/raid1/www/Hosts/bankrupt/TCREUR_Public/031204.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

           Thursday, December 4, 2003, Vol. 4, No. 240


                            Headlines

F I N L A N D

DYNEA INTERNATIONAL: Moody's Downgrades Senior Notes to 'Caa2'


F R A N C E

AIR LITTORAL: Italian Investors Make First Installment Payment
FRANCE TELECOM: Tender Offer for Orange Shares Extended
SCOR GROUP: Ratings Raised on News of EUR750 Mln Rights Issue
VIVENDI UNIVERSAL: Obtains New EUR2.7 Bln Unsecured Credit line
VIVENDI UNIVERSAL: Continues to Improve in Third Quarter
WALT DISNEY: Internal Dispute Claims Another Board Member


G R E E C E

OLYMPIC AIRWAYS: Strikers to Face Sanction for Defying Orders


H U N G A R Y

MALEV HUNGARIAN: Rumors of Share Devaluation Swirl


I R E L A N D

ELAN CORPORATION: Completes Sale of Four Pain Products


I T A L Y

FIAT SPA: U.S. Relaunch of Alfa Romeo Postponed Anew
SAFILO SPA: Moody's Lowers Senior Issuer Rating to 'Caa1'


N E T H E R L A N D S

KONINKLIJKE AHOLD: Adverse Developments Give Investors Jitters
ROYAL PHILIPS: Books EUR800 Mln Charge for LG Joint Venture


S W E D E N

PROTEGRITY NORDIC: Offers Intellectual Property Rights for Sale


S W I T Z E R L A N D

SAS GROUP: To Split Managed Firm Under Turnaround Plan
SAS GROUP: Sells RampSnake Technology to FMC for Undisclosed Sum
SKANDIA INSURANCE: Skandia Liv Unveils Changes Following Review
SWISS INTERNATIONAL: Offers Special Flights


U N I T E D   K I N G D O M

ABERDEEN ASSET: Pre-tax Profits Plunge Almost 90 Percent
CANTERBURY FOODS: Appoints New Non-executive Chairman
FIRST ACTIVE: Hearing on Scheme of Arrangement Set December 15
GLENCOE CENTER: Rescue Plan for Winter Under Process
LLOYDS TSB: Closes Sale of NBNZ Holdings Limited

LLOYDS TSB: UBC International Takes over Latin American Business
PHOENIX TRUCK: Administrators Offer Business for Sale
REGUS PLC: Creates New Holding Company
ROOM SERVICE: Issues Shares to Chiddingfold in Exchange for Loan
SYNSTAR PLC: Talk Over French Unit Sale Enters Homestretch
WEMBLEY PLC: Local Tribe Opposed to Greyhound Racing Fixtures


                            *********


=============
F I N L A N D
=============


DYNEA INTERNATIONAL: Moody's Downgrades Senior Notes to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service lowered Dynea International Oy's senior
notes ratings to 'Caa2' from 'Caa1' and its senior implied rating
to 'B3' from 'B2.'  The ratings remain under review for further
downgrade.

According to the rating agency, the action reflects sustained
weak operating performance across Dynea's divisions, the
continuous deterioration in the group's credit profile, the
adverse business environment and uncertain outlook of Dynea's
market, the uncertainty around the company's success in
re-negotiating its forthcoming bank covenants and getting its
2004-2006 budget approved by its banks, and uncertainty regarding
the likelihood of another equity contribution to Dynea from its
shareholders.

Moody's warned it might lower the ratings by more than one notch
if these issues are not addressed.  This could result to high
potential losses to bondholders.

Dynea International Oy produces formaldehyde resins, with sales
of EUR950 million in December 31, 2002.


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


AIR LITTORAL: Italian Investors Make First Installment Payment
--------------------------------------------------------------
7 Group had until Tuesday to pay the first installment of the
acquisition price of bankrupt French airline, Air Littoral, said
http://www.luchtzak.be,an online industry paper.

The company's chairman previously said he was prepared to pay
EUR7 million, EUR4 million short of the amount required by the
Court of Montpellier.  A second installment of EUR4 million is
required by the court to be paid in six months; otherwise it will
disallow the takeover and give the option to another buyer.

The online newspaper did not say if the group, made up of Italian
investors, was able to make the payment.  7 Group plans to build
a new European regional airline using most of the assets of the
insolvent French carrier.


FRANCE TELECOM: Tender Offer for Orange Shares Extended
-------------------------------------------------------
Orange S.A. announces that, following an application to the Paris
Court of Appeals to challenge the approval by the French market
authority of the Tender Offer of EUR9.50 per Orange share made by
France Telecom on November 20, 2003, the Tender Offer has been
extended until further notice.

At the request of the French market authority trading in the
Company's shares in Paris had been suspended until December 3,
2003.  Trading in the Company's shares on the London Stock
Exchange has also been suspended.

The Tender Offer will remain open for acceptance but no tenders
will be settled pending resolution of the Court proceedings.
The Compulsory Purchase of shares not tendered in the Tender
Offer will no longer take place on December 4, 2003.  A further
announcement will be made in due course.


SCOR GROUP: Ratings Raised on News of EUR750 Mln Rights Issue
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
counterparty credit and insurer financial strength ratings on
France-based reinsurer SCOR and subsidiaries to 'BBB+' from
'BBB-'.  In addition, Standard & Poor's raised its short-term
counterparty credit and commercial paper ratings on SCOR to 'A-2'
from 'A-3'.  All ratings were removed from CreditWatch, where
they had been placed originally on June 17, 2003.  The outlook on
all group entities is stable.

"The rating actions reflect SCOR's announcement of an increased
and fully underwritten EUR750 million rights issue, together with
evidence of a robust business position within core markets," said
Standard & Poor's credit analyst Marcus Rivaldi.

Standard & Poor's expects that SCOR will continue to endeavor to
commute portfolios at its CRP subgroup (comprising Bermuda-based
Commercial Risk Reinsurance Co. Ltd. and its U.S.-based
subsidiary Commercial Risk Re-Insurance Co.) and significantly
reduce its exposure to its substantial credit derivatives run-off
portfolio.

SCOR reported net premium income of EUR2.8 billion for the first
nine months of 2003.  The group's reinsurance operations are
conducted through the France-based parent, SCOR, as well as
through fully guaranteed subsidiaries operating on a regional
basis in the world's main insurance markets.

The stable outlook reflects Standard & Poor's expectation that
SCOR's business position will remain robust within its core
markets, although the aggregate level of group premium income
underwritten in 2004 will materially decline as SCOR withdraws
from non-core markets.  Furthermore, SCOR's good prospective
capital adequacy position will remain resilient to further
reserve developments.

"SCOR is expected to continue commuting business portfolios at
CRP and significantly reduce its credit derivatives exposure. If
beneficially achieved, these actions will materially reduce the
level and potential volatility of reserves held on the group's
balance sheet," said Mr. Rivaldi.


VIVENDI UNIVERSAL: Obtains New EUR2.7 Bln Unsecured Credit line
---------------------------------------------------------------
Vivendi Universal (Paris Bourse: EX FP; NYSE: V) announced that
it has signed an underwritten agreement for a new unsecured
syndicated credit facility.  This five-year, EUR2.7 billion
facility will be used to cover the company's general corporate
purposes.

The use of the facility is subject to the closing of the
NBC-Universal transaction planned for the first half of 2004.  It
will be used, in addition to the proceeds of around US$3.3
billion to be received from the transaction, to refinance the
company's three secured bank facilities: syndicated credit
facilities of EUR2.5 billion and EUR3 billion and a bilateral
facility of EUR200 million.  These facilities were set up or
restructured during the first half of 2003.

Following this transaction, Vivendi Universal will be restored to
the financial flexibility of an investment grade company,
equivalent to its situation before June 2002.  In addition, the
removal of mandatory prepayments from disposal proceeds will
enable Vivendi Universal to increase significantly its effective
average debt maturity.

Also, the level of the new facility's spreads have been
considerably lowered to take into account the recent change in
the quality of the company's credit.  The maximum spread is 110
bp (compared with 275 bp for the current EUR2.5 billion facility)
and is likely to be gradually adjusted, depending on Vivendi
Universal's rating, to reach 45 bp if the company's rating moves
to 'BBB+/Baa1.'

The Mandated Lead Arrangers/Book Runners that have underwritten
the transaction are: Bank of America, BNP Paribas, Citigroup,
Credit Lyonnais - Credit Agricole Indosuez, Deutsche Bank, JP
Morgan, Royal Bank of Scotland and Societe Generale.

