance
captives are being used by a growing number of corporations.
These are now carrying a substantial proportion of their risks.

In addition, Business Solutions is applying tough underwriting
criteria:

-- Through rigorous selection of business in portfolio,
consolidation of SCOR positions with major accounts, in some
cases with increased quota shares, and securing new positions in
new contracts.

-- Through non-renewal of a third of the portfolio expiring at
year-end (i.e. EUR 35 million), mainly at the initiative of
Business Solutions.

Business Solutions' liability renewals highlights:

-- The volume of liability premiums on business expiring at year-
end is up +18% relative to the comparable campaign for 2002,
amounting to EUR 15.4 million. SCOR has deliberately restricted
its legal liability exposures in response to considerable
uncertainty over trends in this class of business.

-- This growth stems mainly from a much larger rate increase
(+20%) than in property damage.

-- A highly selective approach to underwriting, as witnessed by
the 58% cancellation rate for this portfolio, with new business
representing 56% of premium volumes.

III. Positive prospects for Life and Accident reinsurance in 2003

Approximately 40% of Life and Accident reinsurance business is
renewed at the start of the year. The remainder of renewals and
new business are staggered over the course of the year.

Based on an analysis of business already written and observed
trends, SCOR expects net Life and Accident premiums to grow by
approximately 5.0%. Net premiums for full-year 2003 are expected
to amount to EUR 1,420 million, compared with EUR 1,350 million
in 2002.

Significant features of renewals already concluded and those now
under negotiation:

-- Selective acceptance of business, resulting in cancellation of
unprofitable contracts, already representing EUR 70 million in
premiums.

-- Continuing contraction of the health insurance portfolio
resulting in a EUR 50 million fall in premiums.

-- The November 2002 decision to scale-down new "individual life"
writings in Canada and the United States is now being
implemented.

Geographic breakdown of Life and Accident reinsurance:

-- In France, new writings have enabled SCOR to hold onto its
positions in Life and Accident reinsurance (with the exception of
health business), while preserving control over global     per-
event exposures.

-- SCOR held onto all of its positions in both Germany and the
United Kingdom in 2003.

-- The Group has again raised its premiums in Spain and Italy.

-- In the United States, the major expansion drive conducted by
the Group in 2001 and 2002 yielded material results in 2003,
generating increased premium income.

-- In Canada, all of the proportional business in portfolio has
been renewed for 2003, thanks to the local service provided by
the Group for both collective and individual products.

Catastrophe covers:

-- Non-proportional catastrophe cover rates have improved in most
markets, due to the decline in available reinsurance capacity and
the number of reinsurers writing this class of business since the
time of the 2002 renewals.

-- Returns on Group exposures have improved significantly: the
rate on line (ROL--ratio of premiums to exposures) on non-
proportional catastrophe portfolio, for example, is up +33% in
2003.

-- In addition, SCOR has tightened its underwriting terms in
order to reduce its global catastrophe exposure, e.g: the
exclusion covering acts of nuclear, biological and chemical
terrorism now applies to 60% of total liabilities.

-- Finally, SCOR continue to take a restrictive line on
catastrophe exposures in North America. The portfolio contains no
non-proportional catastrophe treaty in the United States.

Cumulative commitments in respect of these treaties in Canada
have been reduced by 75%.

IV. SCOR continues to wind down its credit-bond business

The Group continues to take a cautious line in writing credit-
bond business. Writings are thus expected to total EUR 74 million
in full-year 2003, compared with EUR 99 million in 2002.

--  SCOR is focusing on credit insurance in Europe, which now
accounts for 80% of its credit insurance portfolio.

--  Surety activity accounts or 30% of the total credit-bond
portfolio.

--  The Group continued to withdraw from the American surety
market, which now represents only 3.2% of its total credit and
bond portfolio,

--  The Group profited from substantially improved rating
conditions in the market (+9.2%), while also benefiting from a
-5% average fall in treaty commissions.

-- SCOR Group's new organization

The Group has reorganized its central functions in accordance
with the policies spelled out in "Back on Track" plan. The new
organization is designed to streamline and to strengthen internal
control over underwriting policy and its application, as well as
over all earnings and profit components.

1. The following report directly to CEO Denis Kessler:

--  The Chief Reserving Actuary, Jean-Luc Besson. His mission is
to certify the reserves of all Group entities and subsidiaries,
and to implement consistent reserving methods across the Group.
--  Central Audit, headed by Yvan Besnard. He is responsible for
verifying the existence of and compliance with underwriting and
administration procedures.
--  Communications, which are an integral part of the Group's
global strategy.

2. The post of Chief Financial Officer has been created,
reporting to the COO Patrick Thourot

Francois Terren has been named to this post

Francois Terren, 50, is a graduate of the HEC Business School
(Paris) and Insead AMP, and he holds a degree in law. He was Vice
President, Financing and Treasury at the Air Liquide Group from
1981 to 1991, and then Chief Administrative and Financial
Officer, CORA Group. In 1993 he was named Assistant Chief
Investment Officer of GAN, before going on to advise Morgan
Stanley's real estate investment funds in 1996. He joined the
Taittinger Group in 1997 as Senior Vice President, Financial
Affairs for the Compagnie Financiere Taittinger, and as a member
of the Executive Board and Chief Financial Officer of Societe du
Louvre.

Francois Terren is responsible for all of the departments
involved in the formation of a global view of the Group's
technical and investment results, together with oversight of
asset management policy and, consequently, the means to improve
the Group's assets-liabilities management, as well as to optimize
cash-flow management. The departments concerned are:

-- Accounts, managed by Maurice Toledano.

-- Risk Oversight and Control, managed by Marie-Christine
Cheymol, whose remit embraces the definition of budgets for
premium income and technical results for the Group's product
lines and subsidiaries.

-- Asset Management, which has been placed under the management
of Veronique Leroux and Jean Guitton.

-- Credit and Bond underwriting managed by Patrick Barrault.

3. The three worldwide global operating divisions -- Non-Life
Treaties, Life and Business Solutions -- report to the Chief
Operating Officer (COO).

Pierre-Denis Champvillard, has been named Group Deputy COO, with
special responsibility, under the authority of Patrick Thourot
(COO), of the management of business relationships with the
Group's principal customers, including major ceding companies and
brokers, and certain major direct SCOR clients.

Jerome Faure is in charge of the worldwide global Non-Life
Treaties.

Romain Durand is in charge of the worldwide global Life Division.

Renaud de Pressigny is in charge of the worldwide global Business
Solutions Division.

4. A department has been set up to define policy on claims and to
administer major claims.

This department will formulate all rules for the administration
of claims on contracts written by divisions and subsidiaries, as
well as presenting a quarterly report to the Claims Committee
managed by this new department.

