/raid1/www/Hosts/bankrupt/TCREUR_Public/031125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Tuesday, November 25, 2003, Vol. 4, No. 233


                            Headlines

F R A N C E

SCOR GROUP: Board Sets EGM to Get Nod for Proposed Capital Hike
SUEZ SA: Belgian Unit Sells Joint Venture Stakes for EUR93 Mln
SUEZ SA: Notifies Regulator of Proposed M6 TV Sale
VIVENDI UNIVERSAL: Bondholders OK Amendments to 2008, 2010 Notes


G E R M A N Y

DAIMLERCHRYSLER AG: Sells German Plane Engine Subsidiary
INFINEON TECHNOLOGIES: Capital Increase Not Needed, Says CFO
SIRIUS GMBH: Files for Insolvency After Banks Snub Loan Request
WESTLB AG: Tchenguiz to Acquire Cinema Chain Early Next Year
WESTLB AG: Need not Make Additional BoxClever-related Provision


G R E E C E

OLYMPIC AIRWAYS: Starts Daily Flight to Bahrain, Sydney


I T A L Y

ALITALIA SPA: Return to Profitability Pre-requisite to Merger
CIRIO FINANZIARIA: Receives Several Interests from Varied Groups
PARMALAT FINANZIARIA: Details Participation of Geslat Srl


N E T H E R L A N D S

KONINKLIJKE AHOLD: Limits Issuance to 800 Million Shares
ROYAL PHILIPS: Set for Expansion as Restructuring Takes Effect


S W E D E N

LM ERICSSON: Sets Prices for Bond Exchange Offer
SKANDIA INSURANCE: Denies Rumored Management Buyout


S W I T Z E R L A N D

SAS GROUP: To Increase Shareholding in Spanair by 21%
SWISS INTERNATIONAL: Meaney Resigns from Management Board


U N I T E D   K I N G D O M

BOOSEY & HAWKES: Posts Latest Changes to Board of Directors
CANARY WHARF: Regulator Clears Way for Morgan Stanley's Bid
GEORG FISCHER: To Shut down Bedford Engineering Facility
HENDERSON ABSOLUTE: Board Seeks Voluntary Winding Up
HOLLINGER INC.: Regulatory Issues Could Ruin Desmond's Bid

INVENSYS PLC: Circular on Proposed Disposal Now Available
INVENSYS PLC: Warns of Potential Cash Drain Next Year
MG ROVER: Revelations of Internal Turmoil Feared to Hit Sales
MYTRAVEL GROUP: Completes Sale of U.S. Cruise Business
SEYMOUR PIERCE: Retained Loss Down to GBP7.5 Million
SEYMOUR PIERCE: Cancels Sale of Pavilion Asset Management
WEST 175: Plans to Apply for Company Voluntary Arrangement

* Large Companies with Insolvent Balance Sheets


                            *********


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


SCOR GROUP: Board Sets EGM to Get Nod for Proposed Capital Hike
---------------------------------------------------------------
At its meeting on November 21, 2003, the Board of Directors of
the SCOR Group, reaffirmed its unanimous support for the planned
capital increase.  The Extraordinary General Assembly, which will
be held on the December 1, will be asked to authorize the Board
of Directors to proceed with this transaction.

SCOR and its global coordinators BNP Paribas and Goldman Sachs
have filed the draft of the offering circular with the Commission
des Operations de Bourse.

The Board of Directors confirms its full support for the
turnaround program led by Denis Kessler and the whole SCOR team
as well as its confidence in the future development of the Group.

                              *****

SCOR said earlier in the month: "The Board has approved the plan
for a EUR600 million capital increase in order to strengthen the
Group's solvency and allow it to pursue its existing underwriting
policy, thereby profiting fully from buoyant reinsurance market
conditions.

"The capital increase will allow SCOR Group to forge ahead with
its strategy, which is to be a mid-sized reinsurer with global
ambitions, operating selectively in all reinsurance classes,
pursuing a profit-driven underwriting policy, providing
value-added services, and having opted for a policy of
conservative asset management, in order to offer its customers
the level of security they expect it to provide."


SUEZ SA: Belgian Unit Sells Joint Venture Stakes for EUR93 Mln
--------------------------------------------------------------
Tractebel Electricity & Gas International, a business line of
Suez, announced a mutually beneficial agreement for the sale of
its minority stakes in three joint ventures to its partner
SembCorp Utilities Pte Ltd., a Singaporean engineering, power and
utility company.  The deal is worth some EUR93 million and is
expected to be finalized before the end of the year.

This transaction illustrates SUEZ' will to constantly optimize
the portfolio of its activities within the framework of the
action plan launched in early 2003.  Over the past 6 years,
SembCorp Utilities and Tractebel EGI have successfully developed
three joint ventures in Singapore: SembCogen, SembGas and SUT
Sakra.  SembCogen, Singapore's first and only privately owned
power plant, is an 815 MW/550 tons per hour merchant cogeneration
plant selling power in the Singapore new electricity market and
supplying steam to SUT Sakra.  SembGas imports gas into Singapore
from Indonesia and supplies it to power plants, including
SembCogen, and industrial customers.  SUT Sakra supplies steam
and other utilities to industrial customers in Jurong Island, one
of the most important petrochemical hubs in the world.

Dirk Beeuwsaert, CEO of Tractebel EGI: "With our partner
SembCorp, we have successfully combined our project management
expertise for the development, construction and start-up phase of
these companies.  Now that the projects have reached maturity and
are generating attractive profits, as a minority partner, the
sale of our stakes was the next logical step.  We are convinced
that with this transaction, Tractebel EGI and SembCorp have
concluded an advantageous deal for both companies."


SUEZ GROUP: Notifies Regulator of Proposed M6 TV Sale
-----------------------------------------------------
SUEZ informed the CSA (French audiovisual regulatory body) of the
proposed terms and conditions for the sale of its assets in M6,
and now has taken note of the CSA's findings.

The Group is studying the consequences and reiterates its goal to
dispose of its communication activities, as announced last
September.

SUEZ, (http://www.suez.com)a worldwide industrial and services
Group, active in sustainable development, provides companies,
municipalities, and individuals innovative solutions in Energy
(electricity and gas) and the Environment (water and waste
services).  In 2002, SUEZ generated revenues of EUR40.218 billion
(excluding energy trading).  SUEZ is listed on the Euronext
Paris, Euronext Brussels, Luxembourg, Zurich and New York Stock
Exchanges.

                              *****

Standard & Poor's says Suez's operating performance during the
first half of 2003 has been satisfactory, with cost-cutting
measures and organic growth of 5% for its core utility businesses
stabilizing EBITDA levels on a constant group basis and on
constant exchange rates.  But it warned that despite these
improvements, the company's free cash flow generation after
dividends may remain negative until at least 2005.  This will
remain a credit concern.


VIVENDI UNIVERSAL: Bondholders OK Amendments to 2008, 2010 Notes
----------------------------------------------------------------
Vivendi Universal (Paris Bourse: EX FP; NYSE: V) announced Friday
that it received the requisite consents necessary to authorize
certain amendments to the indentures relating to its $935,000,000
9.25% Notes due 2010 and EUR325,000,000 9.50% Notes due 2010 and
$975,000,000 6.25% Notes due 2008 and EUR500,000,000 6.25% Notes
due 2008 in connection with the previously announced combination
of National Broadcasting Company, Inc. and Vivendi Universal
Entertainment LLP.  Payments of consent fees will be made to
holders of Notes entitled to receive them only upon completion of
the VUE/NBC Transaction.

The Vivendi Universal Entertainment/NBC Transaction is subject to
customary approvals from various regulatory agencies and is
anticipated to be completed in the first half of 2004.  If the
Vivendi Universal Entertainment/NBC Transaction is not
consummated, no consent fees will be paid.

Citigroup Global Markets Inc. acted as Solicitation Agent in
connection with the consent solicitation.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (1).71.71.3291

          Laurence Daniel
          Phone: +33 (1).71.71.1233

          New York
          Eileen McLaughlin
          Phone :+(1) 212.572.8961


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


DAIMLERCHRYSLER AG: Sells German Plane Engine Subsidiary
--------------------------------------------------------
The Board of Management of DaimlerChrysler AG has approved the
sale of the engine manufacturer, MTU Aero Engines GmbH, of Munich
to the U.S. financial investor, Kohlberg Kravis Roberts & Co.