CONTACT:  VIVENDI UNIVERSAL
          Investor Relations
          Paris
          Daniel Scolan
          Phone: +33 (0) 171 71 32 91


VIVENDI UNIVERSAL: Continues to Improve in Third Quarter
--------------------------------------------------------
Highlights of Third Quarter 2003:

(a) Operating Income of EUR896 million, up 43% versus last year
on a pro forma basis (1).

(b) Adjusted net income (2) of EUR206 million, versus EUR37
million in 2002.

(c) Net Profit (2) of EUR131 million, versus a net loss of
EUR1,234 million in 2002.

(d) Consolidated Cash flow from operations (3) of EUR1,113
million, multiplied by 4.3 on a pro forma basis.

(e) Proportionate Cash flow from operations(4) of EUR682 million,
improved by EUR921 million versus last year on a pro forma basis.

(f) Net debt(4) at EUR12.8 billion, down approximately EUR6
billion versus a year ago and decreased by EUR900 million during
the quarter.

First Nine months of 2003

(a) Operating Income of EUR2,573 million, up 27% versus last year
on a pro forma basis(1).

(b) Adjusted net income(2) of EUR192 million, versus EUR210
million in 2002.

(c) Net loss(2) of EUR501 million, versus a net loss of EUR13,540
million in 2002.

(d) Consolidated Cash flow from operations(3) of EUR3,327
million, up 63% versus last year on a pro forma basis.

(e) Proportionate Cash flow from operations(4) of EUR2,032
million, multiplied by 4.1 versus last year on a pro forma basis.

Notes:

(1) The pro forma information illustrates the effect of the
acquisition of the entertainment assets of InterActiveCorp. in
May 2002 and the disposition of Vivendi Universal Publishing
assets sold in 2002 and 2003, as if these transactions had
occurred at the beginning of 2002.  It also illustrates the
accounting of Veolia Environnement using the equity method at
January 1, 2002 instead of December 31, 2002.

(2) For reconciliation of net income (loss) to adjusted net
income (loss) please refer to the table in the supplementary
schedules attached to this release.

(3) Net cash provided by operating activities net of capital
expenditures and before financing costs and taxes.

(4) Defined as cash flow from operations excluding the minority
stake.

(5) French GAAP gross debt less cash and cash equivalents.

In view of the improved operating performance for the first nine
months of 2003 and despite the negative impact of the Euro/Dollar
exchange rate, Vivendi Universal reiterates its full year 2003
guidance:

(a) Very strong growth in operating income;

(b) Significant growth in cash flow from operations;

(c) Very strong growth in proportionate cash flow from
operations;

(d) Return to positive adjusted net income.

Vivendi Universal's net debt, at the end of 2003, should be
approximately E13 billion.

At the end of 2004, Vivendi Universal's net debt is expected to
be approximately E 5 billion.

Comments on the Group's earnings:

Due to substantial scope reductions, comparing 2003 to 2002
results, on an actual basis, may not be meaningful.  That is why
the comparisons below are presented with an illustrative scope
identical to existing fully consolidated subsidiaries(6).

Operating income:

For the third quarter of 2003, the operating income was EUR896
million, up 43%, on a pro forma basis, compared to the same
period last year.

(a) There is quite a contrast in the performance of the various
Media business units.  Canal Plus Group has had another strong
quarter with a positive operating income and a positive cash flow
from operations.  VUE had a strong quarter with a solid cash flow
performance.  In contrast, UMG and VUG experienced significant
weakness, mainly driven by revenue decline.

(b) The Telecom business units continued to produce profitable
growth in the quarter.  At EUR705 million, their operating income
is up 23% versus last year.

(c) The restructuring of the non-core businesses (VUNet, VTI,
remaining VUP assets and Vivendi Valorization) continued to make
progress with an operating loss down to EUR26 million, versus
EUR152 million a year ago.

For the first nine months of 2003, the operating income was
EUR2,573 million, up 39% compared to the same period last year.
On a pro forma basis, i.e., as if InterActiveCorp.'s
entertainment assets had been acquired as of January 1, 2002, the
first nine months operating income was up 27%, despite the
negative impact from the euro/dollar average exchange rate.  On a
constant currency basis, pro forma operating income growth would
have been 32%.

Adjusted net income

For the third quarter of 2003, the adjusted net income amounted
to EUR206 million, versus EUR37 million for the same period last
year.

For the first nine months of 2003, the adjusted net income was
EUR192 million, including net capital gain on portfolio
investments and marketable securities of EUR20 million (mainly
related to the impaired investment in SBCP).  This compared to
EUR210 million for the first nine months of 2002 that were
including net capital gain on portfolio investments and
marketable securities of EUR180 million (mainly related to the
sale of Vinci shares).

Note:

(6) The illustrative consolidated statement of income presents
the accounting of Veolia Environnement using the equity method
from January 1, 2002 and Vivendi Universal Publishing (VUP)
assets sold in 2002 and 2003 as discontinued operations in
accordance with the option proposed by the paragraph 23 100 of
the French rules 99-02.

Net profit

For the third quarter of 2003, Vivendi Universal posted a net
profit of EUR131 million, versus a net loss of EUR1,234 million
for the same period in 2002.

For the first nine months of 2003, Vivendi Universal posted a net
loss of EUR501 million, versus a net loss of EUR13,540 million
for the same period in 2002.

Consolidated cash flow from operations

For the third quarter of 2003, consolidated cash flow from
operations was EUR1,113 billion, versus EUR256 million for the
same period in 2002, on a pro forma basis.  Proportionate cash
flow from operations was EUR682 million, versus - EUR239 million,
in the third quarter of 2002, on a pro forma basis.

For the first nine months of 2003, consolidated cash flow from
operations reached EUR3,327 million, versus EUR2,045 million for
the same period in 2002, on a pro forma basis.  Proportionate
cash flow from operations amounted to EUR2,032 billion, versus
EUR499 million for the first nine months of 2002, on a pro forma
basis.

This strong performance is the result of Vivendi Universal's
continuing focus on cash generation; however this strong
performance should not be extrapolated to the fourth quarter of
2003, due to the seasonality of certain businesses.

Net debt at the end of September 2003 was EUR12.8 billion, down
about EUR6 billion versus a year ago and EUR900 million during
the quarter, thanks to cash flow from operations and assets
disposals.

The change in net debt since the beginning of the year reflects
the EUR4 billion acquisition of 26% of Cegetel Groupe SA on
January 23, 2003, as well as the impact of divestitures totaling
approximately EUR3 billion in enterprise value.

Comments on operating income for Vivendi Universal's Media and
Telecom businesses:

Media activity (as fully consolidated at 100%)

For the third quarter of 2003, Media businesses have generated
EUR276 million of operating income and EUR267 million of cash
flow from operations.

For the first nine months of 2003, Media activity has generated
EUR922 million of operating income and EUR1,354 million of cash
flow from operations.  Cash flow performance has improved
significantly, due to the strong performance of VUE and the
significant improvement of Canal+.

Canal Plus Group (100% Vivendi Universal economic interest):


                  3rd      3rd              9        9
                Quarter  Quarter         Months   Months
In millions of   2003     2002    Varia-  2003     2002   Varia-
euros          Actual   Actual   tion   Actual   Actual   tion
-----------    -------- -------- ------- ------   ------  ------
Revenue          969     1,167      -17%  3,184   3,511      -9%
                                  +3%(a)                  +2%(a)
-----------    -------- -------- ------- ------   ------  ------O
perating        133        40      N.A.    378     (29)    N.A.
Income
-----------    -------- -------- ------- ------   ------  ------

(a)Variation on a comparable basis (excluding all scope changes,
principally Telepiu).

Significant improvement in Canal Plus Group's operating income.
Positive operating income confirmed for the full year 2003.

For the third quarter of 2003, Canal Plus Group's operating
income of EUR133 million confirms the significant turn-around
observed in the first half of this year.

Subscribers gross recruitments for the Canal+ Premium channel
were up in September for the first time in the last seven years
thanks to the new program line-up.

For the nine months of 2003, Canal Plus Group's operating income
totaled EUR378 million (including non recurring items of EUR118 m
illion), compared with a pro forma operating loss of EUR20
million for the same period in 2002.

The pay television operating income in France was up 84% versus
first nine months of 2002, representing more than 60% of Canal
Plus Group's operating income, thanks to the good performances of
all its units.

Operating income from the motion picture business (StudioCanal)
also rose significantly.

Aside from Telepiu, non-recurring items included new provisions
and provision reversals that offset each other.

In light of seasonal variations in programming and marketing
costs, full-year operating income will be lower than the first
nine months result.  The figure will, however, be positive for
the first time since 1996.