This department will also be responsible for managing major
claims directly -- individual claims, natural catastrophes and
serial claims (e.g. asbestosis, D&0, etc.) -- in conjunction with
the divisions or subsidiaries that wrote the policies, and with
the ceding companies or clients.

5. SCOR's holding company functions also comprise:

-- The Office of the Chief Compliance and Legal Officer, Arnaud
Chneiweiss.

-- The Group Human Resources Division, managed by Helene Chazot.

-- The Group Information Systems Division, managed by Regis
    Delayat.
-- The Strategy and Development Division, managed by Emmanuel
Fierens.

6. The Executive Committee, chaired by Denis Kessler, comprises
Patrick Thourot, Pierre-Denis Champvillard, Jean-Luc Besson,
Francois Terren, Jerome Faure, Romain Durand and Renaud de
Pressigny. The Secretary to the Executive Committee is Arnaud
Chneiweiss.

Following the presentation of renewals and new Group organization
chart to the Board of Directors of SCOR, Denis Kessler, Chairman
and Chief Executive Officer of SCOR, commented:

"The 2003 renewals campaign is successful. It shows that the
Group has benefited from improved rating conditions in the
market, and that it has strictly complied with the objectives of
the "Back on Track" plan aimed at restoring profitability. These
renewals are a reflection of customer loyalty and illustrate the
policy of forging long-term partnerships, to which the Group
attaches great importance. Thanks to a highly motivated team, a
strong commercial presence, and enduring reputation among ceding
companies, brokers and clients for technical excellence, the
criteria for selective, profitable underwriting set by the Group
for 2003 are respected. The mission of the new management team is
to restore the Group to profitability as soon as possible."

Financial disclosure timetable

2002 Results and presentation of Life Division Embedded Value:
April 1, 2003

Annual Shareholders' Meeting: May 15, 2003

CONTACT:  SCOR
          Delphine Deleval
          Phone: +33 (0)1 46 98 71 64


VIVENDI UNIVERSAL: Plans to Retain Music Business in Portfolio
--------------------------------------------------------------
Vivendi Universal plans to hold on to its music business,
Universal Music, despite plans to seek new investors for its
other U.S. entertainment assets.

The French conglomerate had assured executives at the unit that
the business will likely remain a core subsidiary in the short to
medium term, according to The Financial Times.

"The clear message from Paris is that it would be foolish not to
retain Universal Music when it is throwing off cash and
contributing more than EUR1 billion in annual earnings," the
report quoted a company official as saying.

Directors of the group reportedly wanted a reorganization that
would enable them to keep control of Universal Music for at least
two years.

The move could force U.S. oil tycoon Marvin Davis to abort plans
of acquiring the company's entertainment assets for US$20
billion, according to the report.

The board is considering selling the assets outright, putting it
in an initial public offering, or partially disposing several
assets to raise EUR6 billion.


VIVENDI UNIVERSAL: Still in Preliminary Talks With Davis
--------------------------------------------------------
Vivendi Universal has yet to get down to hard negotiations in the
course of its talks with Texas oilman Marvin Davis about the sale
of its U.S. show business assets, say sources close to the group.

"There have been meetings and (the Davis camp) are clearly
interested, so they are talking," one source said, adding: "But
there is still no single proposal being discussed; there are
several possibilities."

Chief Executive Jean-Rene Fourtou and Mr. Davis are still in
preliminary talks about a new bid after Vivendi Universal
rejected a previous offer of US$15 billion for the asset
portfolio last year.

Carlyle Group, one of the world's top private equity firms, had
reportedly joined Davis and others in a bid to buy Vivendi's U.S.
entertainment empire, which spans cinema, music, TV and theme
parks.

Carlyle has teamed up with Davis and private equity firms Bain
Capital and Texas Pacific Group to try to buy a controlling
interest in Vivendi's U.S. assets, according to The Los Angeles
Times.

The question that bothers bankers, however, is on how would the
billionaire raise the funds to finance the deal.

Vivendi has been selling assets to reduce debt incurred from the
expansion program of the former management.

The group's debt fell to around EUR13 billion at the end of last
year, but increased to some EUR17 billion in January when Vivendi
lifted its stake in French telecoms venture Cegetel to gain
better access to its cashflow.

Mr. Fourtou is also in talks with U.S. media mogul Barry Diller
to iron out legal issues that could potentially hinder rapid
efforts to sell the studios.

Vivendi is liable for heavy tax obligations if it sells the
assets to soon.

CONTACT:  VIVENDI UNIVERSAL
          Headquarters
          42 Avenue de Friedland
          75380 Paris Cedex 08
          France
          Phone: +33 1 71 71 10 00
          Fax: +33 1 71 71 11 79
          Contact:
          Investor Relations
          E-mail: investor-relations@groupvu.com

          Daniel Scolan, Executive VP
          Investor Relations
          Phone: +33.1.71.71.12.33
          E-mail: daniel.scolan@groupvu.com
          Laurence DANIEL
          IR Director, Europe
          Phone: +33.1.71.71.12.33
          E-mail: laurence.daniel@groupvu.com
          Edouard LASSALLE
          Associate Director, Europe
          E-mail: edouard.lassalle@groupvu.com


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BAYER AG: To Hold on to Rubber and Plastics Business
----------------------------------------------------
German pharceuticals company Bayer AG decided to keep its unit
that supplies specialties to the rubber, lubricant and plastics
industries worldwide.

The decision came after the company failed to strike an
"appropriate price" for the "well-positioned company" due to weak
capital markets.

A Bayer spokesman said: "This is the most worthwhile option."

In December, the company also chose to dissolve "by common
consent" the sell-off of Rhein Chemie to a U.S. financial
investor after failing to agree on a number of outstanding
points.

Rhein Chemie, which employs 1,100 workers in Germany and around
the world, owns iSL-Chemie GmbH & Co. KG in Kurten.  It has
affiliates in the United States and Japan, and owns a 90%
interest in a joint venture in China.

Bayer is in the process of selling its unit PolymerLatex GmbH &
Co KG, a 50-50 joint venture with Degussa AG.

CONTACT:  BAYER AG
          Werk Leverkusen
          51368 Leverkusen, Germany
          Phone: +49-214-30-58992
          Fax: +49-214-307-1985
          Homepage: http://www.bayer-ag.de


BAYER AG: Early Worries on Effects of Lipobay Discovered
--------------------------------------------------------
Newly disclosed company documents indicate that concerns over
growing reports of deaths associated with the company's anti-
cholesterol drug, Lipobay (Baycol in the US) had surfaced months
before the distribution of the drug was halted.

According to USA Today, some Bayer officials had expressed worry
over the Lipobay-related deaths 18 months before it was pulled
out of the market.

Lipobay is estimated to have links to an estimated 100 deaths
worldwide, some 31 of which are in the U.S. Bayer pulled out the
drug in August 2001.