The transaction is expected closed by the end of December,
subject to the approval of DaimlerChrysler's Supervisory Board
and clearance by the relevant anti-trust authorities.  MTU Aero
Engines will continue its programs and cooperations, especially
its close strategic alliance with the U.S. engine manufacturer,
Pratt & Whitney, as before.

MTU Aero Engines, a 100% subsidiary of DaimlerChrysler AG,
employs some 8,300 persons and achieved revenues of about EUR2.2
billion in 2002.  About 80% of this total was accounted for by
the civil aero engine business.  The sale to Kohlberg Kravis
Roberts & Co. opens up additional opportunities for the further
development of MTU Aero Engines.

In an interview with Bloomberg, Georg Stuerzer, an analyst at HVB
Group, who rates the company "neutral" said: "This is the last of
the family silver.  The proceeds of the sale will help the
company's financial position, but if they have more problems with
the car business and need to sell something else, there's nothing
left."


INFINEON TECHNOLOGIES: Capital Increase Not Needed, Says CFO
------------------------------------------------------------
Infineon, Europe's second-biggest maker of semiconductors, does
not need to carry out a capital increase, as efforts are being
made to balance the economic downfall of the engineering
industry.

Infineon's Chief Financial Officer Peter Fischl told Saturday's
edition of the Boersen-Zeitung that the company has been cutting
costs in order to compensate for the tough trading conditions
within its industry, according to AFX News.  Mr. Fischl added
that there is room to maneuver in the company's wireline
communications division, not ruling out a "further round of job
cuts in the segment."

The wireless and wireline business of the company could also be
strengthened through acquisitions, he said.  Moreover, the
financial officer said Infineon does not need to have a credit
rating, as it is a relative newcomer to the DAX after joining it
only in 2000.  Mr. Fischer also said the semiconductor company
has a solid balance sheet.

Infineon Technologies AG, Munich, Germany, offers semiconductor
and system solutions for the automotive and industrial sectors,
for applications in the wired communications markets, secure
mobile solutions as well as memory products.  It is hoping to
abandon nine straight quarters of losses when it reports results
in the three months to the end of September.


SIRIUS GMBH: Files for Insolvency After Banks Snub Loan Request
---------------------------------------------------------------
The management of Sirius Beteiligungsgesellschaft GmbH, Wackerow,
applied for the opening of insolvency procedures at Stralsund
County Court.  This step became necessary after the financing
banks of Sirius declined to extend the company loans and because
no agreement on a procedure coordinated with the banks could be
achieved among the Sirius partners to date.

WCM Beteiligungs- und Grundbesitz-Aktiengesellschaft holds a 45%
participation in Sirius.  Rebon B.V., Amsterdam, exercised a buy
option for a further 42%, so far held by WCM.  Whether the option
became effective is a matter of dispute between the parties.  A
further 13% is held by five other partners.  Sirius holds almost
50% of shares in IVG Immobilien AG, Bonn.

WCM has attempted to mediate among the partners of Sirius.  In so
doing, WCM pursued the goal of coming to an agreement on a
procedure agreed with the banks or of achieving a transfer of all
Sirius shares to WCM.

According to WCM, a joint procedure would have enabled the
disposal of the IVG shares in an optimized process, and would
have been beneficial both for the banks involved and the partners
of Sirius.  The Management Board of WCM regrets that it was not
possible to come to such an agreement with the other partners of
Sirius under economically viable conditions.  The management of
Sirius subsequently advised the partners that it would have to
file for insolvency.

Within the foreseeable future the banks will arrange for a
disposal of the IVG shares held by Sirius.  The earnings thus
achieved will be used to cover SIRIUS' and WCM's amounts due to
banks and will lead to an overall reduction of obligations of
WCM.

CONTACT: WCM GROUP
         Ms. Maren Moisl
         Phone: +49 (0)69 90026-510
         Fax: +49 (0)69 90026-110
         E-mail: presse@wcm.de


WESTLB AG: Tchenguiz to Acquire Cinema Chain Early Next Year
------------------------------------------------------------
Robert Tchenguiz, the property entrepreneur, is building up funds
needed to acquire the cinema chain partly owned by WestLB's
troubled principal finance arm.  Mr. Tchenguiz already raised
GBP286 million by refinancing a property portfolio in a bid to
finance his acquisition of Odeon Cinemas, early in the New Year,
according to The Telegraph.

The cinema chain is 35% owned by Mr. Tchenguiz and Jack Dellal,
co-investor and fellow property tycoon; and 43% owned by the
division run by Robin Saunders of WestLB.  The German bank bought
the cinema chain for GBP431 million in March this year.  Some
GBP290 million of the purchase price was financed by a bridging
loan, which the finance arm is currently trying to refinance.

Executives close to R20, Mr. Tchenguiz's new vehicle, say he will
buy WestLB's stake when the refinancing is complete in the New
Year, according to the report.  Mr. Tchenguiz believes trading at
the cinemas, which was down during the summer, will pick up over
the winter.


WESTLB AG: Need not Make Additional BoxClever-related Provision
---------------------------------------------------------------
WestLB does not see itself raising risk provision for its
exposure to U.K. television rental chain BoxClever soon,
according to Reuters.

A report from Der Spiegel earlier said the loss-making German
bank might have to raise its provision by some GBP150 million to
satisfy regulatory requirements.  This is as internal sources say
that Germany's financial regulator BaFin may demand a charge of
GBP500 million instead of the EUR500 million (GBP350 million) the
bank had indicated.

A WestLB spokesman told Reuters on Saturday the report was pure
"speculation," adding: "No need for extra provisions has been
identified for the moment."  According to the spokesman, the
state bank is still waiting for BaFin's report on its credit
risks.  The report could come by mid-December, industry sources
said.

A GBP748 million securitization financing for BoxClever helped
WestLB to a EUR1.7 billion loss in 2002.


===========
G R E E C E
===========


OLYMPIC AIRWAYS: Starts Daily Flight to Bahrain, Sydney
-------------------------------------------------------
Olympic Airways, as of Sunday, inaugurates a scheduled daily
flight operation to Sydney Australia as a result of a persistent
striving effort to reunite the Greek Community of Australia with
their motherland.

The Code Share Agreement between Olympic Airways and Gulf Air,
launches daily flights from Athens to Bahrain operated by an
Airbus A320, onwards to Singapore and finally to Sydney by an
Airbus A340.

On Sunday, Olympic Airways' inaugural flight OA 8042 departed at
14:00 from Athens International Airport "ELEFTHERIOS VENIZELOS"
to "MUHARRAQ" airport of Bahrain carrying 72 passengers,
whereupon another 175 boarded to the final destination of
"Kingsford Smith" of Sydney - Australia.

                              *****

The Greek government is searching for a strategic investor for
Olympic Airlines, formerly Olympic Airways, ahead of next
summer's Olympics in Athens.  Greece plans to set up a new
company that will take over Olympic's scaled-down fleet and slots
at international airports.

Olympic Airways' debt is believed to have accumulated debts of
more than EUR200 million since its last European
Commission-sanctioned restructuring in 1998.


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


ALITALIA SPA: Return to Profitability Pre-requisite to Merger
-------------------------------------------------------------
Discussions over Alitalia S.p.A.'s possible fusion with the
recently merged Air France-KLM group could start after the
Italian company is privatized and has returned to profitability,
AFX News reported Friday.

Air France director of financial affairs Philippe Calavia cleared
the matter at a shareholders meeting saying, "when Alitalia is
privatized and become profitable, in two years, perhaps sooner,
we can put the issue of Alitalia joining the Air France-KLM group
back on the table.  Mr. Calavia added, however, that Alitalia is
not being dropped or marginalized.

Alitalia has been seeking entry into the partnership, targeting
as early as April next year for this to happen.  It recently
reported third-quarter loss before taxes and extraordinary items
of EUR47 million, in contrast to a profit of EUR26 million in the
same year.  It said it expects operating loss to increase from
EUR233 million in 2002 to EUR410 million in 2003.  It aims to
better control finances by 2005.

Francesco Mengozzi, Alitalia chief executive, said the company
only has enough cash for 18 months, unless it cut costs by 8%
within the period.  Alitalia is planning to lay off 1,500 of its
21,300 workforce and outsource another 1,200 jobs.


