Saturday Papers: Daimler and Rolls-Royce in new Tognum talks - tips, comment and bids

Financial Times

* Daimler and Rolls-Royce are in talks with Tognum’s management over a possible increase in their €3.2 billion offer for the German engine maker.

* Italy’s stock market regulator has give approval for French dairy company Lactalis to go ahead with a €3.4 billion takeover of Parmalat.

* Hawtai Motor of China said on Friday it was still hopeful of striking a deal to save Saab Automobile.

* A Danish pension fund has sold its shares in Lundbeck, in response to concerns that the pharmaceutical group has failed to restrict supplies of its drug to US prisons that use it to execute prisoners on death row.

The Lex Column

* Sports governance: a global shambles - Fifa and its fellow sporting organisations forget that credibility is an essential ingredient of the global popularity of the games they administer.

* Commodities: rally diving - there is speculation that this is the moment to signal an end to the rally in risky assets that has persisted since early 2009 – but it is too early to make that call.

* Telefónica: troubled Spanish steps - the Spanish telecoms company’s 9 per cent dividend yield is not a sign the shares are a bargain – it is a sign that management does not command the faith it once did.

* Apple’s cheaper iPhone - the bulk of the growth in the smartphone market over the next few years will be at the cheaper end, so Apple may need to develop a product that more people can afford.

* Yahoo / Alibaba: it’s not alright Ma - the disclosure that China’s Alibaba had offloaded a fast-growing online payment unit sent Yahoo’s shares down, depriving its chief executive of a $10 million payday.

The Times