The report cited Patricia Stenger, a manager in Bayer's
scientific affairs unit, telling executives in a February 2000 e-
mail: "So much for keeping this quiet."

The report added that in a second Stenger e-mail, in June 2000,
an attached document says doctors who reported problems were
hearing of similar cases. They "appear to be more angry and
concerned and feel that Bayer is hiding information," the
attached document says.

The Food and Drug Administration approved the distribution of the
drug in July 2000.

Documents from lawyers suing the company show that Bayer had
sought approval from the regulators to sell its Baycol drug at
doses double those permitted in order to increase the drug's
effectiveness and its sales.

More than 10,000 patients or the families of those who died after
taking Baycol have filed suits against Bayer.

CONTACT:  BAYER AG
          Werk Leverkusen
          51368 Leverkusen, Germany
          Phone: +49-214-30-58992
          Fax: +49-214-307-1985
          Homepage: http://www.bayer-ag.de


DEUTSCHE TELEKOM: Obtains EU Permission to Sell Cable TV Assets
---------------------------------------------------------------
The European Commission has permitted Deutsche Telekom to sell
its cable television assets to a consortium of Apax Partners,
Goldman Sachs Capital Partners and Providence Equity.

The German company has agreed to unload the asset for EUR1.725
billion to the consortium.  The price is down from the EUR2
billion to EUR2.3 it expected, though it is believed the figure
could still rise by up to EUR375 million, depending on
performance.

The Commission gave the go signal after it determined that there
was no overlap or tie between the investors' business activities
or activities of companies controlled by the investors and the
cable activities of Deutsche Telecom, according to Reuters.

Deutsche Telecom has a debt burden of EUR64 billion. As part of a
drive to lower net debt of EUR49.5 to EUR52.3 billion by the end
of 2003, Deutsche Telekom is unloading non-strategic business
areas such as real estate, the remainder of the cable business
and other shareholding and business units.  Sales from these
assets are expected to generate proceeds of EUR 6.2 to EUR 8.5
billion.

CONTACT:  DEUTSCHE TELEKOM AG
          53113 Bonn, Germany
          Phone: +49-228-181-0
          Fax: +49-228-181-8872
          Home Page: http://www.telekom.de
          Contact:
          Hans-Dietrich Winkhaus, Chairman Supervisory Board


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I R E L A N D
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SIRIUS FINANCE: Fitch Downgrades Class A and B Notes
----------------------------------------------------
Fitch Ratings, the international rating agency, has downgraded
Sirius Finance 2000 Plc's class A notes to 'A' from 'A+' and
class B notes to 'BB-' (BB minus) from 'BB+'. At the same time
Fitch has affirmed class C at 'CCC-' (CCC minus).

Sirius Finance 2000 plc is a special purpose vehicle incorporated
under the laws of Ireland as a public company with limited
liability. It was established by Credit Lyonnais as part of a
collateralized debt obligation (CDO) transaction. The Class A to
C notes, totaling EUR150 million, assume the economic risks of a
total reference portfolio of EUR1.952 billion composed of loans
advanced to and bonds issued by corporates, mainly located in
Europe, above a first loss threshold of 0.22%.

The reference portfolio was reduced from its initial size of EUR2
billion subsequent to two credit events in October 2001. The
actual recovery rates obtained on these two reference entities
led to a net loss of EUR40.7m compared with a first loss
threshold amounting to EUR45m (or 2.25%) when the deal was rated.

Fitch's rating action reflects the credit deterioration of the
pool. The agency will closely monitor any changes to the existing
portfolio and will take further action as required.


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


FIAT SPA: IPI Rival Wants to Acquire Controlling Stake
------------------------------------------------------
Real estate company Societa pel Risanamento di Napoli plans to
acquire a controlling 55.95% stake in IPI, Fiat's listed property
operation, and Risanamento's rival.

The plan will see the Milan-listed company pay EUR107.2 million,
or EUR4.7 for each of the 22.8 million shares in March 15, and
another EUR160 million for a company yet to be created, which
will own the real estate assets held by the Fiat group, in May.

Under the agreement, Fiat's stake in the company would drop to
10% from 65.9%, but it would reserve the right to exercise call
and put options on that 10% after 2006.

Shares in IPI and Risanamento were both suspended on the Italian
bourse pending announcement of the sale.

Industrial group Fiat, which recently posted a EUR4 billion loss,
is divesting asset to raise cash for its troubled unit Fiat Auto.
It needs to have as much as EUR5 billion if it wants to save the
group's struggling auto business.

CONTACT:  FIAT SPA
          250 Via Nizza
          10126 Turin, Italy
          Phone: +39-011-686-1111
          Fax: +39-011-686-3798
          Toll Free: 800-804027
          Home Page: http://www.fiatgroup.com/e-index.htm
          Contact:
          Giovanni Maggiora, Vice President - Investor Relations
          Phone: +39-011-686-3290
          Fax: +39-011-686-3796
          E-mail: Investor.relations@geva.flatgroup.com


FIAT SPA: Timing of Capital Increase to Depend on Other Moves
-------------------------------------------------------------
Fiat's possible EUR2.5 billion capital increase will depend on
how much and how soon the conglomerate can raise funds through
asset disposals, the group's largest creditor said, according to
Dow Jones.

Banca Intesa SpA Chief Executive Corrado Passera said the urgency
of the capital increase "depends on the other decisions that the
new management takes."

He confirmed, though, that a capital increase could be a part of
a solid restructuring plan.

The company's board, which will meet on Friday to appoint Umberto
Agnelli as chairman of the group and Giuseppe Morchio as chief
executive, is expected to postpone any decision on the possible
capital increase.

The plan will only be taken up if Fiat's stock price recovers
from its present state, which is near 20-year lows.

The delay is also intended to let Fiat's new management gain a
better understanding of the company's situation.

The board will also approve full-year earnings during the Friday
meeting.


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


GETRONICS N.V.: Extends Period for Revised Invitation to Tender
---------------------------------------------------------------
Getronics on Monday announces that new management, with the
agreement of the Supervisory Board, has decided to extend the
Tender Period for the Revised Invitation to Tender (announced on
February 14, 2003). The Revised Invitation to Tender is expected
to be completed by March 31, 2003.

On February 21, 2003, the Supervisory Board assigned the
management of the Company to a new management team. In the past
week, this team has started to conduct an initial review of the
financial condition of the Company, its commercial operations and
assets (including its blue-chip client base, its strategic
relationships with leading technology partners - including
Microsoft, Cisco and Dell - and its ability to execute high
quality ICT services). By extending the Tender Period for the
Revised Invitation to Tender, new management will have the
opportunity to consider fully all options that are open to the
Company, including the Revised Invitation to Tender, taking into
consideration the interests of the Company and its stakeholders.