CIRIO FINANZIARIA: Receives Several Interests from Varied Groups
----------------------------------------------------------------
Several groups are looking into the up-for-sale agro-food firm
Cirio Finanziaria, Special Commissioner Mario Resca said,
according to Agenzia Giornalistica Italia.

Speaking to the press on the sidelines of a conference about
service companies in Milan, Mr. Resca said: "In the statements
showing interest in the purchase of Cirio group companies, some
are financial and are from investment funds."

"Some investment banks such as Deutsche bank, are closely
examining the various activities on behalf of their clients," he
said.  Mr. Resca is expecting the sale to come by the summer of
next year.

Cirio Finanziaria, which defaulted on EUR1.1 billion of bonds in
November, filed for bankruptcy in August.


PARMALAT FINANZIARIA: Details Participation of Geslat Srl
---------------------------------------------------------
The Parmalat Group wishes to specify the terms of the
participation agreement between Geslat Srl, an Italian-registered
company, and Buconero LLC, a wholly owned and consolidated
subsidiary of Citicorp group.  We also wish to specify that the
principal terms of the agreement have been reported in the
company's financial statements since 1999 and the relevant
information is thus publicly available.

On December 16, 1999, Geslat Srl, a consolidated subsidiary,
acting as lead firm via its branch office in Lugano
(Switzerland), entered into a participation agreement with a
third party, Buconero LLC, a Citicorp group company, acting as
partner.  In July 2001 the partner increased the value of its
contribution to Geslat Srl.

The partner, whose contribution amounts to a total of EUR117
million, receives a return determined each year on the basis of
the company's net profit before appropriation of net profit
attributable to the partner, as is common practice in relation to
participation agreements.

Geslat Srl uses the partner's contribution and the capital of the
company and of the Parmalat Group to grant loans to consolidated
companies in the accounts of the Parmalat Group.  As of December
31, 2002, such loans amounted to EUR458 million.

The transaction enables a leading international group to
participate in and contribute to the development of the Parmalat
Group's businesses through its role as a partner.  In December
1999, the parties signed a five-year business plan governing the
activities of the company and its Lugano branch office.  Geslat
Srl gave the partner, Buconero, an undertaking to comply with
certain restrictions.  The company thus undertook to maintain the
branch office in Lugano, to use the partner's contribution and
the company's capital for the purposes defined in the company's
articles of association (namely the granting of financing to
companies consolidated in the accounts of the Parmalat Group), to
not raise further funds or carry out capital increases unless
provided for by specific legislation, and to pass shareholders'
resolutions by qualified majority.  The participation agreement
will automatically terminate on expiry of the business plan,
unless a new business plan is agreed by the parties.

In the financial statements as of December 31, 2002, Geslat Srl
reported a net profit of EUR12.1 million, after the appropriation
of net profit attributable to the partner.
Net profit for 2002 attributed to the partner, Buconero LLC,
amounted to EUR3.6 million, representing a yield of 3.08% on its
contribution of EUR117 million.

In the notes to Parmalat Finanziaria Spa's consolidated financial
statements, the note to "Shareholders' equity attributable to
minority interests" specifies that minority interests in the
share capital and reserves include financial contributions
deriving from a participation agreement drawn up by a
consolidated company, in partnership with a third-party financier
acting as partner.

Milan, Italy
November 21, 2003

                              *****

Standard & Poor's Ratings Services said it had placed all its
ratings, including its 'BBB-/A-3' corporate credit ratings, on
Italy-based leading global fluid-milk processor Parmalat
Finanziaria S.p.A., and its main operating subsidiary Parmalat
S.p.A., on CreditWatch with negative implications following
concerns about the quality of the group's accounts and how
Parmalat invests its liquidity.


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


KONINKLIJKE AHOLD: Limits Issuance to 800 Million Shares
--------------------------------------------------------
Ahold confirmed that it will use the authorizations requested
under Item 6 of the agenda for the forthcoming shareholders'
meeting on November 26, 2003, to issue no more than 625 million
common shares and 175 million cumulative preferred financing
shares. (*)

Any further issue of common shares and cumulative preferred
financing shares will be subject to separate shareholder
authorization.

The authorization requested for the issue of cumulative preferred
shares, which may only be used for protection purposes, extends
to all such unissued shares as in previous years.

Ahold also confirms that it will not use the authorization
requested from shareholders under Item 7 of the agenda to acquire
common shares, or depository receipts of such shares, other than
to cover its obligations under stock option plans.

(*) The maximum 175 million cumulative preferred financing shares
represents the number of such shares required to ensure the
percentage interest represented by the cumulative preferred
financing shares would remain unchanged after giving effect to
the previously announced proposed rights offering.

                              *****

Set forth is the full text of Items 6 and 7 of the agenda for the
Ahold AGM as published on November 7, 2003:

Item 6
Authorization of the Executive Board for a period of 18 months,
i.e. up to May 26, 2005, empowering the Executive Board, subject
to the approval of the Supervisory Board, to adopt resolutions:

(a)  (i) To issue any of the shares of common stock remaining
         unissued for the time being;

    (ii) To issue any of the shares of cumulative preferred
         stock remaining unissued for the time being;

    (iv) To issue any of the shares of cumulative preferred
         financing stock remaining unissued for the time being;

such authorization including the power to grant rights to
subscribe for such shares, all this within the limits of the
authorized capital as it will stand upon effectuation of the
proposed amendment of the Articles of Association.

(b) To restrict or eliminate the pre-emptive rights of holders of
shares of common stock when issuing shares of common stock and/or
when granting rights to subscribe for shares of common stock.

Item 7

Proposal to authorize the Corporate Executive Board for a period
of 18 months, i.e. up to May 26, 2005, and subject to the
approval of the Supervisory Board, to acquire for valuable
consideration, whether by private transaction or at the Stock
Exchange, as many (depository receipts of) ordinary shares of the
Company as shall be permitted within the limits of the law and
the Articles of Association, at a price which may not be lower
than one eurocent and may not be higher than 105% of the average
closing price of such shares at the Amsterdam Stock Exchange
calculated over the five stock exchange days immediately
preceding the date of acquisition.

CONTACT:  KONINKLIJKE AHOLD
          P.O. Box 3050 1500 HB
          Zaandam Netherlands
          Phone: +31 (0) 75 659 57 20
          Fax: +31 (0) 75 659 83 02
          Corporate Communications
          Phone: +31.75.659.57.20


ROYAL PHILIPS: Set for Expansion as Restructuring Takes Effect
--------------------------------------------------------------
Gerard Kleisterlee, CEO of Royal Philips Electronics (AEX: PHI,
NYSE: PHG), on Thursday addressed the Morgan Stanley Technology
Conference in Barcelona, Spain.  Mr. Kleisterlee reviewed the
progress Philips has made in meeting its 2003 management agenda,
discussing how the company's change programs are helping it
achieve cost savings, boost profitability across its businesses
and become a truly market-driven company.

In commenting on the general business climate, Mr. Kleisterlee
said: "We'd like to confirm the change programs we've implemented
are bearing fruit, and we foresee a good fourth quarter."  This
stronger performance can now be seen across Philips' activities
and against the backdrop of an improving economic climate.  Also
reflected in this trend are positive effects from earlier
restructuring measures in the company's Semiconductors business,
as well as strengthening demand for Nexperia chips and for LCD
televisions in Philips' Consumer Electronics business.  Mr.
Kleisterlee also added that, "we'll continue to maintain our
focus on managing our assets and overseeing our cost structure."

Mr. Kleisterlee will also use the opportunity to touch on the
company's plans as it moves forward in 2004.  Over the next three
to four years, for example, Philips aims to significantly grow
its business in Asia Pacific, which in 2002 stood at just over
EUR7 billion in sales.  The company will also further build on
its presence in healthcare categories.  Continuing to deliver on
operational excellence, Philips will push to boost its top-line
growth through innovative products and services and strengthened
positions in growth markets.