Universal Music Group (92% Vivendi Universal economic interest):


                  3rd      3rd              9        9
                Quarter  Quarter         Months   Months
In millions of   2003     2002    Varia-  2003     2002   Varia-
euros          Actual   Actual   tion   Actual   Actual   tion
-----------    -------- -------- ------- ------   ------  ------
Revenue         1,115     1,328     -16%  3,283    4,201    -22%
                                   9%(a)                 -13%(a)
-----------    -------- -------- ------- ------   ------  ------
Operating Income    4        16     -75%   (38)      185   N.A.
                                 N.A.(a)
-----------    -------- -------- ------- ------   ------  ------

(a)Variation at constant currency.

UMG reported a nine months operating loss on decline in revenue

The global music market continued to show weakness.  UMG reported
a profit in the third quarter of EUR4 million compared to a
profit last year of EUR16 million, reflecting the margin impact
of lower sales and a higher proportion of distributed label and
joint venture activity partly offset by lower marketing, overhead
and catalogue amortization.

For the first nine months of 2003, UMG reported operating losses
of EUR38 million, reflecting the margin lost on the revenue
decline, restructuring costs and other one-time income from the
sale of assets in 2002 (sale of UMG's interest in MTV Asia to
Viacom, real estate and other investments) not repeated in 2003,
offset by reductions in marketing and catalogue amortization
expenses.

Major new releases are scheduled in the fourth quarter of 2003
from Blink 182, Bon Jovi, Busted, Sheryl Crow, Johnny Hallyday,
Enrique Iglesias, G-Unit, Jay Z, Ludacris, Nelly, No Doubt,
Luciano Pavarotti and Texas.

UMG is continually evaluating its business in order to maintain
the most efficient and competitive music company in the industry
and be well positioned for the future.  UMG is in the process of
instituting significant cost-cutting initiatives that take into
account the realities of the declining music market to further
rationalize the company's cost structure around the world.

Furthermore, UMG has launched in the fourth quarter an aggressive
plan to reduce the cost consumers pay for CDs by significantly
reducing its wholesale prices on virtually all top line CDs in
the U.S., with the aim of bringing music fans back into retail
stores and driving music sales.  While the company believes this
sort of fundamental pricing change is necessary for the long-term
health of the industry, there may be negative implications on
near term results.

UMG, as the market leader, continues to participate in industry
initiatives to combat physical and online piracy, and to
encourage the legitimate digital music marketplace.  UMG expects
the worldwide music market to contract compared to the prior
year, and as a result, the company performance for the full year
will continue to be below 2002.

Vivendi Universal Entertainment (86% Vivendi Universal economic
interest):


                  3rd      3rd              9        9
                Quarter  Quarter         Months   Months
In millions of   2003     2002    Varia-  2003     2002   Varia-
euros          Actual   Actual   tion   Actual   Actual   tion
-----------    -------- -------- ------- ------   ------  ------
Revenue           1,305    1,291     +1%  4,267    4,442     -4%
                                 +15%(a)                 +16%(a)
-----------    -------- -------- ------- ------   ------  ------
Operating Income    197      195     +1%    692      725     -5%
                                 +14%(a)                 +15%(a)
-----------    -------- -------- ------- ------   ------  ------



(a)Variation at constant currency.


                  3rd      3rd              9        9
In millions of  Quarter  Quarter         Months   Months
dollars          2003   2002 Pro Varia-  2003   2002 Pro Varia-
In U.S. G.A.A.P. Actual  Forma(7)  tion  Actual  Forma(7)  tion
-----------    -------- -------- ------- ------   ------  ------
Revenue           1,479    1,321    +12%  4,603    4,607      0%
-----------    -------- -------- ------- ------   ------  ------
Operating Income    163      217    -25%    700      583    +20%
-----------    -------- -------- ------- ------   ------  ------

On a comparable basis (stand alone, pro forma, in dollars and in
U.S. G.A.A.P.), VUE's operating income increased 20%.

For the third quarter of 2003, the operating income for VUE
increased by 1% and by 14% at constant currency.  Stronger
performance at Universal Television Production, due to higher
sales of classic television library programming and lower
overhead costs, was offset by lower results at Universal Pictures
due to the higher marketing costs associated with the release of
its strong summer slate (Johnny English, Seabiscuit, and American
Wedding).

For the first nine months of 2003, the operating income for VUE
decreased by 5% in euros and in French G.A.A.P., but increased
20% versus last year on a stand alone, U.S. G.A.A.P., pro
forma(6), U.S. dollar comparable basis.  The main difference
stems from the weakening of the U.S. dollar against the euro.  On
a stand alone, U.S. G.A.A.P., pro forma(7), U.S. dollar
comparable basis, Universal Pictures Group's operating income
increased 34% versus prior year primarily due to the strength of
the current year film slate.  Significant 2003 releases included
Bruce Almighty, American Wedding, 2 Fast 2 Furious and Johnny
English versus The Bourne Identity, Scorpion King, and About A
Boy, in 2002.

Universal Television Networks operating income was down 10% due
to increased investment in programming and marketing, which is
expected to result in increased operating margins in future
periods, offsetting gains from significantly improved advertising
revenue and subscriber fees.  Operating income at Universal
Television Production was up 4%, due to the continued strong
performance of the three shows in the Law & Order franchise
coupled with cost savings resulting from the merger with USA
Entertainment.  Universal Parks & Resorts and Spencer Gifts
operating income increased 9% primarily due to the
deconsolidation of Spencer Gifts, sold in the second quarter of
2003.  Theme parks operating income was down 9% due to lower
attendance at Universal Studios Hollywood and Universal Studios
Japan, as a result of continued softness in the global travel
industry.


--------------
(7)Pro forma basis as if the InterActiveCorp entertainment assets
had been consolidated from January 1st, 2002 and the results of
Universal Studio international television networks had been
reported by Vivendi Universal Entertainment instead of Canal Plus
Group.

Vivendi Universal Games (99% Vivendi Universal economic
interest):


                  3rd      3rd              9        9
                Quarter  Quarter         Months   Months
In millions of   2003     2002    Varia-  2003     2002   Varia-
euros          Actual   Actual   tion   Actual   Actual   tion
-----------    -------- -------- ------- ------   ------  ------
Revenue              77      166    -54%    317      502    -37%
                                 -39%(a)                 -24%(a)
-----------    -------- -------- ------- ------   ------  ------
Operating Income   (58)      (2)     N.A  (110)       37    N.A.
-----------    -------- -------- ------- ------   ------  ------

(a)Variation at constant currency.

Vivendi Universal Games performance continued to suffer a
decline.

In the third quarter of 2003, operating loss was EUR58 million,
versus a loss of EUR2 million for the same period in 2002.

Through the first nine months of the year, VUG posted an
operating loss of EUR110 million. The prior year operating income
was EUR37 million, fueled by the strong second quarter results.

Lower gross margin on the revenue decline was the most
significant contributor to the profit shortfall.  Moreover,
additional royalty expense due in part to titles, which did not
fully earn out and increased returns/price protection discounting
to sell-through slow moving titles were the other key variances.
Operating expenses were below prior year, due primarily to
marketing.

VUG's operating performance is expected to remain depressed in
the fourth quarter of this year.  A restructuring plan currently
being implemented is expected to address those issues.

Telecom activity (as fully consolidated at 100%)

For the third quarter of 2003, Telecom businesses have generated
an operating income of EUR705 million and EUR792 million of cash
flow from operations.

For the first nine months of 2003, Telecom activity has generated
an operating income of EUR1,972 million and EUR2,301 million of
cash flow from operations.

SFR- Cegetel (approximately 56% Vivendi Universal economic
interest):


                  3rd      3rd              9        9
                Quarter  Quarter         Months   Months
In millions of   2003     2002    Varia-  2003     2002   Varia-
euros          Actual   Actual   tion   Actual   Actual   tion
-----------    -------- -------- ------- ------   ------  ------
Revenue           1,941    1,804     +8%  5,553    5,246     +6%
-----------    -------- -------- ------- ------   ------  ------
Operating Income    531      460    +15%  1,515    1,206    +26%
-----------    -------- -------- ------- ------   ------  ------

SFR-Cegetel's operating income grew 26% to E1,515 million, due to
an efficient cost management.

In the third quarter of 2003, SFR-Cegetel operating income was
EUR531 million, up 15% despite some one-time costs linked to the
launch of new services and other adverse non recurring items.
Mobile telephony operating income amounted to EUR536 million.
Fixed telephony losses decreased to EUR5 million from EUR26
million in the third quarter of 2002, but part of this
improvement is coming from favorable non-recurring events.

