Friday Papers: CD&R to buy Univar stake from CVC - bid news and gossip

Financial Times

* Clayton Dubilier & Rice, the US private equity group, is to buy a 42.5% stake in Univar, the chemicals distribution group, from CVC Capital Partners in a deal valuing the company at $4.2bn.

* Hewlett-Packard won the bidding battle for data storage company 3Par on Thursday after rival computer maker Dell balked at raising its offer again.

* Shinhan Bank has filed a complaint with Seoul authorities against the chief executive of Shinhan Financial Group alleging embezzlement and breach of trust.

* RBS is axing another 3,500 jobs as part of a process to rationalise its back-office operations.

* Stephen Couttie has resigned as chief executive of RAB Capital, the beleaguered hedge fund.

* Virginie Saade, former head of NYSE Arca Europe, has left the group and is set to join Getco.

* HSBC has given the clearest warning yet that British banks would move their headquarters abroad if the UK government-appointed Commission on Banking were to decide that big groups should be broken up.

* Investment banks are using far fewer lucrative “guaranteed” bonus packages to attract recruits, according to a closely watched industry report.

The Daily Telegraph