Morning Eyecatchers: Friends cool on Flowers bid

Friends Provident says Flowers bid does not represent a basis for discussion.

 * Friends Provident confirms receiving JC Flowers bid proposal worth 150p-a-share; proposal significantly undervalues company and does not represent a basis for discussion

 * Cairn Energy reaffirms first Mangala oil on track for second-half 2009; pipeline construction to commence on site in second-half 2008; latest India field development plan assume 175,000 boepd peak; Rajasthan small, tight fields protential 1.7 boe in place; full-year net profit $1.53 billion including Cairn India IPO gain; pipeline work to proceed regardless of government talks outcome

 * AstraZeneca  to stop Crestor Jupiter clinical study early

 * Capita Group acquires Lancaster Insurance Services for about £16.5 million

 * BT Group wins £62 million outsourcing contract from KPMG

 * Man Group buys 50% of fund manager Ore Hill; Ore Hoill to take 50% stake in its European credit unit ; consideration $195 million cash and $40 million Man hares

 * Hornby demand remained good in second half; 2008 sales hit by shipments delay; still sees ahead of year ago; sees 2008 pre-tax profit £8.75 million to £9 million vs £7.7 million; enters new year in good shape; confident on future

 * Wincanton strong first-half performance continues into second half; sees full-year results in line with its expectations

 * Thus Group full-year trading in loine with internal expectations and guidance; sees full year revenue up over 6% to at least £565 million; sees full year ebitda up over 30% to at least £56 million; extnds contract with Thresher Group