For the first nine months of 2003, SFR-Cegetel's operating income
amounted to EUR1,515 million, up 26% compared to the same period
last year, due to an efficient cost management.  Mobile telephony
operating income grew 19% to EUR1,524 million.  Fixed telephony
operating losses amounted to EUR7 million, against losses of
EUR78 million last year for the same period.

SFR-Cegetel's full year operating income is expected to show a
growth of over 30%.

Maroc Telecom (35% Vivendi Universal economic interest):


                  3rd      3rd              9        9
                Quarter  Quarter         Months   Months
In millions of   2003     2002    Varia-  2003     2002   Varia-
euros          Actual   Actual   tion   Actual   Actual   tion
-----------    -------- -------- ------- ------   ------  ------
Revenue             387      399     -3%  1,101    1,115     -1%
                                   0%(a)                  +3%(a)
-----------    -------- -------- ------- ------   ------  ------
Operating Income    174      111    +57%    457      315    +45%
                                 +62%(a)                 +51%(a)
-----------    -------- -------- ------- ------   ------  ------

(a)Variation at constant currency.

Maroc Telecom operating income experienced a strong 45% growth to
EUR457 million, due to an efficient control of costs.

For the third quarter of 2003, Maroc Telecom's operating income
amounted to EUR174 million, up 57% (and up 62% at constant
currency) when compared to the same period last year.  This very
good performance reflects the success of Maroc Telecom's mobile
activity with 5 million customers reached in August and the
continued tight control of costs.

For the first nine months of 2003, operating income reached
EUR457 million, up 45% (and up 51% at constant currency) when
compared to the same period last year.  This very strong
improvement has been driven mainly by mobile sales with a larger
pool of customers for lower costs of acquisition, by the
reduction of SG&A and bad debt and thanks to last year's
restructuring costs.

Other profit and loss highlights for the third quarter of 2003

Financing expense of EUR154 million, to be compared with EUR377
million for the same period last year.

Other financial expenses net of provisions decreased from EUR193
million in 2002 to EUR50 million this year, including EUR48
million of foreign exchange losses.

Net exceptional profit amounted to EUR144 million, including a
gain of EUR72 million related to the increase of capital of
Sogecable, versus a net loss of EUR735 million in 2002.

Income taxes amounted to EUR212 million, versus EUR513 million
the prior year.

Goodwill amortization and impairment amounted to EUR198 million,
versus EUR310 million in 2002.

To view financial statements:
http://bankrupt.com/misc/Vivendi_Universal_Financials.htm


WALT DISNEY: Internal Dispute Claims Another Board Member
---------------------------------------------------------
Walt Disney board member Stanley Gold resigned from the company
in a bitter dispute over corporate management with Chairman and
Chief Executive Michael Eisner.  Mr. Gold's resignation came two
days after the departure of his ally, Roy E. Disney, the nephew
of Walt Disney and former vice-chairman.

In his resignation letter, Mr. Disney called for the exit of Mr.
Eisner, who is being blamed for the decline of the company's
profits and share price.  Walt Disney's famous theme parks and
ABC television network has been performing badly in recent years.

"I hope that my resignation will serve as a catalyst for change
at Disney," Mr. Gold said in his own resignation letter,
according to The Times.


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


OLYMPIC AIRWAYS: Strikers to Face Sanction for Defying Orders
-------------------------------------------------------------
Olympic Airways employees who protested against job-cuts and
reorganization in the company stand to face lawsuits and
disciplinary action for defying return to work orders from the
airline.  The struggling carrier filed legal suits against some
60 flight attendants and other workers Monday after the
protesters extended Friday's strike by another four days.

The dissident workers decided to resume their fight after talks
with management during the weekend broke down. The national
airline said the demonstrations have already cost the company
EUR5 billion.  It has also delayed plans to relaunch the airline
under a new name, Olympic Airlines, for about two weeks.  Olympic
Airways cancelled 22 flights on Monday due to the protests.

Olympic Airways plans to reinvent itself as a slimmer company
free from the debts of the former carrier.  The new company will
employ only some 1,800 people, with the rest of Olympic's 6,100
staff staying at the old company and offering services to the new
one.


=============
H U N G A R Y
=============


MALEV HUNGARIAN: Rumors of Share Devaluation Swirl
--------------------------------------------------
The owner of Malev Hungarian Airlines Rt could decide to devalue
shares in the carrier at an extraordinary general meeting set for
December 5, according to reports.

Daily Magyar Nemzet said last week the shares could go down from
a current nominal value of HUF1,000 to HUF10.  This was according
to the decision of the airline's main owner, the State
Privatization and Holding Rt.

Reached by the Budapest Business Journal, Malev spokeswoman Adrie
n Krebsz declined to comment: "We cannot make any statement
before the EGM, as the issue is in the competence of the State
Privatization and Holding Rt."

State Privatization and Holding executives did not return calls
seeking comment, according to the report.  Malev Hungarian
Airlines Rt made HUF9 billion (EUR35 million) losses in the first
nine months of 2003.  This was mainly due to the company's own
capital falling from last year's HUF9.1 billion to HUF355
million, Magyar Nemzet said.


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


ELAN CORPORATION: Completes Sale of Four Pain Products
------------------------------------------------------
Elan Corporation, plc (ELN) announced Tuesday the completion of
the sale of its four pain products and related assets to
aaiPharma Inc. (AAII).

These products include the rights to Roxicodone(TM) (oxycodone
hydrochloride) tablets and oral solution, Oramorph(TM) SR
(morphine sulfate sustained-release) tablets, Roxanol(TM)
(morphine sulfate) and Duraclon(TM) (clonidine hydrochloride
injection).

Elan has realized total consideration of US$101.8 million,
comprising a cash payment to Elan of US$50.4 million and the
assumption, by aaiPharma, of US$51.4 million of Elan's product
related payments.

About Elan

Elan is focused on the discovery, development, manufacturing,
sale and marketing of novel therapeutic products in neurology,
severe pain and autoimmune diseases.  Elan shares trade on the
New York, London and Dublin Stock Exchanges

CONTACT:  ELAN CORPORATION, PLC
          Investors
          Emer Reynolds
          Phone: 353-1-709-4000 or 800-252-3526


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


FIAT SPA: U.S. Relaunch of Alfa Romeo Postponed Anew
----------------------------------------------------
Fiat S.p.A.'s relaunch of sport-luxury brand Alfa Romeo in the
U.S. by 2007 has been further delayed due to the management's
decision to focus on the European market.

In an interview with Automotive News Europe, Chief Executive
Giuseppe Morchio said the automaker will not re-enter the U.S.
market in 2007 as planned.  He said there is a need to resolve
the problems of production in Europe before directing efforts in
North America.

Fiat stopped producing Alfa Romeos in the U.S. in 1995.  The
troubled carmaker later said it would introduce the re-designed
model in 2003, but has postponed its return to the United States
repeatedly since Fiat announced its strategic alliance with
General Motors in 2000.  That introduction subsequently was
postponed to 2004, then to 2005 and eventually to 2007, the
report said.  Mr. Morchio, however, emphasized that an eventual
return is still part of parent Fiat Group's strategy, although a
date has not been set.

He said: "We have to fix our operations in Europe before we start
thinking about North America."


SAFILO SPA: Moody's Lowers Senior Issuer Rating to 'Caa1'
---------------------------------------------------------
Moody's Investors Service downgraded the senior implied rating of
Safilo S.p.A. and Safilo Capital International from 'B1' to 'B2,'
the senior unsecured issuer rating from 'B3' to 'Caa1,' and the
senior credit facilities downgraded from 'B1' to 'B2.'  It also
lowered the companies' EUR300 million senior notes due 2013 from
'B3' to 'Caa1.'  The ratings were placed on review for possible
further downgrade.

The rating agency said the downgrade reflects Safilo's dramatic
underperformance from Moody's expectations, significantly
heightened financial risk from the increase in leverage, and
increased execution risk from the company's announced
restructuring plan.

Moody's said it will review the "company's ability to
successfully renegotiate its bank covenants including increased
flexibility with respect to its scheduled amortization schedule."

The world's second largest wholesale eyewear producer has
generated revenues and EBITDA of EUR673.9 million and EUR98.8
million, respectively, for the nine months ended September 30,
2003.


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


KONINKLIJKE AHOLD: Adverse Developments Give Investors Jitters
--------------------------------------------------------------
The negative publicity that circulated against Royal Ahold
towards the weekend sent shares of the Dutch retailer hurtling
down at the start of the week.  The shares were hit by concerns
over the dilutive rights issue, profit-damaging dollar weakness
and the retailer's expectations it will have to pay damages
stemming from an accounting scandal.

