C&C CONFIRMS FLOTATION - The drinks group C&C has announced plans to float on the Dublin and London stock markets over the coming months, probably in July.
It will be the biggest flotation on the stock market since the Eircom flotation.
The news is not a complete surprise as the company has made it clear over the past year that it wanted to go public.
Chief executive Maurice Pratt said the time was right for the company, as the market was looking for defensive stocks with strong growth prospects.
Pratt said C&C would use the funds raised in the flotation to reduce its large debt, built up mainly as a result of the 1999 buy-out of the company by BC Partners and management.
He added that a flotation would give the company more visibility in key markets, and would be helpful in 'recruiting and incentivising key staff'. The move could also enable C&C to make acquisitions.
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BIG DIGITAL HIT FOR GRANADA - Media group Granada has reported pre-tax losses of £169m sterling for the six months to the end of March following the collapse of the loss-making ITV Digital business, its joint venture with Carlton.
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CURRENCIES - The euro is trading at 93.6 US cents and 64p sterling.