About Royal Philips Electronics

Royal Philips Electronics of the Netherlands is one of the
world's biggest electronics companies and Europe's largest, with
sales of EUR31.8 billion in 2002.  It is a global leader in color
television sets, lighting, electric shavers, medical diagnostic
imaging and patient monitoring, and one-chip TV products.  Its
166,500 employees in more than 60 countries are active in the
areas of lighting, consumer electronics, domestic appliances,
semiconductors, and medical systems. Philips is quoted on the
NYSE (symbol: PHG), London, Frankfurt, Amsterdam and other stock
exchanges.  News from Philips is located at
http://www.philips.com/newscenter

CONTACT:  ROYAL PHILIPS
          Jayson Otke
          Philips Corporate Communications
          Phone: +31 20 59 77 215
          E-mail: jayson.otke@philips.com


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


LM ERICSSON: Sets Prices for Bond Exchange Offer
------------------------------------------------
Under the terms of the Exchange Offer, as defined in the Exchange
Offer Memorandum dated November 4, 2003, holders of the 6.375%
Euro Medium Term Notes maturing May 31, 2006 will be offered the
opportunity to exchange up to EUR0.5 billion of existing Notes
for new Ericsson Exchange Securities.

At 12:00 noon (London time) Friday, the yield of the DBR 6.25%
maturing April 26, 2006 was 2.853%.  Based on a previously
announced Exchange Spread of 230 bps, the Exchange Price for the
Notes will be 108.488.

At 12:00 noon (London time) Friday, the yield of the DBR 5.25%
maturing January 4, 2011 was 4.024%.  Based on a previously
announced New Issue Spread of 285 bps, the New Issue yield would
be 6.874% on an annual basis, which equates to 6.760% on a
semi-annual basis.  This implies a coupon of 6¾% (paid
semi-annually) and a New Issue Price of 99.946 for the Ericsson
Exchange Securities.

Based on the prices above, investors will be able to exchange
their holdings in the Notes for new Ericsson Exchange Securities
at an Exchange Ratio of 1:1.0855, as set out in the Exchange
Offer Memorandum.

Holders of the existing Notes are asked to submit acceptances via
Electronic Acceptance Instruction to the relevant Clearing System
no later than 5:00 p.m. (London time) on November 25, 2003.  The
settlement date for the Ericsson Exchange Securities is November
28, 2003.  Contact details for the Exchange Agent and Dealer
Manager appear below.

Ericsson is shaping the future of Mobile and Broadband Internet
communications through its continuous technology leadership.
Providing innovative solutions in more than 140 countries,
Ericsson is helping to create the most powerful communication
companies in the world.

Read more at http://www.ericsson.com/press

CONTACT:  LM ERICSSON
          Lotta Lundin
          Phone: +46 8 719 6553, +46 730 371 100
          E-mail: lotta.lundin@ericsson.com

          Dealer Manager: J.P. Morgan Securities Ltd.
          Paul Hawker - Liability Management Desk
          Phone: +4420 7777 4185
          E-mail: paul.hawker@jpmorgan.com

          Jonathan Brown - Syndicate Desk
          Phone: +4420 7777 1986
          E-mail: jonathan.j.brown@jpmorgan.com

          Exchange Agent: JPMorgan Chase Bank
          Philip Runciman
          Phone: +4420 7777 2742
          E-mail: phillip.runciman@chase.com


SKANDIA INSURANCE: Denies Rumored Management Buyout
---------------------------------------------------
Skandia Life denied that private equity firm Apax Partners is
considering backing a management buyout of the firm, according to
The Scotsman.  Weekend reports had said the two were in talks,
and that the venture capitalist firm is believed to be looking at
ways of financing a GBP1.25 billion buy-out of the company.

Chairman Alan Wilson denied the speculation Sunday night, saying
the group "was not up for sale and had no plans for a management
buyout," with any group.

Skandia Life is the British arm of Swedish savings products firm
Skandia Insurance, a group beset by controversies.  The company
recently named Hans-Erik Andersson as its new chief executive as
it attempts to restore investors confidence following a national
scandal involving allegations of shady property deals and
excessive bonuses to previous top executives.  The controversy
aroused speculation that Skandia Life may want to sever ties with
its parent.


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


SAS GROUP: To Increase Shareholding in Spanair by 21%
-----------------------------------------------------
The SAS Group has signed an agreement with Spanair's other
principal owner, Teinver SA, which will result in the SAS Group
increasing its ownership holding in Spanair SA from 73.9% to
94.9% at a price of EUR73.5 (SEK660 million).

The price is based on the same valuation of Spanair that was
applied when the SAS Group acquired a majority holding in the
airline in 2002.  The remaining 5.1% will be retained by Teinver
for the time being, but there is a possibility for the company to
sell its remaining shareholding in Spanair to SAS.  The SAS Group
is also entitled to acquire Teinver's remaining shares in Spanair
on the same terms and conditions as Teinver is able to sell its
shares to the SAS Group.

This agreement follows the SAS Group's strategy of having a full
shareholding in its subsidiaries.  It also gives Teinver a
corresponding possibility of selling its remaining shareholding
in Spanair.  Since the SAS Group acquired its majority holding in
Spanair, Spanair has improved its profitability and, in its most
recent interim report (for the third quarter of 2003), the
airline was able to post a pretax profit of SEK238 million.

The SAS group regards Spanair as a highly attractive airline, in
view of its favorable position in the Spanish market, which is
one of the largest in Europe in terms of numbers of passengers
and anticipated faster growth than other European markets.

As a member of the Star Alliance, Spanair fulfills a major role
for the SAS Group and the Star Alliance in the Spanish market.
Spanair is the second-largest airline in the Spanish market, with
a market share of slightly more than 27% on its domestic routes.
The company also has at its disposal attractive takeoff and
landing slots in Madrid, Barcelona and Palma.

Spanair will continue its efforts to strengthen its position
within Spain and on routes between Spain and northern Europe, as
well as developing further its cooperation with other Star
Alliance partners.  Spanair has an extremely competitive cost
scenario compared with other European airlines and the conditions
are favorable for very high profitability and growth in Spanair's
operations through intensified focus on the business segment.

No changes are planned in the structure of Spanair's management
and Board of Directors as a result of the transaction.

CONTACT:  SAS GROUP
          Gunnar Reitan, Executive Vice President & Deputy CEO
          Phone: +46 8 797 2844, +46 709 972844
          Hans Ollongren, Senior Vice-President
          Corporate Communication & Public Affairs
          Phone: +46 8 797 1950 or +46 709 97 19 50
          Sture Stolen, Head of SAS Group Investor Relations
          Phone: +46 8 797 1451


SWISS INTERNATIONAL: Meaney Resigns from Management Board
---------------------------------------------------------
William L. Meaney, 43, Managing Director Commerce and a member of
Swiss Executive Management, is to leave the company by mutual
agreement.  The decision has been taken in the light of differing
views on the company's future management structure.

In the wake of the decision by the Swiss Board of Directors to
adopt a new management organization based on the present three
Managing Director positions, William L. Meaney and Swiss have
agreed to part company.

The decision has been taken as a result of the parties' differing
views on the company's future management structure.  William L.
Meaney will remain available to Swiss for a period of time to
ensure a smooth and orderly handover of his duties and
responsibilities.  Swiss thanks William L. Meaney for the
substantial contribution he has made to successfully initiating
the company's current turnaround program.

Overall responsibility for the divisions under William L.
Meaney's charge will be assumed by CEO Andre Dose until a new
Managing Director Commerce is appointed.

SWISS will not be quoting from or commenting further on this
media release.

CONTACT:  SWISS Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 (0) 848 773 773
          Fax: +41 61 582 35 54
          E-mail: communications@swiss.com
          Internet: http://www.swiss.com


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


BOOSEY & HAWKES: Posts Latest Changes to Board of Directors
-----------------------------------------------------------
The Directors of Boosey & Hawkes plc wish to announce the
resignation of Peter Davis and Julia Walsh, and the appointment
of Gregory Smith, Robin Lincoln and Janis Susskind to the Board
of Directors of the Company, with effect Friday.

                              *****

Boosey & Hawkes put itself up for sale in October 2001 after its
United States operations ran into financial trouble and its
instrument-making plant in north London was found to be turning
out defective products.

CONTACT:  HGCAPITAL
          Nick Martin/Ian Armitage
          Phone: 020 7089 7888

          DELOITTE & TOUCHE CORPORATE FINANCE
          Jonathan Hinton/Byron Griffin
          Phone: 020 7936 3000

          HOLBORN PUBLIC RELATIONS LIMITED
          David Bick/Trevor Phillips
          Phone: 020 7929 5599


CANARY WHARF: Regulator Clears Way for Morgan Stanley's Bid
-----------------------------------------------------------
Introduction

The Takeover Panel met on November 18, 2003 to hear an appeal
against a ruling of the Executive in relation to the possible
acquisition by Silvestor Holdings Limited (through its
subsidiary, Silvestor U.K. Properties Limited) of Canary Wharf
Group plc.