Business daily Het Financieele Dagblad previously cited Ahold's
corporate governance counsel Peter Wakkie saying, the company
might have to incur costs in relation to the accounting
irregularities at its U.S. unit.

The jitters were confounded by delayed reactions regarding the
company's lower-than-expected third-quarter results.  These came
as the euro set a record valuation against the dollar.  Ahold
gets 60% of its turnover in the United States.

"Ahold may be laying the groundwork for a recovery, but a lot of
investors are gambling on the likelihood the shares are going to
fall further before they climb again," one trader said, according
to Reuters.


ROYAL PHILIPS: Books EUR800 Mln Charge for LG Joint Venture
-----------------------------------------------------------
Royal Philips Electronics (AEX: PHI, NYSE: PHG) announced
impairment and restructuring charges of approximately EUR800
million for LG.Philips Displays, its 50/50 joint venture with LG
Electronics.

LG.Philips Displays manufactures cathode ray tube displays and is
impacted by worsening market conditions and increased price
erosion, mainly caused by the rapid penetration of the Liquid
Crystal Display panels for application in TV and monitors.
Therefore LG.Philips Displays has reviewed its business plan and
worked out a program to adopt its capacity and maintain its cost
leadership.  Execution of this program will strengthen LG.Philips
Displays' competitiveness and will secure continued positive cash
flow.

The revised market outlook will lead to a non-cash asset
impairment charge of approximately EUR540 million and to
restructuring charges of approximately EUR60 million in Q4 2003.
Philips' share of these charges will be approximately EUR300
million and will be included in the net income of Philips in Q4
2003.

Philips has also reviewed the valuation of its investment in
LG.Philips Displays and concluded to write off the book value of
its remaining investment.  This will lead to a non-cash
impairment charge of approximately EUR500 million and will also
be included in the net income of Philips in Q4 2003.

Philips confirms its positive outlook for its results for the
fourth quarter 2003.

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), Frankfurt, Amsterdam and other stock
exchanges. News from Philips is located at
http://www.philips.com/newscenter


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


PROTEGRITY NORDIC: Offers Intellectual Property Rights for Sale
---------------------------------------------------------------
Protegrity Nordic AB was declared bankrupt on October 27, 2003.
The company possesses two patents relating to the data security
system Secure.Data.  With Secure.Data it is possible to create
protecting encryption layers around specific entries in
databases.

The company's patents, trademarks and the rights that the company
might have according to a license agreement are hereby offered
for sale.  For further details please contact Mr. Mans Dahlqvist
at +46 8 614 49 00 or by e-mail: dahlqvistm@coudert.com

Written offers must be delivered to the trustee, Mr. Lars Wiking,
before December 15, 2003.  The bankruptcy estate reserves the
rights to a free and unconditional evaluation of the offers.

CONTACT:  COUDERT BROTHERS ADVOKATBYRA AB
          Box 7418, 103 91
          Stockholm, Sweden
          Home Page: http://www.coudert.com


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


SAS GROUP: To Split Managed Firm Under Turnaround Plan
------------------------------------------------------
The SAS group plans to break up Scandinavian Airlines to increase
the number of companies under its umbrella, reports say.  There
are currently 5 companies under the group, and SAS wants to make
the number 11 as a central part of its "Turnaround 2005" plan,
industry web site, Boarding, reports, according to Aftenposten.

The companies under SAS are Scandinavian Airlines, Braathens,
Wideroe, Blue1 and Spanair.  The group intends to add Air Baltic
and Estonian Air, initially, making the number seven, said SAS
information director Hans Ollongren, according to the report.

"Then Scandinavian Airline is pulled out and replaced with
airlines in each of the three owner nations, plus the
intercontinental division. That makes four companies. Finally
(budget airline) Snowflake comes in and that brings us up to 11
airlines," he said.

SAS expects to reduce costs by NOK14 (US$2.05) billion with the
scheme.


SAS GROUP: Sells RampSnake Technology to FMC for Undisclosed Sum
----------------------------------------------------------------
The SAS Group has finalized the sale of operations of its wholly
owned subsidiary RampSnake A/S to FMC Technologies Inc.  Under
the terms of the contract, SAS has also agreed to purchase 80
RampSnake loaders from FMC Technologies.  The transaction
includes the sale of assets and the RampSnake A/S business as
well as a worldwide license to market, sell and produce the
RampSnake product while SAS retains control of a number of
patents that currently protect the RampSnake loader.

RampSnake has been developed from a product concept aimed at
enhancing efficiency and facilitating loading and unloading of
aircraft.  The product also improves the working environment for
loaders and is considered to have major potential in the market.
The parties have agreed not to publish the terms of the contract.

More information about FMC Technologies is available at:
http://www.fmctechnologies.com

CONTACT:  SAS GROUP
          Benny Zakrisson, Senior Vice President
          Corporate Advisory
          Phone: +46 8 797 43 97
              or +46 709 97 43 97


SKANDIA INSURANCE: Skandia Liv Unveils Changes Following Review
---------------------------------------------------------------
Following a review of the investigative reports commissioned by
Skandia Liv and Skandia Insurance Company Ltd., Skandia Liv has
adopted an action plan with the support of a legal study
performed by former Supreme Court Justice Hans Danelius and
Professor Emeritus Jan Ramberg.

A list has been prepared with concrete measures that are
warranted by these investigations of various transactions.  On
some points, measures have already been carried out.
An initiative is being taken on negotiations with Den norske
Bank.

The purpose of this work is to create a framework that will
prevent events of the past from happening again.

This work is based on two fundamental conditions:
The assets managed by Skandia Liv are managed on behalf of
Skandia Liv's policyholders.

Skandia Liv's board and management shall act independently and
safeguard the policyholders' interests vis-a-vis the parent
company.

Through various means, independent stance, integrity and openness
will be ensured.  In the future Skandia Liv will have a greater
focus on asset management; a greater focus on the occupational
pensions segment; broader transfer rights (transfer rights
already exist for private pension insurance plans, while transfer
rights for occupational pensions are being investigated with the
aim of introducing them in 2005); a better dialogue with our
insurance savers.

Skandia Liv's management will have no bonuses in the future
(however, bonus programs with a cap can be established for
specially defined initiatives further down in the organization).

CONTACT:  SKANDIA LIV
          Urban Backstrom, Chief Executive Officer
          Phone: +46-8-788 25 00


SWISS INTERNATIONAL: Offers Special Flights
-------------------------------------------
Swiss will be introducing "taster" tickets for aviation fans and
other interested customers from December 6.  The seats for these
"out-and-straight-back" flights from Zurich to selected European
destinations will be bookable on certain Friday afternoons.  The
flights will not be specially operated: the seats will be
remaining capacity on scheduled European services, which is made
available for these purposes.  Tickets will be bookable quickly
and easily by phone, and the fare will include round-trip
transportation on the same aircraft with a short stay in the
destination airport's airside zone.

The new "taster tickets" are aimed primarily at providing a
flying experience, be it for a family treat, a first flight, a
birthday surprise or an anniversary celebration.  Under the new
concept, Swiss will be offering aviation fans and other
interested parties a limited number of seats for weekend
out-and-straight-back travel from Zurich to selected European
destinations.  The round-trip flight will cost CHF88 for adults
and CHF77 for children, excluding airport taxes.

Customers will be able to book these flights for Saturday or
Sunday travel by calling 01 564 1717 between 14:00 and 17:00 on
Friday afternoons.  They will not learn of their precise
destination until they check in.  The outward and return flight
will be made on the same aircraft, and the passenger will remain
in the destination airport's airside zone before reboarding for
their return.

In introducing the new concept, which will be launched on the
weekend of December 6 and 7, SWISS is meeting an often-voiced
request from its customers.

CONTACT:  SWISS
          Corporate Communications
          P.O. Box, CH-4002 Basel
          Phone: +41 848 773 773
          Fax: +41 61 582 3554
          E-mail: communications@swiss.com
          Homepage: http://www.swiss.com


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


ABERDEEN ASSET: Pre-tax Profits Plunge Almost 90 Percent
--------------------------------------------------------
Chairman's statement

The year to 30 September 2003 was another challenging period,
both for the Group and for the investment management sector
generally.  The first half of the year saw global stock markets
continuing to decline before beginning something of a rally,
albeit from a low base, during the second six months.

Against this background, the Board has concentrated on
implementing its strategy, as set out in the 2002 Annual Report,
of focusing on the Group's core competencies in the management of
equity and fixed interest securities whilst also seeking to
reduce operating costs and disposing of non-core activities.