Subject to any other commitments they may have made to the
Company, holders of Existing Bonds who have already tendered
offers to exchange such bonds may withdraw such offers.

In light of the extension of the Tender Period, the Company also
announces that it has decided to cancel the extraordinary general
meeting of shareholders that was due to take place on March 7,
2003. The Company expects a new meeting to be held on March 27,
2003.

The Company has contacted the Trustee of the Existing Bonds
concerning the timing for the meetings of holders of Existing
Bonds, also due to be held on March 7, 2003. Irrespective of
whether these meetings of bondholders are cancelled, the Company
expects new meetings of the holders of Existing Bonds to be
called for on or about March 19, 2003.

As previously announced, the Company will publish its 2002 annual
results on March 4, 2003.

ABN AMRO Rothschild and ING Investment Banking are acting as
Joint Global Coordinators for the Revised Invitation to Tender.
ABN AMRO Bank N.V. is acting as Exchange Agent, Listing Agent for
the new ordinary shares and Warrants to be issued, and as Warrant
Agent. ABN AMRO Corporate Finance is acting as financial adviser
to Getronics.

Terms used in this press release are as defined in the Revised
Preliminary Prospectus dated February 14, 2003 relating to the
Revised Invitation to Tender (the Prospectus). The Company
expects to publish a supplement to the Prospectus, which will
include further details of the new timetable for the Revised
Invitation to Tender, in due course.

About Getronics
With approximately 25,000 employees in over 30 countries,
Getronics is one of the world's leading providers of vendor
independent solutions and services to professional users of
Information and Communication Technology (ICT). Through
consulting, integrating, implementing and managing Infrastructure
Solutions and Business Solutions, Getronics helps many of the
world's largest global and local organisations to maximise the
value of their technology investment and improve interaction with
their customers. Getronics' headquarters are in Amsterdam, with
regional head offices in Boston and Singapore. Getronics' shares
are traded on Euronext Amsterdam ('GTN').

CONTACT:  GETRONICS N.V.
          Donauweg 10
          P.O. Box 652
          1000 AR Amsterdam
          The Netherlands
          Phone: +31-20-586-1412
          Fax: +31-20-586-1516
          Home Page: http://www.getronics.com


KONINKLIJKE AHOLD: Tesco Might Consider Acquiring Assets
--------------------------------------------------------
Tesco is eyeing as possible target for acquisition the assets of
troubled Dutch retailer Ahold, which recently admitted US$500
million worth of accounting irregularity.

Top executives from the company will present their
recommendations of the GBP10-billion plan to their chief, Sir
Terry Leahy, during the week, according to the Independent.

Tesco's expansion outside the UK will likely make it consider
acquiring the assets of the Dutch company, the report says.
Tesco has no presence in Holland and only a small online presence
in the US.

Ahold on its part is seen by analysts as likely to be forced to
unload businesses to stay afloat.  Assets that are likely to go
are units in Asia, Eastern Europe and Spain.

The sharp decline in Ahold's share price since the revelation of
accounting errors made the company open to a complete takeover,
according to experts.

Possible buyers of Ahold are thought to include US retail giant
Walmar and its French counterpart Carrefour.

Tesco is also launching a GBP3 billion bid for Safeway, and
should Tesco pursue a bid for Ahold, it has to abandon the
former, the report says.


KONINKLIJKE AHOLD: Berman Says Investor Sues for Stock Fraud
------------------------------------------------------------
An investor sued Koninklijke Ahold N.V. and two former officers
on Monday, accusing the company of issuing false and misleading
financial statements to the public, Berman DeValerio Pease
Tabacco Burt & Pucillo said.

The lawsuit was filed in the U.S. District Court for the Southern
District of New York. Plaintiffs seek damages for violations of
federal securities laws on behalf of all investors who bought
Ahold securities from March 6, 2001 through and including
February 21, 2003 (the Class Period).

Berman DeValerio has represented investors in class actions for
over 20 years. To review the complaint and learn more about
becoming a lead plaintiff, please visit the firm's website at
http://ww.bermanesq.com

The lawsuit claims that Ahold and its officers issued false and
misleading financial statements that misrepresented the Company's
true revenue and earnings, causing its securities to trade at
artificially inflated prices.

Ahold stunned investors on February 24, 2003 when it announced
that:

(i) the Company's U.S. Foodservice subsidiary had materially
overstated its income by close to $500 million by improperly
including higher promotional allowances, provided by suppliers to
promote their products, than the Company actually received in
payment;

(ii) the Company's Disco subsidiary had engaged in certain
transactions that were possibly illegal and were improperly
accounted for; and

(iii) the Company's historical financial statements would be
restated to proportionally consolidate, under Dutch GAAP and U.S.
GAAP, several of the Company's joint ventures.

Moreover, the Company also revealed that its CEO and CFO had
resigned and that the Company's independent auditors had
suspended their fiscal year 2002 audit pending completion of the
investigations into the foregoing accounting irregularities.

As a result of this news, the price of Ahold ADRs fell $6.53 per
share, or more than 61%, to close at $4.16, on heaving volume. On
February 26, 2003, it was announced that the U.S. Securities and
Exchange Commission and the U.S. Attorney's Office were
investigating Ahold.

If you purchased Ahold securities during the period March 6, 2001
through and including February 21, 2003, you may wish to contact
the following attorney at Berman DeValerio Pease Tabacco Burt &
Pucillo to discuss your rights and interests.

   Julie A. Richmond, Esq.
   One Liberty Square
   Boston, MA 02109
   (800) 516-9926 or (617) 542-8300
   law@bermanesq.com

If you wish to apply to be lead plaintiff in this action, a
motion must be filed on your behalf with the court no later than
April 28, 2003.

You may contact the attorneys at Berman DeValerio to discuss your
rights regarding the appointment of lead plaintiff and your
interest in the class action. You may also retain counsel of your
choice. To be a member of the class, however, you need not take
any action at this time.

Berman DeValerio Pease Tabacco Burt & Pucillo prosecutes class
actions nationwide on behalf of institutions and individuals,
chiefly victims of securities fraud, antitrust law violations,
and consumer fraud. The firm consists of 33 attorneys in Boston,
San Francisco, and West Palm Beach, Florida.

CONTACT:  BERMAN DEVALERIO PEASE TABACCO BURT & PUCILLO
          Julie A. Richmond, Esq.
          Phone: (800) 516-9926 or (617) 542-8300


ROYAL KPN: Posts Net Loss After Taxes of EUR 163 Million in 2002
----------------------------------------------------------------
Net result

In the fourth quarter of 2002, KPN reported a net profit after
taxes of EUR 7 million. In the corresponding period of 2001, KPN
reported a net loss after taxes of EUR 6,226 million.