Silvestor is a company which, on completion of the acquisition,
would be owned by a consortium of investors led by Morgan Stanley
Real Estate Fund IV International limited partnerships and Mr.
Simon Glick.  Mr. Glick (which includes for all purposes in this
statement entities representing the interests of him and his
family) is interested in shares representing approximately 14.5%
of the issued share capital of Canary Wharf.

The Executive ruled that Mr. Glick's participation in the
Consortium is that of a joint offeror and, accordingly, that the
arrangements between him and MSREF for that participation do not
contravene Rule 16 of the Code.  Brascan Corporation, a potential
competing offeror for and shareholder in Canary Wharf, appealed
against this ruling.

Preliminary Points

It is to be noted that there has been no announcement by the
Consortium of a firm intention to make an offer under Rule 2.5
and there can be no certainty whether, and if so when and on what
terms, any offer will in fact be made.  It is possible that the
existing arrangements between Consortium members (which were at
the heart of this appeal) may be altered, and this could require
the Panel's conclusions to be reviewed.

Nevertheless, the Panel thought it right to consider the appeal
once it had been lodged and not withdrawn by Brascan in view of
Brascan's interest in the legitimacy of a possible offer by the
Consortium.  No parties objected to this course.

Having regard to the market sensitivity of the issues and to the
commercial confidence attaching to the material, which the Panel
had to consider, the hearing was held (as it usually is) in
private.

This material included a series of evolving versions (including
the current one dated November 11, 2003) of the arrangements
between the members of the Consortium.  The outline terms of the
arrangements have, with the consent of the Consortium, been made
available to Brascan as well as to the Panel to enable the issues
to be debated and decided.  Subject to that, the terms remain
strictly private and confidential.

Whilst the Panel always reserves the right to refer as necessary
to confidential matters when giving reasons for its decisions, it
will so far as it reasonably can preserve the commercial
confidence of material at its disposal.  Accordingly, in this
statement the Panel avoids giving detail of confidential matters
so far as possible.  It is of course aware that if a formal offer
is made details of any relevant arrangements then existing
between Consortium members will have to be publicly disclosed,
but would not wish unnecessarily to pre-empt that possibility.

Silvestor's offer is proposed to be implemented by means of a
scheme of arrangement under Section 425 of the Companies Act
1985.  As a member of the Consortium, Mr. Glick's shareholding
would not be eligible to vote upon the proposed Scheme of
Arrangement.

Brascan's Grounds of Appeal

The grounds are in summary that the arrangements between Mr.
Glick and the members of the Consortium are in breach of General
Principle 1 and Rule 16 of the Code, are not consistent with
according to Mr. Glick the status of joint offeror, and in effect
would provide disguised incremental consideration to Mr. Glick
qua shareholder in contrast to the other shareholders of Canary
Wharf.

Reliance is placed upon specific provisions in the Consortium
terms said both to provide Mr. Glick with terms more favorable
for his shareholding in Canary Wharf than would be received by
other shareholders and indeed to give him preferential treatment
over other members of the Consortium

Brascan does accept that a large shareholder in Canary Wharf is
not precluded from being an offeror: indeed Brascan itself might,
as it says, be a joint offeror.  But it does contend that where
the rights of joint offerors materially differ, such differences
and the justification for them 'must be credible and consistent
with their joint offeror status'.

General Principle 1 and Rule 16

Rule 16 of the Code is derived from General Principle 1, which
provides as:

"All shareholders of the same class of an offeree company must be
treated similarly by an offeror."

This General Principle is reinforced by Rule 16, which prevents
arrangements outside the terms of the offer, which give some
shareholders an advantage over others and/or provide those
shareholders with an inducement to accept the offer.  Rule 16
provides as:

"Except with the consent of the Panel, an offeror or persons
acting in concert with it may not make any arrangements with
shareholders and may not deal or enter into arrangements to deal
in shares of the offeree company, or enter into arrangements
which involve acceptance of an offer, either during an offer or
when one is reasonably in contemplation, if there are favorable
conditions attached which are not being extended to all
shareholders"

Normally, therefore, an offeror is required to offer the same
terms to all offeree company shareholders.  But this approach may
be qualified if one or more shareholders in the offeree company
participate in the vehicle making the offer.  Otherwise,
management buy-outs for example would be prohibited to the
potential detriment of existing offeree shareholders and so would
offers by one or more such shareholders.

Thus, the Executive has developed a practice to rule that where
two or more persons come together to form a consortium on such
terms and in such circumstances that each of them can in the
particular case properly be considered to be a joint offeror,
Rule 16 is not contravened if one (or more) of them is already a
shareholder in the offeree company.  Subject to that, joint
offerors may make arrangements between themselves regarding the
future membership, control and management of the business being
acquired.

Offeror or Concert Party?

In determining who can properly be considered to be an offeror
(or joint offeror) rather than simply acting in concert with the
offeror vehicle, the Executive submitted as follows.

A genuine offeror is a person who, alone or with others, seeks to
obtain control of an offeree company and who, following the
acquisition of control, can expect to exert a significant
influence over the offeree company, to participate in
distributions of profits and surplus capital and to benefit from
any increase in the value of the offeree company, while at the
same time bearing the risk of a fall in its value resulting from
the poor performance of the company's business or adverse market
conditions.

Whether a person meets this test should be judged by reference to
the facts of the particular case.  In order to assist in the
assessment of whether a person is a joint offeror, a number of
factors relating to the person's participation in the offer
consortium should be considered.  These factors will influence
the judgment as to whether the person is a genuine offeror and
the weight attached to any particular factor will vary
accordingly to the overall facts of the case.  No single factor
is to be regarded as determinative in considering whether a
person can properly be considered to be an offeror, and equally
it is by no means necessary that the person satisfies each of the
relevant factors.  The purpose of this approach, however, is to
establish a framework so that parties and their advisers can
understand the factors that will be considered and so that the
Executive can have a consistent basis for judging whether a
person is a joint offeror.

The factors or criteria, which the Executive has developed when
considering such cases are:

(a) What proportion of the equity share capital of the bid
vehicle will the person own after completion of the acquisition?

(b) Will the person be able to exert a significant influence over
the future management and direction of the bid vehicle?

(c) What contribution is the person making to the consortium?

(d) Will the person be able to influence significantly the
conduct of the bid?

(e) Are there arrangements in place to enable the person to exit
from his investment in the bid vehicle within a short time or at
a time when other equity investors cannot?

None of the parties suggested that these factors or criteria are
inappropriate or inadequate in themselves and the Panel agrees.
Having considered them, the Executive must, as it did in the
present case, not regard them as exhaustive but stand back to
ensure that, even if the criteria seem individually to be
satisfied to a degree sufficient to justify treating the person
in question as an offeror, the arrangements looked at as a whole
are consistent with General Principle 1 and Rule 16.  Each case
must be decided upon its own facts and earlier decisions on
different facts are of little help.

Background to the Consortium Arrangements

The Panel accepts Brascan's point that the background to the
arrangements may illuminate the motives of the participants and
may show that what otherwise appears to be a genuine arrangement
between offerors is in reality a transaction intended to confer
preferred rights on a particular shareholder such as Mr. Glick.

However, it rejects the suggestion that the background has that
effect in the present case.  Discussions between Mr. Glick and
Brascan, which ended in July 2003, did, for example, contemplate
Mr. Glick taking a minority stake in a bid vehicle with Brascan.

Mr. Glick sought, amongst other things, provisions including tax
efficient terms, some of which were later reflected in the
Consortium's arrangements but others were not.  The Panel cannot
accept that even if Mr. Glick's 'dealings with Brascan
demonstrate that he was concerned with optionality and maximizing
the value of his shareholding' (for example seeking to avoid
being in possession of confidential information which might
restrict his freedom of action), that could be conclusive in
assessing the arrangement he subsequently made in rather
different terms with other parties.  A similar point was made
about the course of Mr. Glick's discussions with the Executive.