The financial results for the year reflect the considerable
restructuring which has been undertaken.  Profit before taxation,
goodwill amortization and exceptionals was GBP5.0 million
compared to GBP41.7 million in 2002, representing earnings per
share of 3.1p against 16.5p last year. After accounting for
exceptional costs of GBP29.2 million, an exceptional gain of
GBP53.5 million and goodwill charges of GBP35.7 million, we
report a pre-tax loss of GBP6.4 million, compared to a profit of
GBP18.3 million in 2002.

During the year we reduced our involvement in the U.K. retail
unit trust market following the sale of certain management
contracts to New Star Asset Management plc.  The attention of our
investment management division is now more balanced across
onshore and offshore open-end funds, closed-end funds and
institutional mandates.  The acquisition of Edinburgh Fund
Managers Group plc, which was announced in September and
completed in late October, will provide further scale to the
latter two of these activities and enable further cost
efficiencies to be achieved across the enlarged range of funds.

There remains much for us to achieve.  We recognize the need to
maintain our service standards to clients and to remain
responsive and attentive to changes in the external environment,
whilst also seeking to control operating costs.  We are seeing
some encouraging flows of new business and we anticipate
sustainable growth after the retrenchment of the last 18 months.

Dividend

The Board is recommending a final dividend of 2p per share making
a total for the year of 4p per share, compared with 6p in 2002.
This reflects the reduced level of core profits earned in 2003
but recognizes that those core profits have only benefited from a
part year effect of cost cuts implemented during the course of
the year.

Asset disposals

We significantly strengthened the Group's balance sheet following
the disposal of the management rights of six U.K. retail funds to
New Star Asset Management in February 2003, realizing cash
proceeds, after expenses of GBP82.1 million which were used to
reduce net debt.  This disposal allowed Aberdeen to make a
tactical withdrawal from parts of the U.K. retail market and
focus instead on opportunities the professional fund buyer and
institutional markets.

We announced in 2002 our intention to dispose of our property
management division, Aberdeen Property Investors.  There was
significant interest in this business from a wide range of
interested parties, but the terms on offer did not reach an
acceptable level.  Having already completed the sale of retail
funds to New Star and recognizing the weakness in the market for
corporate transactions at the time, we concluded that it would be
in the best interests of shareholders for this division to be
retained.  We therefore withdrew from negotiations in August
2003.

We also made some minor disposals, including the sale of Asset
Value Investors to its management, after the end of the financial
year.

Acquisition

In September 2003, we announced agreed terms for the acquisition
of Edinburgh Fund Managers plc for an all-share consideration of
GBP36 million, and the simultaneous disposal of Edinburgh Fund
Managers' retail business to New Star Asset Management for a
consideration of GBP33 million, mainly cash.  This transaction
was completed in late October and the integration process is
underway.  We are delighted to welcome all clients, staff and
shareholders of Edinburgh Fund Managers to the Aberdeen Group.

Edinburgh Fund Managers' business, excluding the retail funds
sold to New Star, comprises eight investment trusts with total
assets under management of GBP1.4 billion and GBP0.9 billion of
other mandates.  The addition of these contracts reinforces our
ongoing commitment to the management of global closed-end funds
at a time when other fund managers and bancassurance groups have
given less significance to this type of business.  We recognize
the specialist service and dedicated resource required in the
management of this type of assets and we are confident that our
client support team, supplemented by Edinburgh Fund Managers' own
highly regarded administration function, are well placed to
support further growth of this business.  A new Code of Conduct
was published by the Association of Investment Trust Companies in
July and we are now working closely with our clients to help them
deepen and improve investor communications and the achievement of
best practice at all levels.

Balance Sheet

As a result of these transactions, pro-forma total assets under
management were GBP22.5 billion.  At September 30, 2003, bank
borrowings had reduced to GBP52 million from GBP123 million at
September 30, 2002.  Bank debt has now been consolidated with
HBOS plc, with whom we have a long-standing relationship.

Cost reduction program

We have made more than GBP40 million of annualized cost
reductions over the last year and we continue to focus on margin
improvement.  Some of this cost reduction benefit will not be
recognized until the next reporting period.  This was an arduous
and difficult process for management and staff, needing
considerable thought as to what areas truly align with the
group's future strategy.  Invariably, with over 60% of costs in
staff in a fund management group, this program led to regrettable
but necessary redundancies.

Investment Process

Our investment process is focused primarily on the active
management of equities and fixed interest securities and is
designed to offer clear added value to portfolios.  In equities,
we have adopted on a Group-wide basis the long established and
successful process implemented by the Group's Asia Pacific team.
This process emphasizes fundamental research through direct
company visits and provides a platform for clear decision-making,
backed by a full audit trail.  The major benefit lies in a
coherent, articulate approach to stock selection, rewarding the
Group with stronger performance, better ratings and consequently
greater institutional asset gathering and client retention
capability.  There are encouraging signs that this focused
investment process is delivering stronger performance.

Split Capital Investment Trusts

The Financial Services Authority is continuing its review of the
Split Capital Investment Trust sector and Aberdeen is amongst the
numerous companies that have been interviewed by the FSA and
requested to provide further information.  The Group has at all
times cooperated with the FSA in its review and will continue to
do so and we believe we have at all times acted with complete
integrity and in accordance with all relevant regulations and
laws.

Business development

We have continued to develop our business, successfully securing
new clients for our Far East equity products where we increased
assets under management by over GBP500 million during the year,
and a new GBP120 million institutional mandate commenced just
after the year-end.  Such moves are distinguished through the
Group's decision to focus on institutional and discretionary
channels internationally, with asset expertise where we have
discernible competitive strength.  We have also returned to
growing underlying net fund flows on a monthly basis generally
from our open-ended business (excepting known or planned outflows
such as from planned closures of uneconomic funds), from the
U.K., Europe and Singapore ranges.

We have enjoyed strong overall relative performance from the
closed end funds we manage in the United States as well as in the
U.K.

Our 'best practice' program, for our investment trust clients,
sets out optimal standards of reporting in an ever-changing
regulatory, consumer and legal environment.  Elsewhere, we are
conscious of increasing European regulatory demands expected from
Basel II and the planned Capital Adequacy Directive, and like
other fund managers, we hope that additional European
prudential-based regulation will not unwittingly render the
United Kingdom a less attractive place to do business.  As an
industry we need to make our voice better understood in this
regard.

Corporate Governance

This year has seen considerable change to corporate governance
codes, with the publication of the Higgs Report coupled with
amendments to the Combined Code.

Such reviews emphasize the importance of disclosure and
transparency as well as recommend a clear separation of executive
and non-executive functions.  We have a clear governance map, as
well as extensive risk controls and strategies, in order to
mitigate operational risk.

Despite our concerns that the level of U.K. regulatory activity
and consultation papers seem to be increasing on all levels, the
Board welcomes any initiatives that help and support the Board in
its duties to its shareholders.

Outlook

Our focus continues to be on improving returns for shareholders.
Our cost reduction program is leading to margin improvement and
the business is positioned to grow in a low absolute return
environment.

Our industry operates in an ever-changing regulatory environment
and we continue to strive for best practice throughout the Group
and actively work to ensure the best for all our stakeholders.

We have substantially improved our financial position following
the disposals made in the last year.  After a difficult year for
markets, we look forward to 2004 and the challenges it will bring
with a greater degree of confidence.

2003 was not an easy year for our staff.  The unstinting support
of all has enabled us to emerge a stronger company.  It has been
a true team effort and I thank them all for their commitment and
hard work.


Charles Irby
Chairman

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

CONTACT:  ABERDEEN ASSET MANAGEMENT
          Phone: 020 7463 6000
          Martin Gilbert, Chief Executive

          GAVIN ANDERSON & COMPANY
          Phone: 020 7554 1400
          Neil Bennett
          Mark Lunn


CANTERBURY FOODS: Appoints New Non-executive Chairman
-----------------------------------------------------
Canterbury Foods, the largest U.K. producer of meat and pastry
products for the U.K. food service industry, has appointed
Christian Williams as Chairman Monday.

Christian Williams, age 62, was formerly Deputy Executive
Chairman of Budgens plc.*  He was part of the management team
appointed by institutional shareholders which took the company
from making substantial losses in 1991 to a highly profitable
business operating over 225 stores throughout central and
southern England.

He is currently a Non-Executive Director of Bartercard U.K.
Limited, an innovative procurement exchange in which members use
a system of 'trade pounds' to buy and sell goods or services from
other bartercard members.

Ken Manley, who steps down as Chairman of Canterbury Foods, but
remains a Non Executive Director, commented:

"In a career spanning over thirty years, Christian has handled
business ranging from masterminding the repositioning and
expansion of a food retail chain, founding a firm of turn-around
specialists, and the acquisition and disposal of businesses and
property.  Additionally, he has a clear understanding of the food
industry and the challenges we face as a business.