In the full year 2002, the net loss after taxes amounted to EUR
9,542 million compared to a net loss after taxes of EUR 7,495
million in 2001. Net result in both years was strongly impacted
by significant impairment charges on goodwill and licenses,
restructuring charges and other write-downs of assets and
investments.

Exceptional items
In the fourth quarter of 2002 the total charge was EUR 96
million.

In the full year 2002 the total charge was EUR 9,379 million.

Net result excluding exceptional items
Excluding exceptional items, KPN recorded a profit after tax in
the fourth quarter of 2002 of EUR 103 million, compared to a net
loss of EUR 315 million in the fourth quarter of 2001. Higher
EBITDA and lower amortization charges were the main drivers.
For the full year 2002, net loss after taxes improved from EUR
1,410 million in 2001 to a net loss after taxes of EUR 163
million in 2002.

Key developments Q4
- Strong increase in EBITDA margin to 38.3% (Q4 2001: 30.3%)*
EUR 780 million free cash flow (Q4 2001: cash outflow of EUR 41
million)**

- Cash inflow of EUR 170 million from agreements with MobilCom
and Quam

Financial restructuring KPN Mobile
- Early debt redemptions of EUR 3.3 billion
- Net debt reduced to EUR 12.4 billion *** (Q4 2001: EUR 15.7
billion)
* excluding exceptional items
** net cash flow from operating activities after capex, interest,
tax and restructuring expenses
*** including consolidation of Vision Networks

CEO Ad Scheepbouwer:
"KPN continues on the road to recovery. I am very satisfied with
the results of KPN in the fourth quarter. The revenue growth in
our core businesses has continued. Despite the weakness in the
economy we have been able to exceed our stated targets. The
actions taken have dramatically reduced the financial risks
recently associated with KPN. In 2003, we look forward to
continuing the progress in restoring the overall profitability of
the business."

Outlook 2003
Consolidated statement of income

Revenues
In line with previous quarters, total operating revenues of the
three core divisions, excluding exceptional items but including
their intercompany sales, increased by 5.9% from EUR 3,276
million to EUR 3,469 million. With a 15.1% revenue growth, the
Mobile division was the main contributor to the increase in
operating revenues, which was to a large extent caused by the
full consolidation of E-Plus as of March 13, 2002. Revenue growth
of the division Fixed Networks amounted to 2.1%. Operating
revenues in Other activities, which mainly consists of non-core
activities, decreased by 37.5%, leading to an increase in KPN's
overall operating revenues of 0.7%.

EBITDA
EBITDA excluding exceptional items increased by 27.1%, despite
absorbing EUR 52 million additional pension charges in Q4. All
divisions contributed to this growth. EBITDA benefited from
significant cost savings in the divisions Fixed Networks and
Business Solutions as a result of restructuring and cost
reduction programs, and Mobile's strategy to focus on high value
customers while exercising tight cost control.
The EBITDA margin, excluding exceptional items, increased
substantially from 30.3% in the fourth quarter of 2001 to 38.3%
in 2002.

Cash flow
In the fourth quarter of 2002, free cash flow amounted to EUR 780
million (Q4 2001: a cash outflow of EUR 41 million).
In the full year 2002, free cash flow was EUR 2,838 million
(2001: a cash outflow of EUR 384 million). This strong
improvement mainly stemmed from a combination of a significant
increase in EBITDA, the successful capex optimalisation program
and a substantial improvement in working capital.

Debt buy-backs
In Q4 2002, KPN redeemed early EUR 128 million debt, maturing in
2004 and EUR 737 million of bonds maturing in 2005. In addition,
KPN early redeemed and cancelled the E-Plus Project Facility
finally maturing in 2007 for an amount of EUR 1,881 million.
Furthermore, KPN redeemed EUR 516 million of the Subordinated
facility from BellSouth. Financial income and expenses included
EUR 107 million for the costs associated with the buy-back of
these loans, resulting in structurally lower interest charges
going forward.

Net debt
At the end of 2002, net debt (interest bearing debt less cash and
cash equivalents) decreased to EUR 12.35 billion, compared to EUR
13.87 billion at the end of the third quarter of 2002 and EUR
15.74 billion at the end of 2001. The reduction during Q4 was
mainly driven by the strong free cash flow and the consolidation
of Vision Networks, which led to a reduction of net debt of EUR
632 million.

Pensions
The estimated additional amount to be paid to the pension funds
in the first quarter of 2003 amounts to EUR 52 million. This
amount has been charged to income in the fourth quarter of 2002.
The latest estimates and payment schedule aim at funding the
total shortfall over a period of seven years. KPN currently
estimates that the total shortfall at the end of 2002 amounts to
approximately EUR 385 million. A final calculation of the
shortfall and amount to be paid in 2003 will be available in
April 2003.

Workforce and restructuring
At the end of 2002, KPN employed a total of 34,990 FTEs (full
time equivalents), of which 20,533 FTEs were subject to the KPN
collective labor agreement in The Netherlands. At the end of
2001, this number was 29,377 FTEs. Of the 8,844 FTEs reduction,
3,182 FTEs were due to the outsourcing of non-core activities
(e.g. End User Services, Software House and Network
Construction). Of the remaining decrease of 5,662 FTEs, 3,763
FTEs relate to the 2001 social plan (consisting of forced lay
offs and the voluntary early retirement scheme in which the
social plan provided), 1899 FTEs relate to natural attrition. At
the end of 2002, approximately three-quarters of the number of
forced lay offs had found a new job.
Mainly due to non-personnel related costs, such as the
termination of lease contracts of offices, EUR 77 million has
been added to the provision for restructuring and redundancies.

Financial Restructuring of KPN Mobile
In December 2002, we restructured our Mobile activities in order
to arrive at a more transparent financial structure and to
strengthen its financial position. The financial restructuring
consisted of various steps under which Royal KPN converted EUR 14
billion of outstanding shareholder loans into 7 billion newly
issued ordinary KPN Mobile shares with a nominal value of EUR 2
per share. NTT DoCoMo, which held a 15% interest in KPN Mobile,
decided not to exercise its anti-dilution rights. This resulted
in a dilution of NTT DoCoMo's share and voting interest in KPN
Mobile from 15% to 2.16%. In addition, Royal KPN sold its EUR 2.2
billion shareholder loans in E-Plus to KPN Mobile for an amount
of EUR 0.6 billion.
Consequently, the financial restructuring led to a capital
injection in E-Plus of EUR 1.9 billion.
E-Plus repaid its project financing in that same amount. Whether
we will further re-finance E-Plus in 2003 or later has not yet
been decided.

Tax consequences of the financial restructuring
Our discussions with the Dutch tax authorities regarding the tax
consequences of the financial restructuring of KPN Mobile are
ongoing. As the outcome is uncertain, we have not recognized a
(deferred) tax liability or a (deferred) tax asset in our 2002
consolidated profit and loss account in respect of the financial
restructuring of the Mobile activities. We expect that the KPN
Group will not pay tax during 2003 and 2004. (For further details
see our quarterly report).

