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Thursday Papers: M&B agrees asset swap with Whitbread -- bid news and gossip

HBOS underwriters havve successfully placed most of unwanted stock and BT launches replacement bond issue.

 * Mitchells and Butlers to exchange 20 of its Express by Holiday Inns for 40 pub restaurants owned by Whitbread, in a straight asset swap

 * HBOS underwriters have successfully unloaded most of the £3.64 billion of unwanted stock from the rights issue

 * Cadbury ponders Australian drinks sale

 * BT launches £3.4 billion replacement bond issue for internal finance

 * HSBC to receive $11 million cash to transfer merchant business into joint venture

 * Extra complication may stall EDF-British Energy bid

 * SVTC Technologies trumps Odyssey bid with 120p-a-share cash offer for EAG

 * Spectrum Interactive to place German unit into administration

 * Service Power raises £5 million by placing 100 million shares; to move to AIM

 * Pan Pacific raises additional £523,000 via placing at a penny

 * Rock Well Petroleum to postpone London Initial Public Offering

 * White Star Property considers wind-up if no acquisition is made over next year

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