I believe he will be an invaluable member of the Board and I am
delighted to welcome him as our Chairman."

                              *****

The Hull-based company scrambled to cut further its
GBP16.5 million-debt after reporting a pre-tax loss of GBP3.4
million (US$5.6 million) during the first half.

Canterbury Foods previously sold its meat trading operation that
helped reduce its GBP26.8 million debt at the start of the year
to GBP16.5 million.  Chief executive Paul Ainsworth said the
recent disposal meant that Canterbury could "focus on adding
value in food manufacturing instead of being reliant on buying
and selling of meat on the world markets."

CONTACT:  CANTERBURY FOODS GROUP PLC
          Paul Ainsworth, Chief Executive
          Phone: 01482 326 234
          Alison Everatt, Finance Director
          Phone: 01482 326 234

          BEATTIE FINANCIAL
          Brian Coleman-Smith / Ursula Durman
          Phone: 020 7398 3300


FIRST ACTIVE: Hearing on Scheme of Arrangement Set December 15
--------------------------------------------------------------
Recommended Acquisition of First Active plc by Ulster Bank
Limited, a wholly-owned subsidiary of The Royal Bank of Scotland
Group plc by means of a Scheme of Arrangement under Section 201
of the Companies Act, 1963 of Ireland

First Active plc announces that the Irish Financial Services
Regulatory Authority has given its approval in respect of the
Acquisition of the Company by Ulster Bank Limited.

First Active also announces that by order of the High Court on
December 1, 2003, the hearing of the petition to sanction the
Scheme has been fixed for December 15, 2003 at 11.00 a.m.

Subject to the sanction of the Scheme and confirmation of the
reduction of capital involved therein by the High Court on the
Court Hearing Date and subject to the satisfaction or waiver of
all other conditions applicable to the Acquisition, the Scheme is
expected to become effective on January 5, 2004.

Expected Timetable of Principal Events

Event                                        Time and/or date

Date for Court Hearing (of the petition to     11.00 a.m.
sanction the Scheme, including the proposed    December 15, 2003
reduction of capital)*

Last day of dealings in First Active Shares *  January 2, 2004

Scheme Record Time *                          6.00 p.m. on
                                              January 2, 2004

Effective Date of the Scheme *                January 5, 2004

Cancellation of listing by Irish Stock Exchange January 5, 2004
and U.K. Listing Authority and of trading on
Irish Stock Exchange and London Stock Exchange
markets for listed securities of First Active Shares*

Payments credited to CREST accounts          By January 19, 2004
in respect of First Active Shares held in
uncertificated form (as appropriate)*

Dispatch of payment in respect               By January 19, 2004
of First Active Shares held
in certificated form
as appropriate)*

* These dates and times are indicative only and will depend on,
inter alia, the date upon which the High Court sanctions the
Scheme and confirms the reduction of capital that forms part of
the Scheme

Responsibility Statement

The directors of First Active accept responsibility for the
information contained in this announcement.  To the best of the
knowledge and belief of the directors of First Active, the
information contained in this announcement is in accordance with
the facts and does not omit anything likely to affect the import
of such information.

The directors of RBS accept responsibility for the information
contained in this announcement insofar as it relates to members
of the RBS Group.  To the best of the knowledge and belief of the
directors of RBS, the information contained in this announcement
for which they accept responsibility is in accordance with the
facts and does not omit anything likely to affect the import of
such information.

JPMorgan and Davy Corporate Finance are acting for First Active
and no-one else in connection with the Acquisition and will not
be responsible to anyone other than First Active for providing
the protections afforded to clients of JPMorgan and Davy
Corporate Finance or for providing advice in relation to the
Acquisition.

Merrill Lynch is acting for RBS and no-one else in connection
with the Acquisition and will not be responsible to anyone other
than RBS for providing the protections afforded to clients of
Merrill Lynch or for providing advice in relation to the
Acquisition.

Terms defined in the Scheme Circular have the same meaning in
this announcement.

CONTACT:  JPMORGAN
          Phone: +44 20 7742 4000
          Terence Eccles
          Alexander Justham

          DAVY CORPORATE FINANCE
          Phone: +353 1 679 6363
          Hugh McCutcheon
          Eugenee Mulhern

          GIBNEY COMMUNICATIONS
          Phone: +353 1 661 0402
          (PR Advisers to First Active)
          Ita Gibney
          Jamie Kennedy

          THE ROYAL BANK OF SCOTLAND
          Howard Moody (Press Enquiries)
          Phone: +44 131 523 2056
          Richard O'Connor (Investor Relations)
          Phone: +44 20 7672 1758

          MERRILL LYNCH
          Phone: +44 20 7628 1000
          Matthew Greenburgh
          Henrietta Baldock


GLENCOE CENTER: Rescue Plan for Winter Under Process
----------------------------------------------------
The Glencoe Center could after all be opened for skiing this
winter, albeit at a limited schedule, according to The Scotsman.

Bobby Williamson, an English-based salesman for an engineering
company, who is a member of the Glencoe volunteer ski patrol, is
orchestrating a rescue package to open the White Corries center
during weekends, the report said.  Canadian-based executive
chairman of the Glenshee Chairlift Company, Hamish Somervilee, is
reportedly willing to back Mr. Williamson's offer.

Mr. Williamson said negotiations with the chairlift company were
at an early stage, but he is hoping the group could table a plan
to Glenshee in these days.

Mr. Somerville, meanwhile, said: "The directors of the Glenshee
Chairlift Company would like to make it clear that no immediate
decision to close Glencoe long term has been made."


LLOYDS TSB: Closes Sale of NBNZ Holdings Limited
------------------------------------------------
Lloyds TSB said it has completed the sale of its subsidiary, NBNZ
Holdings Limited, to Australia and New Zealand Banking Group
Limited.  The purchase price announced in October was US$3.8
billion.

The disposal is the fifth the U.K. bank has made last year, and
makes the total value of its disposals almost US$5 billion.

``They are doing the sale because they are weak,'' Andrew Hobson,
who helps manage the equivalent of about $645 million including
Lloyds shares at Exeter Investment Group in Exeter,
England, said at that time, according to Bloomberg.

Lloyds TSB Group has been battling falling earnings for the last
two years.  It fell from being Britain's biggest bank by market
value eight years ago to fifth as its return on equity lagged
other banks.  Shares in Edinburgh-based Lloyds have declined
about 60% from a record high in April 1998.

"They are doing it to raise capital which has been brought under
strain and to protect the dividend," Mr. Hobson said.

Lloyds froze its 2002 second-half dividend for the first time in
at least 21 years and said the payout may not increase in line
with profit in future.

"The sale of National Bank of New Zealand continues the process
of managing the group's business portfolio to focus on our core
franchise," Chief Executive Eric Daniels said in a statement in
October.  "A sale of the business at this time is in the best
interest of the group."

CONTACT:  LLOYDS TSB
          Michael Oliver, Director of Investor Relations
          Phone: +44 (0) 20 7356 2167
          E-mail: michael.oliver@ltsb-finance.co.uk

          Ian Gordon, Senior Manager, Investor Relations
          Phone: +44 (0) 20 7356 1264
          E-mail: ian.gordon@ltsb-finance.co.uk


LLOYDS TSB: UBC International Takes over Latin American Business
----------------------------------------------------------------
Lloyds TSB Group has agreed the sale by its wholly owned
subsidiary, Lloyds TSB Bank plc, of the business of the branches
in Guatemala, Honduras and Panama, and certain other assets, to
Corporacion UBC International S.A. and certain of its
subsidiaries, for a cash consideration equivalent to
approximately GBP47 million.

The book value at September 30, 2003 of the businesses and assets
sold was some GBP42 million and risk-weighted assets were some
GBP165 million.  The businesses of Guatemala, Honduras and Panama
collectively contributed some GBP1.7 million to Lloyds TSB Group
attributable profit in 2002.

The disposals are subject to approval by the relevant regulatory
authorities.

After costs, the net impact of the disposals to be recognized in
the profit and loss account of Lloyds TSB Group on completion is
not expected to be material.

CONTACT:  LLOYDS TSB
          Michael Oliver, Director of Investor Relations
          Phone: +44 (0) 20 7356 2167
          E-mail: michael.oliver@ltsb-finance.co.uk

          Ian Gordon, Senior Manager, Investor Relations
          Phone: +44 (0) 20 7356 1264
          E-mail: ian.gordon@ltsb-finance.co.uk


PHOENIX TRUCK: Administrators Offer Business for Sale
-----------------------------------------------------
Upon instructions of Richard Long of Richard Long & Co.
(administrator of Phoenix Truck & Trailer Equipment Ltd.), the
business of Phoenix Truck & Trailer Equipment Ltd. is being
offered for sale.