Fixed Networks
In the fourth quarter of 2002, total operating revenues of Fixed
Networks increased by 2.1%. On a consolidated divisional level,
total traffic volumes continued to show an increase. Internet
related volumes showed a slight decrease as a result of the
ongoing penetration of broadband services (ADSL). In the fourth
quarter of 2002, total traffic volumes of Fixed Networks
increased by 0.6% to 22.0 billion minutes and in the full year
2002 this increase was 1.5% to 86.3 billion minutes.

During 2002, average tariffs for nearly all types of services
rendered by our Business Unit Fixed Telephony showed a positive
development. Tariffs at our Business Unit Carrier Services were
lower than in 2001 while traffic volumes went up. All KPN
Internet Service Providers (Planet Internet, Het Net and XS4All)
reported higher revenues, as a result of the introduction of paid
subscriber Internet services in The Netherlands, the increasing
penetration of ADSL and the introduction of direct billing by
ISPs for Internet usage.

EBITDA increased due to higher operating revenues and lower
operating expenses, the latter being the result of cost savings
from the reduction in workforce and lower payments to other
operators for the use of their network.

EBIT improved due to a combination of better operational results
(EBITDA) and lower depreciation charges stemming from the
successful investment reduction programs in 2001 and 2002.

Mobile
The 15.1% growth in operating revenues reflects higher revenues
in The Netherlands and Belgium and the effect of the full
consolidation of E-Plus as of March 13, 2002. This was partly
offset by the effect of the disposal of Pannon GSM in the first
quarter of 2002.

In the fourth quarter of 2002, the total number of subscribers
increased to 13.4 million from 13.2 million at the end of the
third quarter of 2002, mainly due to the growth of the E-Plus
subscriber base.

In the full year 2002, operating revenues increased due to the
combined effect of increased airtime revenues as a result of an
overall improved customer mix and aforementioned consolidation
effects. During 2001, we started focusing specifically on high
value customers in The Netherlands and in Germany.

At the end of 2002, Mobile had 236,000 i-mode users. Once i-mode
users are out of the promotion period they generate in Germany
and the Netherlands an additional ARPU of approximately EUR 6-8
per month.
EBITDA increased due to an improved customer mix (higher
percentage of post-paid customers), efficiency programs and
consolidation effects.
The increase in EBIT was mainly due to positive developments in
EBITDA and lower depreciation and amortization charges. This also
applies to the full year figures.

Business Solutions (formerly Data/IP)
In a very competitive market, KPN's market share for broadband
Internet services (ADSL) grew from 24% at the end of 2001 to 29%
at the end of 2002. Various programs at Integrated Solutions
(business market) also led to higher revenues. This increase in
revenues was however more than offset by lower transmission
proceeds as well as lower revenues from the international
bandwidth services due to unfavorable market developments and the
bankruptcy of KPNQwest.

EBITDA increased mainly due to substantial cost reduction
programs and a substantial reduction of FTEs at KPN Belgium and
our sales business unit.
EBIT increased due to higher EBITDA, which was partly offset by
higher depreciation charges, caused by higher depreciation and
impairment charges on fixed assets.

Other activities (mainly non-core)
This segment mainly comprises non-core and supporting activities.
Revenues decreased primarily due to the effects of the
deconsolidation of non-core assets such as KPNQwest, the sale of
KPN Lease and Datacenter. EBITDA and EBIT increased as a result
of reorganizations and cost reduction programs.


UNITED PAN-EUROPE: Announces Acceptance of Akkoord in Court
-----------------------------------------------------------
United Pan-Europe Communications N.V., one of the leading
broadband communications companies in Europe, gives notice that
the creditors meeting, with an overwhelming majority, has voted
in favour of the Akkoord (plan of composition) at this meeting at
the Dutch court in Amsterdam. The creditors meeting is related to
the ongoing recapitalization process of UPC.

The Dutch court has scheduled the confirmation hearing
(homologatie) of the Akkoord on March 12, 2003.

The company remains on track to complete the recapitalization
process by end March 2003.


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


PETROLEUM GEO-SERVICES: ADR, Preferred Securities in Pink Sheets
----------------------------------------------------------------
Petroleum Geo-Services ASA announced on Wednesday, February 26,
2003, that it was informed by the New York Stock Exchange that
the NYSE was suspending trading of PGS' American Depositary
Receipts (ADRs), ticker symbol "PGO", and Trust Preferred
Securities, ticker symbol "PGO PrA".  The NYSE also indicated
that it would commence proceedings with the U.S. Securities and
Exchange Commission to delist these securities.

PGS' ADRs and Trust Preferred Securities currently trade over-
the-counter and are quoted on the Pink Sheets under the ticker
symbols "PGOGY" and "PGOAY", respectively.  PGS expects that,
subject to the interest of market makers, its ADRs and Trust
Preferred Securities will be quoted on the Over-The-Counter
('OTC') Bulletin Board ('OTCBB') under the same ticker symbols.

The OTCBB is a regulated quotation service that displays real-
time quotes, last-sale prices, and volume information in over-
the-counter equity securities.  More information about OTCBB can
be found at http://www.otcbb.com

Pink Sheets is a centralized quotation service that collects and
publishes market maker quotes for OTC securities in real time.
More information about the Pink Sheets can be found at
www.pinksheets.com.  Investors should be aware that trading in
PGS' ADRs and Trust Preferred Securities through market makers
and quotation on the OTCBB and Pink Sheets may involve risk, such
as trades not being executed as quickly as when the issues were
listed on the NYSE.

                         *****

Petroleum Geo-Services is a technologically focused oilfield
service company principally involved in geophysical and floating
production services.  PGS provides a broad range of seismic- and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  PGS owns and operates four
floating production, storage and offloading units (FPSO's).  PGS
operates on a worldwide basis with headquarters in Oslo, Norway.
For more information on Petroleum Geo-Services visit
http://www.pgs.com


CONTACT:  PETROLEUM GEO-SERVICES
          Sverre Strandenes, SVP Corporate Communications
          Dag W. Reynolds, Director European IR
          Phone:  +47 6752 6400

          Suzanne M. McLeod, U.S. IR
          Phone:  +1 281-589-7935


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


BRE BANK: Board of Management Decides Not to Pay Dividend
---------------------------------------------------------
The Board of Management of BRE Bank SA informs that on February
28, 2003 passed resolution regarding the proposal for BRE Bank's
General Meeting of Shareholders not to pay out a shareholder
dividend for 2002 and the resolution concerning coverage of loss.