It was said that initially he contemplated realizing cash for a
significant part of his Canary Wharf shareholding as part of the
offer process pursuant to the arrangements to be made with the
other members of the Consortium.  The current arrangements make
no such provision and the Panel considers that it is these
arrangements, which must be scrutinized.

In considering points (b) and (c) of the Executive's criteria it
is significant that Mr. Glick has a considerable history of
involvement in Canary Wharf and an interest in protecting his
investment and seeing it prosper in the future.

He played a major role in the refinancing of Canary Wharf in
1995, has been a significant shareholder since that time and sat
on the Board of Canary Wharf between 1995 and 1999.  Indeed his
concerns about the management of Canary Wharf in the first half
of 2003 led him to invite Brascan to try to help him to regain a
position on the Canary Wharf Board.

Such matters do not suggest that the important provisions in the
Consortium arrangements enabling Mr. Glick to have significant
influence over the direction of the bid vehicle and over the
future management of the business are window dressing, and the
Panel does not consider that they are.  They are potentially
valuable to the Consortium as they are to Mr. Glick himself in
the light of his skill as a property investor and his experience
of, and concern for, the prosperity of Canary Wharf.

As to point (c) of the criteria the Panel also understands that
in addition to being a sophisticated and experienced investor,
(making investment in real estate amongst other areas) Mr. Glick
has maintained as the largest investor in Canary Wharf an active
dialogue with Mr. Reichmann (his fellow founder of the 1995
consortium which invested in Canary Wharf and until recently the
Executive Chairman of the company) concerning the company's
management.  Canary Wharf remains Mr. Glick's own largest
investment.

The Panel accepts, as submitted on behalf of Mr. Glick and MSREF,
that Mr. Glick has been closely involved personally and through
his advisers in the evolution of the business plan of the
Consortium, in the formulation of its bid strategy, in seeking to
attract additional risk capital and in other matters relating to
the proposed offer.

All this is in the context of making a very substantial financial
contribution to the Consortium through rolling over the whole of
his existing shareholding in Canary Wharf.

Mr. Glick would become the single largest shareholder in the
bidding vehicle.  The interest that he would acquire would exceed
30% of the equity and give him significant resulting influence.
Mr. Glick's considerable investment satisfies point (a) of the
criteria and furthermore he is exposed to very substantial risks.
He will be holding an investment in a company that will have the
additional debt burden generated by financing the acquisition in
addition to servicing Canary Wharf's own existing substantial
debt.

By contrast, the other shareholders of Canary Wharf will be able
to receive largely cash for their shares (220p out of a bid
valued by the Consortium at 255p) and a share of the equity with
an estimated value of some 35p per Canary Wharf share (with a mix
and match election).

It is true that under the Consortium arrangements, Mr. Glick's
shares will be of a special class, which gives them some
preferential rights as to income and capital not accorded to the
shares held by other members of the Consortium or to ordinary
shares held by others (including former Canary Wharf
shareholders) in the bidding company.

Much debate centered on the value of these rights.  On one side
it was argued that they were of no significant value and merely
gave Mr. Glick some limited comfort.  On the other it was said
that they were obviously of value and though difficult to
quantify this value was not insignificant.  Why, it was said,
confer them if they were of no value?  It was argued that the
value was such, and the determination of Mr. Glick to retain them
demonstrated, that the true purpose behind the agreement was to
benefit Mr. Glick qua shareholder.

The Panel is unable to accept that the rights in question have no
value.  It rejects the suggestion that because the Consortium's
business plan does not envisage circumstances in which the
protections would be triggered, they are of no value to an
investor, even though the value is presently difficult to
quantify and may not be great.

But the question is not simply one of valuation.  If Mr. Glick is
genuinely a joint offeror, as the Panel believes he is, it is for
him to agree if he can with the other members of the Consortium
the terms upon which he will participate in the bid vehicle, and
to make a consensual arrangement for sharing the risk and rewards
having regard to the respective contributions of each of the
members.

It is conceivable that advantages, which an offeror may be able
to obtain, could undermine what would otherwise be his status as
a joint offeror.  However, having carefully considered the
provisions already briefly mentioned above and others relied upon
by Brascan in this case, such as a favorable sharing of costs if
the proposed bid is abortive and the preferential rights in the
bid vehicle to be attached to Mr. Glick's shares, the Panel
considers that they are not incompatible with Mr. Glick's status
as joint offeror.  They are therefore not to be regarded as
special treatment to Mr. Glick qua shareholder contrary to Rule
16.

There is no provision in the Consortium's arrangements for a
short-term exit by Mr. Glick and in the Panel's view point (e) of
the criteria is satisfied.  Eventual realization of Mr. Glick's
investment depends upon whether in the years to come the business
plan of the Consortium is sufficiently achieved.  Such
arrangements as there are for eventual exit by Mr. Glick can be
pre-empted by earlier action by other Consortium members.

Conclusion

Having considered the provisions of the arrangements against each
of the criteria proposed by the Executive and looked at the
arrangement as a whole, the Panel is satisfied that Mr. Glick is
a joint offeror and that accordingly the terms of the Consortium
arrangements do not infringe General Principle 1 or Rule 16.

Accordingly the appeal is dismissed.


GEORG FISCHER: To Shut down Bedford Engineering Facility
--------------------------------------------------------
In the course of the ongoing structural program designed to
increase earnings in the Georg Fischer Corporation, Schaffhausen,
the Piping Systems Corporate Group will close its plant at George
Fischer Castings Ltd., Bedford (U.K.), by the mid 2004 and
transfer production of malleable cast fittings for the gas and
water distribution industries to its Traisen (A) plant.  The
Bedford facility currently employs 40 people.  In recent years
the factory was not working to capacity and as a consequence
profits have been adversely affected.

The impact of the production shutdown and job losses in Bedford
will be cushioned by a redundancy package negotiated with the
Unions.  Closure of the Bedford plant and concentration of
fittings production at its larger and more modern sister facility
in Traisen will bring about a significant increase in
productivity and enable overcapacities to be reduced.  Future
deliveries to customers remain absolutely secure.

As market demand has fallen over recent years, George Fischer
Castings Ltd. in Bedford has gradually scaled down production
capacity and carried out extensive cost-cutting program.  Since
this difficult market shows no sign of any change, and at the
same time we are seeing a growing trend towards the use of
plastic fittings instead of malleable cast ones, no future was
seen for the Bedford factory.

In the course of the ongoing structural program, the Piping
Systems Corporate Group has already initiated these projects to
date: ending of distribution agreement with Frankische Rohrwerke
Gebr.  Kirchner GmbH, closure of the plant for plastic products
in Genoa, restructuring of the pipe connection systems business
in Singen, and selling off its stake in George Fischer Trenton
Ltd, Nashik, India.


HENDERSON ABSOLUTE: Board Seeks Voluntary Winding Up
----------------------------------------------------
On August 7, 2003, the Board announced its intention to provide
Shareholders with proposals relating to a voluntary liquidation
of Henderson Absolute Return Portfolio Limited.

On October 29, 2003, the Board announced that it had become aware
of a number of Shareholders who wished to remain invested in a
fund with a similar investment policy to HARP, on which basis the
Board was recommending that HARP be wound up and reconstructed.

It has now become clear that insufficient Shareholders wish to
continue their investment in this way.  The Board is therefore
proposing the winding up of the Company, without Shareholders
being offered the opportunity to roll over their investment into
a successor vehicle.  Shareholders will be sent a circular, as
soon as is reasonably practicable, to provide them with details
of these proposals and to seek their approval for the Special
Resolution required to implement them.

Subject to the passing of this Special Resolution at an
Extraordinary General Meeting, it is expected that an initial
distribution of cash will be made to Shareholders by January 31,
2004.  Any balance remaining in the hands of the Liquidators on
the termination of the Liquidation will be paid in cash to the
Shareholders on the register at the close of business on the date
on which the winding-up of the Company commences pro rata to
their shareholdings at that time.

CONTACT:  HENDERSON GLOBAL INVESTORS
          Stephen Westwood
          Phone: 020 7818 5517

          Stephen Phillips
          Phone: 020 7818 6417

          UBS LIMITED
          Will Rogers
          Phone: 020 7568 2939

          Nicholas Rucker
          Phone: 020 7568 8574


HOLLINGER INC.: Regulatory Issues Could Ruin Desmond's Bid
----------------------------------------------------------
Richard Desmond is getting the needed backing for its possible
offer for International Inc.'s Telegraph Group, but it might not
be able to win the bidding battle anyhow.

