Wednesday Papers: Vodafone sells China Mobile stake for £4.3bn - bid news and gossip

Financial Times

* Vodafone is selling its 3.2% shareholding in China Mobile for £4.3bn; the UK mobile phone group said that 70% of the proceeds from the sale would be returned to shareholders in the form of a share buyback.

* Private equity group Terra Firma has traded verbal blows with US lender Citigroup after mediation talks collapsed, setting the stage for an acrimonious battle over who is to blame for the £4bn takeover of music group EMI.

* Martin Sullivan, who was ousted as AIG chief executive just three months before the world’s largest insurer was rescued by the US government, has bagged a leading executive role at Willis Group.

* The World Bank has backed the practice of countries selling large tracts of agricultural land to overseas investors.

The Daily Telegraph

* George Soros, the billionaire financier, is giving $100m to a human rights organisation in one of the largest acts of philanthropy so far this year.

The Guardian

* Ex-Channel 4 boss Andy Duncan luxury car dealer HR Owen as chief executive.

* Jeremy Darroch, the BSkyB chief executive, was given a 15% pay rise in 2009 and his total remuneration package was £2.68m, including a £1.7m bonus.

* Ocado chief Tim Steiner shrugs off dismal share price performance.

* Connaught appoints administrators after failing to secure new funding.