To see BRE Bank's Financial Statements:
http://bankrupt.com/misc/BREBank.pdf

                     *****

In the first half of 2002, the bank registered net losses as a
result of declining revenues, significant write-downs of equity
stakes, increased provisions against irregular loans and losses
reported by subsidiaries.

Fitch rates the bank's Individual rating at 'D'.


BRE BANK: Informs of Motion to Set up the Reference Date
--------------------------------------------------------
The Management Board of BRE Bank SA informs that after receiving
approve from Commission of Securities and Exchanges (KPWiG) for
the assignment of BRE Bank's shares   outside of the regulated
market , will approach the National Depository for Securities
(KDPW) with a request for setting up the Reference Date to be
given shares of BRE Bank to each minority shareholder of Bank
Czestochowa through KDPW.


KREDYT BANK: Applies for De-listing of Global Depository Receipts
----------------------------------------------------------------
The Management Board of Kredyt Bank S.A. announces that Kredyt
Bank S.A. applied for the delisting as from March 21, 2003 of the
Global Depositary Receipts (GDRs) on the London Stock Exchange.
Currently the GDRs represent 0.04% of Kredyt Bank S.A. shares
outstanding which does not secure appropriate liquidity of these
securities.

Moreover Kredyt Bank S.A. has terminated a deposit agreement
related to GDRs issuance, which means that this program will be
closed as from April 30, 2003.

                      *****

In November, Moody's Investors Service downgraded the financial
strength ratings of Kredyt Bank (Baa1/P-2) from D to D-.
According to the rating agency, while Kredyt Bank's earnings
generation continues to progress, its credit and market risk
problems continue to be a burden.

The rating agency noted that the Warsaw-based bank suffered from
high costs and is less advanced than other rated peers in its
restructuring process.


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


BANQUE CANTONAL: Participation-Certificate Boosts Capital
---------------------------------------------------------
BCV's participation-certificate issue boosts shareholders' equity
by CHF1.25 billion in recapitalization.

BCV's 2003 recapitalization concluded on February 28, at which
date all third-party investor subscriptions for participation
certificates issued in the operation had been fully paid up. The
recapitalization plan involved creating a participation capital
and issuing participation certificates, and was officially
approved by BCV's EGM of February 5, 2003. Almost all of the
dividend-right participation certificates issued were subscribed
by Vaud Canton.

13,586,956 bearer participation certificates were issued, with a
par value of CHF 62.50 and a subscription price of CHF 92.- per
certificate. As provided for in the Bank's Articles of
Association, the certificates carry a preference dividend
entitlement.

BCV's recapitalization will allow the Bank to strengthen its
shareholders' equity and to cover the increased provisioning
needs and valuation adjustments, which a thoroughgoing credit-
risk analysis brought to light in 2002. The operation has
provided BCV with the wherewithal to develop its business and
implement the Bank's new strategy, which was summarized for the
shareholders at the February 5 EGM.

Important Upcoming BCV Group Events:

March 25, 2003:  2002 Consolidated Financial Statements and 2003
guidance made public

May 22, 2003: AGM, with First Quarter Business Report

August 2003: Half-yearly statements

November 2003: Third Quarter Business Report


CREDIT SUISSE: Quattrone to Be Punished for Standing up Regulator
-----------------------------------------------------------------
Credit Suisse First Boston is considering dismissing Frank
Quattrone on his failure to attend a meeting with officials from
the National Association of Securities Dealers late last week.

The appointment is part of an NASD probe into his supervision of
stock analysts and involvement in distributing hot new IPO stocks
to CSFB clients.

The banker, who has denied any wrongdoing, has several weeks to
reconsider his position under the NASD rules; but although the
company declined to comment on the matter, it indicated in a
statement it plans to punish employees who are not cooperating
with regulators.

The Wall Street firm is working out the details of Quattrone's
possible dismissal although a final decision has not yet been
made, a source familiar with the matter said.

Mr. Quattrone was placed on administrative leave on February 3 on
his involvement in document cover-up after learning of regulatory
probes in late 2000.

He is also a target of a criminal investigation over the alleged
destruction of documents in the past month.


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


AES DRAX: Energy Subordinated Debt Ratings Lowered to 'D'
---------------------------------------------------------
Standard & Poor's Ratings Services said Monday it lowered its
subordinated debt ratings on AES Drax Energy Ltd.'s (Drax Energy)
GBP135 million ($213 million) and $200 million notes to 'D' from
'C', and removed them from CreditWatch where they were placed on
Aug. 20, 2002. Drax Energy, InPower Ltd., and AES Drax Holdings
Ltd. (collectively Drax) provided funds for the acquisition of
the 4-gigawatt Drax coal-fired power plant in northern England on
Nov. 30, 1999.

The downgrade follows the nonpayment of interest due on the notes
on Feb. 28, 2003, and the downgrade on Dec. 16, 2002, of senior
debt issued by InPower and Drax Holdings. "Drax Energy does not
have sufficient funds to make the GBP15 million interest
payment," said Standard & Poor's Infrastructure Finance credit
analyst Jan Willem Plantagie.

If the nonpayment is not "cured" by paying the interest in full
within 15 days, the subordinated lenders may serve notice of
their intention to accelerate their debt. In accordance with
intercreditor agreements at Drax, however, the subordinated
lenders may not enforce this security until the expiry of a 90-
day standstill period.

Although the subordinated lenders could ultimately sell their
shares in Drax Energy at the end of this 90-day period, they are
not likely to attract much interest from buyers because of the
weak outlook for the U.K. power market and the position of the
senior lenders in the financing structure. Senior creditors are
capable of exercising remedies ahead of the high-yield note
holders, and so enforcement of the security would have no
practical effect. "Drax's parent, AES Corp., has not provided
funds to pay the high-yield interest as it did in August 2002,
and is unlikely to provide any further support for the
subordinated debt service. As a result, the recovery prospects
for the subordinated debt remain bleak," said Mr. Plantagie.

Drax has signed a standstill agreement with its senior lenders
that will run until May 31, 2003. In accordance with the terms of
this agreement, Drax is preparing a restructuring proposal for
submission to senior lenders by mid-March 2003. Drax continues to
operate for some short-term contracts, but is predominantly
operating as a merchant operator in a market that is showing
little sign of price recovery.


AMP: Has No Plan of Putting More Money Into Its U.K. Businesses
---------------------------------------------------------------
AMP Chief Executive Andrew Mohl stressed that the troubled
insurer is not planning to channel more funds from Australia to
support its U.K. businesses.

In an interview with Channel Nine, Mr. Mohl said: "We've made it
clear that we are not keen to invest additional money, hence a
lot of the decisions that we've been taking to protect the
shareholders' funds and indeed the policyholders' funds."

His statement came after suggestions that the Financial Services
Authority is inviting the insurer to add additional capital to
its operations in the U.K.  The FSA declined to comment on the
issue, according to The Telegraph.