The media tycoon may be ruled out from the auction of Britain's
largest-selling daily broadsheet because of his ownership of the
Daily Express and Daily Star tabloids, which could trigger
regulatory concerns, The Sunday Times newspaper reported,
according to Reuters.   This is despite sure backing from British
banks HBOS Plc and HSBC Holdings Plc.

Hollinger, which was expected likely to sell the British-based
Telegraph business after the controversy regarding unauthorized
payments to several of its executives, is understood keen to
dispose the asset as quickly as possible.  Mr. Desmond's bid
might come less attractive because it would mean lengthy
investigation by Britain's competition authorities.


INVENSYS PLC: Circular on Proposed Disposal Now Available
---------------------------------------------------------
A copy of the Circular to Shareholders regarding the Proposed
Disposal of the Metering Business and Notice of Extraordinary
General Meeting has been submitted to the U.K. Listing Authority
and will shortly be available for inspection at the UK Listing
Authority's Document Viewing Facility which is situated at:
Financial Services Authority, 25 The North Colonnade, Canary
Wharf, London E14 5HS, telephone 020 7066 1000.

                              *****

Invensys plc, a global leader in production technology, last
month signed an agreement to sell its Metering business to IMS
Meters Holdings Inc., a company sponsored by The Resolute Fund,
L.P., a private equity fund managed by The Jordan Company, L.P.,
for a gross cash consideration of US$650 million (GBP388
million).

The Metering business is a leader in advanced metering and
communications solutions for the worldwide utility industry.  The
business reported sales of GBP329 million and operating profit
(before exceptional items, but after pension costs of GBP3
million and other central charges of GBP9 million) of GBP44
million in the year ended March 31, 2003.  The net operating
assets of the Metering business, which are the subject of the
disposal, were GBP59 million at March 31, 2003.  As at that date,
goodwill amounted to GBP296 million, of which GBP251 million had
been written off to reserves.

CONTACT:  BRUNSWICK
          Nick Claydon/Ben Brewerton/Sophie Fitton
          Phone: +44 (0) 20 7404 5959


INVENSYS PLC: Warns of Potential Cash Drain Next Year
-----------------------------------------------------
Troubled engineering firm Invensys Plc admitted in a letter sent
to shareholders this weekend that available cash may be depleted
by next June.

According to The Telegraph, Invensys warned it might not be able
to meet a June deadline to repay US$1.5 billion in debt should
its disposal program announced in April falls apart.  Chairman
Martin Jay said that in this event "the group would require
additional sources of working capital."

The disclosure was included in a circular connected to a deal to
sell its metering business for GBP381 million.  It is the first
time the company has admitted the depth of its problems and will
fuel concerns over Invensys' financial position, according to the
report.

The engineering company earlier reported interim profits at the
lower end of forecasts, wherein Chief Executive Rick
Haythornthwaite also warned that he no longer expected proceeds
from the disposal plan to "substantially" exceed his target of
GBP1.8 billion.

The statement was included as required by the U.K. Listing
Authority for the avoidance doubt, an executive close to Invensys
said.  Financial adviser Morgan Stanley declined to comment on
the statement.


MG ROVER: Revelations of Internal Turmoil Feared to Hit Sales
-------------------------------------------------------------
The owners of British carmaker MG Rover are getting fidgety about
the effects of the recent negative publicity about the firm to
car sales, according to The Telegraph.

Reports concern, in particular to the GBP12.9 million trust fund
that Phoenix Venture Holdings Chairman John Towers said would
give Phoenix's five directors an annual income of between
GBP60,000 and GBP80,000.  The GBP12.9 million trust fund was set
up in the same year that MG Rover was recording a GBP73 million
deficit in its pension scheme under FRS17.

A source close to the carmaker told The Telegraph the directors
expressed fears about the recent reports that came about the
company at a meeting between Phoenix's executives and union last
week.  The source, however, denied that reports that sales had
nearly halved in the past three weeks.

"Sales are just above the same time last year," he said.

A spokesman for Phoenix Venture Holdings declined to say whether
there had been a fall-off in the past three weeks ahead of the
company's report to come out this month.


MYTRAVEL GROUP: Completes Sale of U.S. Cruise Business
------------------------------------------------------
MyTravel Group plc announces the completion of the sale of its
U.S. Cruise Business, which was approved by shareholders on
November 17, 2003, for US$110 million (GBP65.9 million) in cash.

At its interim Results for six months ended March, MyTravel plc
said:

"Bookings in our U.S. cruise business are currently 4% ahead of
the prior year.  At the time of our AGM, bookings in Auto Europe
were some 38% ahead, reflecting the significant growth in its
U.K. business.  However, the Iraq conflict, continuing concern
over terrorist threats, and the weak dollar against the euro,
have meant that demand for travel from the U.S. to Europe has
fallen.  Consequently, bookings in Auto Europe are currently 16%
ahead of the prior year."

CONTACT:  BRUNSWICK
          Phone: 0207 404 5959
          Fiona Antcliffe
          Sophie Fitton


SEYMOUR PIERCE: Retained Loss Down to GBP7.5 Million
----------------------------------------------------
Chairman Keith Harris commented on the company's preliminary
results for the year ended September 30, 2003:

During the year ended September 30, 2003 we witnessed an
improvement in stock market conditions.  After a thorough
assessment of our activities we have restricted the scope of our
business to operations generating recurrent fee income.  I am
pleased to report on our results for the year.

Results

Turnover in the year to September 30, 2003 fell from GBP20
million to GBP17 million as a result of poor market conditions in
the first half and the subsequent sale of businesses, in
particular of the investment banking unit which completed at the
beginning of the fourth quarter.  Operating costs were lowered
substantially across the Group.

The Group's remaining operating businesses, Pavilion Asset
Management and Rowan, returned a combined profit before tax and
exceptional items of GBP1,249,000 against a loss of GBP643,000 in
2002; and businesses now disposed of or closed reduced their
losses before tax and exceptional items to GBP204,000, compared
to GBP3.2 million in the previous year.  The Group's retained
loss for the year was reduced to GBP7.5 million (2002: loss
GBP29.7 million).  No dividend will be proposed for the year
(2002: nil).

Trading

Pavilion Asset Management, the Group's institutional asset
management business, saw its revenues in the year rise by 20% and
reduced its operating costs by a similar proportion, producing a
profit before tax and exceptional items of GBP818,000 on turnover
of almost GBP4 million (2002: loss GBP963,000, turnover GBP3.3
million).  This was a pleasing outcome under the circumstances,
particularly since most of the cost savings were in effect for
only a part of the period.

Rowan, which provides discretionary portfolio management and
financial advice, has succeeded in remaining profitable
throughout the last three years and has achieved some promising
organic growth.  The business recorded a profit before tax,
goodwill and exceptional items of GBP431,000, an increase of 35%,
on turnover up 18% to GBP3.6 million.

Strategic Review

Today the U.K. stock market stands approximately 10% above its
level at the time of the last Annual Report, although it had
fallen to a seven year low during this period.  Market sentiment
and investor confidence were particularly badly affected by the
uncertainty surrounding the war in Iraq.

A year ago the Board, faced with these highly volatile market
conditions, and a sharp fall in the Company's share price,
embarked on a strategic review, which contemplated the sale or
closure of a number of our operations.  The intention was to
preserve value and to return surplus cash to shareholders.

Disposals & Closures

The Group has made several disposals in the year and closed a
number of businesses.

The investment banking business was sold to Alchemy Partners and
a management team for GBP7.35 million.  This business lost
GBP490,000 in the previous year and made a profit of GBP299,000
in the period to July 11, 2003, the effective date of disposal.

A number of subsidiary businesses, which were making unacceptable
losses, namely Seymour Pierce Bell, the regional stockbroker,
Seymour Pierce Green, the private banking operation, and
Asymmetric Capital Management, an associated company, were
disposed of for small amounts, which brought these losses to an
end.  Pavilion Capital, the multi manager hedge fund operator
also ceased activity, unable to make progress in a fiercely
competitive, high cost environment and after posting significant
losses.  Two other small businesses were also closed.

Outlook

It remains our intention to return surplus cash to our
shareholders and we will shortly be issuing a circular to
shareholders explaining this process in more detail.