Phoenix Truck & Trailer Equipment Ltd. is a long-established,
well-respected company providing design solutions on suspension
and steering to the commercial vehicle trade.  It has valuable
patents for mid pusher axle, rear steer axle and others.  Its
parts stock exceeds GBP250,000.

For further details contact Andrew Duckworth or Ian Maycock at
SHM Smith Hodgkinson.

CONTACT:  SHM SMITH HODGKINSON
          Phone: +44 (0) 20 7626 7300 (London office)
          E-mail: auctions@shm-group.com
          Home Page: http://www.shm-group.com


REGUS PLC: Creates New Holding Company
--------------------------------------
Regus Group plc announces that the Court has sanctioned the
Scheme of Arrangement of Regus plc, whereby Regus Group plc is to
be established as a new holding company for the group, and that
the Scheme has on Monday become effective.

It was [then] expected that shares in Regus Group plc will be
admitted to the Official List of the U.K. Listing Authority and
that trading will commence on the London Stock Exchange market
for listed securities at 8.00 a.m. on December 1, 2003.

It is expected that distribution of nil paid rights in connection
with the forthcoming Rights Issue of Regus Group plc will
commence on December 4, 2003 and that admission of the new Regus
Group plc shares to the Official List of the U.K. Listing
Authority, nil paid, will become effective and that trading on
the London Stock Exchange in the new Regus Group plc shares, nil
paid, will commence at 8.00 a.m. on December 5, 2003.

CONTACT:  REGUS GROUP PLC
          Stephen Jolly, Group Communications Director
          Phone: 01932 895138

          KBC PEEL HUNT LTD.
          David Davies/Julian Blunt
          Phone: 020 7418 8900

          FINANCIAL DYNAMICS
          Richard Mountain/David Yates
          Phone: 020 7269 7291


ROOM SERVICE: Issues Shares to Chiddingfold in Exchange for Loan
----------------------------------------------------------------
In the preliminary announcement of the results for the year
December 31, 2002, it was announced that Chiddingfold Investments
Limited had acquired GBP119,760 of the Company's debts from a
third party, leaving a further GBP96,740 of the Company's debts
outstanding.

It was also announced that the directors of the Company had
agreed with Chiddingfold that Chiddingfold would enter into
arrangements to make a loan of GBP100,000 to Room Service,
convertible into new ordinary shares at 1p per share, following
the implementation of the proposed capital reconstruction which
was approved at the annual general meeting of the Company held on
October 20, 2003.  The Directors have been advised that the sole
director and shareholder of Chiddingfold is Mr. Peter Abbey.

The Company now announces that it has issued 19.5 million new
ordinary shares to Chiddingfold and its associates, conditional
upon admission to AIM, at 1p per share, to raise GBP195,000 for
the Company.  The Placing Shares will not rank for the open offer
described below.  Nicolas Greenstone and Raymond Harris,
respectively the chairman and a director of the Company have each
subscribed for 500,000 new ordinary shares, equivalent to 1.6%
each of the share capital of the Company as enlarged by the
Placing and the Debt Conversion referred to below.

The Directors believe that the Company's working capital
requirement is best met by an equity issue and, therefore, the
Placing, which replaces the previously announced proposed loan
from Chiddingfold, will enable the Company to pay its remaining
creditors, other than Chiddingfold, and to retain a margin of
additional funds for working capital and for evaluating potential
acquisitions.  To extinguish the majority of the Chiddingfold
Debt, the Company has issued 10.5 million new ordinary shares to
Chiddingfold, also at 1p per share, conditional upon admission to
AIM.  This is the maximum issue of new ordinary shares for cash
permitted under the authority granted at the recent annual
general meeting and leaves GBP 14,760 outstanding, to be settled
by the issue of 1,476,000 new ordinary shares at 1p per share.

As a result of the Placing and the Debt Conversion, Chiddingfold
and its associates hold 80.98% of the Company's issued share
capital as enlarged by the Placing and the Debt Conversion and,
accordingly, Chiddingfold and its associates have incurred an
obligation under Rule 9 of the City Code on Takeovers and Mergers
to make a general offer for Room Service at 1p per share.  The
outstanding 1,476,000 shares due to Chiddingfold in respect of
the Debt Conversion as set out above will not be issued until
such time as their issue would not impose any further obligation
on Chiddingfold under Rule 9 of the City Code.

The Directors wish to offer existing shareholders the opportunity
to participate in the overall refinancing of the Company at the
same price as the Placing and the Debt Conversion.  Accordingly,
shareholders will be invited to subscribe for new ordinary shares
by way of an open offer of 12,422,500 new ordinary shares on the
basis of ten new ordinary shares for each existing ordinary share
held at a price of 1p per new ordinary share.  The Open Offer
will not be underwritten. Chiddingfold has agreed to underwrite
the costs of the Open Offer to the extent that the proceeds
raised are insufficient to do so.  The necessary documentation
will be sent to shareholders as soon as practicable; it is
intended that this should be within one month.  In any event, the
prospectus will not be sent to shareholders until such date as
will ensure that the Rule 9 offer closes at least one week before
the final day for subscription under the Open Offer.

The documentation will contain a detailed timetable.  This will
state that the record date for the Open Offer was Tuesday's date
and the ex-entitlement date for the Open Offer will be the date
of restoration of trading in the Company's shares on AIM, which
is expected to be December 5, 2003.  Accordingly, when trading is
restored, the Company's ordinary shares will be 'ex-entitlement'.

For arranging the Placing and the Debt Conversion and
underwriting the costs of the Open Offer, the Company has agreed
to pay Libra Investments Limited, an associate of Chiddingfold, a
fee of GBP 10,000 and a commission of 3.2% of the amount equal to
the aggregate of the gross proceeds of the Placing and the value
of the Debt Conversion, to be satisfied by the issue of 2,000,000
new ordinary shares at 1p per share, which will be settled at
such time as their issue would not impose any obligation on Libra
under Rule 9 of the City Code.  The Directors have also been
advised that the sole director and shareholder of Libra is Mr.
Peter Abbey.

The Placing Shares and the Debt Conversion Shares have been
issued pursuant to the authority granted at the annual general
meeting held on October 20, 2003 and an application will be made
for them to be admitted to trading on the Alternative Investment
Market.

Gerald Gold, as the independent director, considers, having
consulted with the Company's nominated adviser, John East &
Partners Limited, that the terms of the Placing, the Open Offer,
the Debt Conversion and the Libra Fee, taken together, are fair
and reasonable as far as the shareholders of the Company are
concerned.

Restoration of trading in the Company's ordinary shares on AIM
and trading in the Placing Shares and the Debt Conversion Shares
are expected to commence on 5th December 2003.

The change of name of the Company to Azure Holdings plc, which
was approved at the recent Annual General Meeting has now become
effective.

CONTACT:  AZURE HOLDINGS PLC
          Nicolas Greenstone (Chairman)
          Phone: 020 7723 8833

          JOHN EAST & PARTNERS LIMITED
          John East/David Worlidge/Simon Clements
          Phone: 020 7628 2200


SYNSTAR PLC: Talk Over French Unit Sale Enters Homestretch
----------------------------------------------------------
Synstar Plc's loss-making French division could be offloaded
soon, according to the Financial Times.  The IT services and
disaster recovery business admitted recently that negotiations
for the disposal of the business have already reached an advanced
stage.

Chairman John Leighfield said in a statement that all attempts to
bring operations in France into profit has been defied by a
combination of lack of critical mass and the inherent
inflexibility of the French business environment.  He said,
"[the] Board believes strongly that the action (disposal) is
needed in the face of the inexorable pressure of reducing margins
in maintenance business."

"The disposal of this business will represent a firm resolution
of a difficult problem and leave in place a partner with whom we
can continue to develop our international customer
relationships," Chief Executive Steve Vaughan added.


WEMBLEY PLC: Local Tribe Opposed to Greyhound Racing Fixtures
-------------------------------------------------------------
Troubled gaming club Wembley Plc is to come under fire from
Narragansett, the native American tribe opposed to the approval
of greyhound racing fixtures of the company.

According to the Financials Times, representatives of the tribe
plan to apply pressure not to allow the firm to build a bigger
gaming and racing complex during a public hearing in Providence,
Rhode Island.  It is noted that while dog racing in Rhode Island
represents a small proportion of Wembley's overall turnover, it
must hold the license to be able to operate the gambling machines
that make the bulk of profits.


                            *********


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

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