In the interview, Mr. Mohl admitted that AMP had embarked into
ambitious acquisitions and expansion in the region, but reassured
that despite being "tarnished" by the troubles in the operation,
it is still a blue chip company.

"Our brand has been hurt by what's happened, there is a lot of
disappointment. In hindsight, the expectations were too large.
There's been material damage to the brand," he said.

In January, AMP reduced its current estimate of the 2002
operating margins of its U.K. Financial Services business by
around EUR36 million (A$100 million) from the EUR112 million
(A$311 million) estimate provided at its December market
briefing.

"About EUR8 million (A$22 million) of this reduction reflects the
deterioration in equity and bond markets from the assumptions
held on December 4, to the actual market close on December 31,"
the company said in a statement.

CONTACT: Mark O'Brien
         Phone: 61 2 9257 7053


CORUS GROUP: Extension of Loan Depends on Sale of Aluminum Asset
----------------------------------------------------------------
The extension of Corus Group's GBP1.2-billion syndicated loan
facility hinges on the timely disposal of the company's aluminum
assets to Pechiney, according to the Financial Times.

The Anglo-Dutch steel company is currently in the process of
negotiating the extension with bankers, HSBC, ABN Amro and CSFB.

But deal could face a possible stumbling block as the supervisory
board of Corus' Dutch subsidiary, which has the power to decide
against the sale, is thought to have reservations about the
GBP543-million transaction.  It is reportedly in disagreement
with the works council reinvestment of the proceeds in the
Netherlands.

Fears that the sale could be stalled sent the company's shares to
a 10-year low earlier.  The share value went down more than 60%
since November after the company issued a profit warning as a
result of a failed attempt to buy CSN of Brazil.

The shares gained 20% after HSBC upgraded its recommendation of
the shares from a "sell" to an "add.'

CONTACT:  CORUS GROUP
          Corporate Relations
          Phone: +44 (0) 20 7717 4502/4505
          Corus Investor Relations
          Phone: +44 (0) 20 7717 4503/4504
          Credit Suisse First Boston
          Stuart Upcraft/Hugh Richards
          Phone: +44 (0) 20 7888 8888


ENERGIS PLC: Showing Clear Signals of Return to Profitability
-------------------------------------------------------------
Energis' gradual return to profitability was evident after the
company generated about GBP10 million of cash from its operations
in the past six months.

Chris Godsmark, a telecoms analyst with Investec Securities,
said: "These numbers suggest that Energis hasn't imploded since
the refinancing was completed and that management is getting to
grips with the scale of the company's problems."

Although the sum is not enough to meet its continuing GBP30
million interest bill, it will nonetheless assure lenders and
customers that the company is into a full recovery, according to
The Times.

Chief Exeuctive John Pluthero supported the fact by saying that
since the bank-led rescue in August, Energis was able to renew
all of its main contracts.  It was also able to win total orders
of GBP1 billion, two-thirds of which is believed to relate to
existing business.

The company's full-year results to be published in spring is
expected to show turnover of about GBP765 million, despite
potential non-cash provisions from write-offs on poorly
performing products.


MOTHERCARE PLC: Finance Director to Leave With GBP225,000
---------------------------------------------------------
Mothercare PLC finance director Mark McMenemy, who left at the
request of the board, will leave the company with a pay off of
more than GBP225,000.

The maternity and baby products retailer is still finalizing Mr.
McMenemy's severance payment, but for certain, as he was on a
one-year rolling contract he will be entitled to one year's basic
salary of GBP225,000 plus benefits, a spokeswoman told AFX News.

A further sum will be added to reflect the period from July to
December last year when McMenemy acted as chief executive in
place of Chris Martin, who had resigned by then.

His departure is part of the shakeup in the company following the
appointment of former Walt Disney executive Ben Gordon to the
chief executive role last December.

As warned, analysts expect Mothercare to report a GBP12 million
loss on its year to March 31, 2003 results in May.


MOTHERCARE PLC: Announces Appointment of New Finance Director
-------------------------------------------------------------
Mothercare plc on Monday announces the appointment of Steven Glew
as Finance Director.  Steven Glew joins the business on March 4,
replacing Mark McMenemy who is leaving Mothercare.

Steven Glew (45) joins Mothercare with an excellent track record
in senior financial roles in the retail and leisure sectors.  His
most recent position was Group Finance Director at Crown Sports.
Prior to this, Steven was Group Finance Director of Booker plc,
where as part of the executive team, he played a key role in the
turnaround of the company, leading to the merger with Iceland Plc
in 2001.

The majority of his career to date has been with Tesco Stores Ltd
(1984-1999) during which he held a number of senior roles
including Finance Director, Tesco Stores Ltd for three years
(1994-1997) before being appointed Finance & Supply Chain
Director for Tesco Ireland.

Commenting on the appointment, Ben Gordon, Chief Executive,
Mothercare said

'We are delighted that Steven Glew is joining Mothercare.  Steven
is an experienced retail Finance Director with a strong track
record of leading change in the finance function and skills in
tight financial control and business turnarounds. He is a great
addition to the team and we look forward to working with him to
turn the business around and to deliver sustained growth over the
long term.

'The Board would like to take the opportunity to thank Mark
McMenemy for his valuable contribution during his time at
Mothercare and wish him well for the future.'

Steven Glew is the second senior management appointment by Ben
Gordon. It follows the appointment of Colin Astbury in January as
Logistics Director.

Ben joined Mothercare as Chief Executive on December 2, 2002.

CONTACT:  BRUNSWICK
          Phone: 020 7404 5959
          Susan Gilchrist/Philippa Power


ROYAL & SUNALLIANCE: Issues Update on IPO of Businesses
-------------------------------------------------------
Royal & SunAlliance today announced progress on the proposed
initial public offering (IPO) of Royal & SunAlliance's Australia
and New Zealand businesses.

A number of Australian and international investment banks have
been selected to form a syndicate in connection with the IPO of
the Australian holding company, which has recently been renamed
'Promina Group Limited'.  The IPO remains on track to complete in
the first half of 2003.

                               *****

Royal & SunAlliance is expected to get GBP600 million for its
stake in Australian subsidiary, enough money to plug the
shortfall in its capital position.

The company, which admitted the shortfall in November, plans to
float Royal & Sun Alliance Australasia, including its entire
stake in the unit, on the Australian Stock Exchange in early May.
It is pricing its shareholding in the unit at GBP550 million to
GBP600 million, and is offering the shares to both Australian and
international investors.


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

       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-
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USA, and Beard Group, Inc., Washington, DC USA. Kimberly
MacAdam, Larri-Nil Veloso, Ma. Cristina Canson, and Laedevee
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Copyright 2003.  All rights reserved.  ISSN 1529-2754.

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