The value embedded in the Group after a return of surplus cash
will comprise chiefly its asset management operations as well as
certain legacy stakes in a number of unquoted and early stage
investments: the latter are collectively shown in our balance
sheet at GBP227,000.

A continuation of positive stock market conditions and cost
cutting measures now sees the Group trading profitably for the
first time since 2000.  Our asset management operations have the
opportunity to win new clients to add to revenues and profits,
and we now look to the future with some optimism.

Change of Name

Following the disposal of the investment banking business it is
the intention of the Board to seek shareholders' approval at the
Annual General Meeting for a change in the name of the Company to
Investment Management Holdings plc.

Board of Directors

Given the relative size of the ongoing Group and the
rationalization of operations a corresponding restructuring and
reduction of the Board will be set out in the forthcoming
circular regarding the return of capital.

21 November 2003

To view financials:
http://bankrupt.com/misc/Seymour_Pierce_Financials.htm


SEYMOUR PIERCE: Cancels Sale of Pavilion Asset Management
---------------------------------------------------------
During the course of its strategic review the Group has been
evaluating its investment in Pavilion Asset Management, its
institutional asset management business.  This business manages
approximately GBP3 billion of funds, divided approximately evenly
between two clients, MGM Assurance and Family Assurance Friendly
Society.

Having received indications of interest from a number of parties,
negotiations began with these two clients for the disposal, in
principle, of their mandates.  After some nine months these
culminated in the signing of Heads of Agreement on August 21,
2003 between the Group, the clients and a proposed purchaser.
Contract negotiations were substantially concluded and completion
was anticipated for November 28, 2003.

However, on October 23, 2003, MGM Assurance informed all parties
that they had reflected on the proposals covered in the Heads of
Agreement and decided not to proceed with them.  The Group has
endeavored to maintain constructive discussions with all parties.

It is the Board's full intention to support and develop Pavilion,
both as a core business and in the performance of its contractual
obligations, in the absence of an alternative outcome.

ING Bank (London Brance) N.V., which is regulated in the United
Kingdom by The Financial Services Authority, is acting
exclusively for Seymour Pierce Group Plc and no one else in
connection to the matters described in this announcement and will
not be responsible to anyone other than Seymour Pierce Group Plc
for providing the protections afforded to its customers or for
providing advice in relation to the contents of this announcement
or any transaction or arrangement referred to herein.

CONTACT:  Jeremy Garrett-Cox
          ING
          Phone: 020 7767 1000

          David Bick
          Holborn
          Phone: 020 7929 5599


WEST 175: Plans to Apply for Company Voluntary Arrangement
----------------------------------------------------------
The Company announces that in an effort to avoid the liquidation
of the Company and the consequent loss of value to the creditors,
shareholders, loan note holders and warrant holders, the
Directors are seeking to implement proposals for a Company
Voluntary Arrangement.

The Company has instructed Hacker Young and Partners as advisers
in this matter.  It is anticipated that the proposals will
provide for an injection of third party monies to pay a final
dividend to the majority of trade creditors, a restructuring of
the existing loan note holders' position, and the reorganization
of the Company's share capital.  The proposals have yet to be
finalized.  A further announcement will be made in due course.

The Company's shares have been suspended from trading on AIM
since August 12, 2003.

The Company has changed its registered address to:

          WEST 175 MEDIA GROUP INC
          2nd Floor
          25 Watling Street
          London EC4M 9BR
          United Kingdom


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders  Total    Working
                                   Equity     Assets   Capital
                        Ticker     (US$MM)    (US$MM)   (US$MM)
                        ------   -----------  ------   --------
AUSTRIA
-------
Libro AG                            (111)         174     (182)

BELGIUM
-------
Real Software             REAL       (35)         244       (1)

CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192    (2,186)

DENMARK
-------
Elite Shipping                       (28)         101        19

FRANCE
------
Banque Nationale
   de Paris Guyane                   (41)         352       N.A.
BSN Glasspack                       (101)       1,151       179
Bull SA                   BULP      (760)         893      (130)
Compagnie
   des Machines Bull                (116)         136       (20)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256        21
Cofidur SA                            (5)         102        19
Dollfus-Mieg & Co.        DOLP        (0)         187        28
European Computer System            (110)         682       377
Grande Paroisse SA                  (927)         629       330
Pneumatiques Kleber SA               (34)         480       139
SDR Picardie                        (135)         413       N.A.
Soderag                               (3)         404       N.A.
Sofal SA                            (305)       6,619       N.A.
Spie-Batignolles                     (16)       5,281        75
St Fiacre (FIN)                       (1)         111       (33)
Trouvay Cauvin            TRCN        (0)         134        10
Usines Chauson                       (23)         249        35

GERMANY
-------
Dortmunder
   Actien-Brauerei        DABG       (13)         118       (29)
F.A. Guenther & Sohn AG   GUSG        (8)         111       N.A.
Kaufring AG               KAUG       (19)         151       (51)
Nordsee AG                            (8)         195       (31)
Schaltbau AG              SLTG       (16)         163        20
Vereinigter
   Baubeschlag-Handel
   Holding AG             VBHG       (24)         307       (63)

ITALY
-----
Binda SpA                 BND        (11)         129       (20)
CIRIO FINANZIARI          CBDI      (422)       1,583      (396)
Credito Fondiario
   e Industriale SpA      CRF       (200)       4,218       N.A.
Lazio SpA                            (57)         495      (330)

NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610        46

NORWAY
------
Pan Fish ASA              PAN       (117)         806      (259)
Petroleum-Geo Services    PGO        (32)       2,963    (5,250)

POLAND
------
Animex SA                             (1)         108       (86)
Exbud Skanska SA          EXBUF       (9)         315      (330)
Stalexport SA                        (57)         229       (51)

SPAIN
-----
Altos Hornos de Vizcaya SA          (116)       1,283      (278)
Santana Motor SA                     (46)         223        41
Sniace SA                            (11)         128       (24)
Tableros de Fibras SA     TFI        (43)       2,107       125

SWITZERLAND
-----------
Kaba Holding AG           KABZN      (47)         572       278

UNITED KINGDOM
--------------
Abbot Mead Vickers                    (2)         168       (16)
Alldays Plc               ALD       (120)         252      (202)
Amey Plc                  AMY        (49)         932       (47)
Bonded Coach
   Holiday Group Plc                  (6)         188       (44)
Blenheim Group                      (153)         198       (34)
Booker Plc                BKRUY      (60)       1,298        (8)
Bradstock Group           BDK         (2)         269         5
Brent Walker Group                (1,774)         867    (1,157)
British Energy            BGY     (5,342)       3,438       229
British Nuclear Fuels Plc         (2,627)      36,359     1,948
British Sky Broadcasting  BSY       (175)       3,347      (144)
Compass Group             CPG       (668)       2,972      (298)
Costain Group             COST       (34)         329       (12)
Dawson Holdings           DWSN       (32)         135       (25)
Easynet Group Plc         ESY        (12)         332        53
Electrical and Music      EMI
   Industries Group                 (885)       3,053      (435)
Euromoney Institutional   ERM       (119)         173        20
Gallaher Group            GLH       (543)       5,527        68
Gartland Whalley                     (11)         145        (8)
Global Green Tech Group             (156)         408       (18)
Heath Lambert
   Fenchurch Group PLC               (10)       4,109       (10)
HMV Group PLC             HMV       (211)         762       (66)
Imperial Tobacco Group    ITY       (117)      10,083      (190)
Intertek Testing Services ITRK      (134)         425        67
IPC Media Ltd.                      (685)         254        16
Lambert Fenchurch Group               (1)       1,827         3
Lattice Group                     (1,290)      12,410    (1,228)
Misys PLC                 MSY       (161)         949        41
Orange PLC                ORNGF     (594)       2,902         7
Regus PLC                 RGU        (46)         367       (60)
Rentokil Initial Plc      RTO     (1,130)       2,809       (37)
Saatchi & Saatchi         SSI       (119)         705       (41)
Seton Healthcare                     (11)         157         0
Yell Group PLC                      (196)       3,964       289


Each Tuesday edition of the TCR-Europe contains a list of
companies with insolvent balance sheets based on the latest
publicly available balance sheet available to our editors at the
time of publication.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.


                            *********


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

Copyright 2003.  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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *