IN BRIEF (Page 16)

Stolichnaya takeover

Pernod Ricard SA is close to buying the Stolichnaya vodka brand from Russia's SPI Group for 1 billion pounds, the Financial Mail reported, without citing anyone.

Pernod, which already distributes Stolichnaya outside Russia, hopes to complete the purchase by May, the newspaper said. The company is being advised by JPMorgan Chase & Co, the Financial Mail reported.

Exports slip

Singapore's non-oil exports unexpectedly fell in November, dropping by 6 percent after seasonal adjustments from October, the biggest fall in seven months, data showed yesterday.

November's fall compared with market expectations for a 1.8 percent rise, and followed a revised 0.5 percent decline in October, on persistent weakness in tech exports.

Sluggish sales

US specialty apparel retailers have experienced slow sales growth over the first 20 days of the holiday shopping season, according to data released on Sunday by SpendingPulse.

The figures, from the retail data service of MasterCard Advisors, offer an early glimpse of how consumer spending is holding up this season, as consumers grapple with the US housing slump, rising food and fuel costs and tighter credit.

Slower growth

Hennes & Mauritz AB, Europe's second-largest clothing retailer, said sales growth slowed in November as mild weather curbed demand for coats and sweaters.

Revenue at outlets open at least a year rose 1 percent from the same month a year earlier, less than October's 3 percent growth, the Stockholm-based company said in a statement yesterday. Analysts estimated a gain of 1.8 percent on that basis. Total sales rose 14 percent, excluding currency rate swings.

Expansion endorsed

Rio Tinto Group, the world's third-largest mining company, approved the $991 million expansion of the Kestrel coal mine in Australia's Queensland state to meet rising demand from steelmakers.

The expansion will boost production to an average of 5.7 million metric tons a year of coal until 2031, from about 4 million tons now, London-based Rio said yesterday in a statement to the Australian Stock Exchange.

Tata leads the pack

India's Tata Motors Ltd is likely to be named in the next few days as the preferred bidder for Ford Motor Co's Land Rover and Jaguar units, the London-based Times reported, citing an unidentified person.

Other bidders include Mahindra & Mahindra Ltd, another Indian company, and One Equity Partners LLC, a US buyout firm, the newspaper said. Ford is likely to sell the units for as much as 1 billion pounds and may retain an equity interest, the Times said.

Offer snubbed

Gant Company AB shareholders with 55 percent of the stock rejected Maus Freres SA's offer because they consider the bid too low and would prefer to see the retailer of New England-style clothing remain a listed company.

Shareholders rejecting the offer include four of Gant's major master franchisees as well as the three founders of the Swedish company, including families and affiliates, the investors said yesterday.

Trane buyout

Ingersoll-Rand Co, the maker of Thermo King refrigerated trucks, agreed to buy Trane Inc for $10.1 billion in cash and stock to gain cooling-systems for transportation and buildings.

Ingersoll-Rand will pay $36.50 in cash and 0.23 of a share for Trane, the Bermuda-based company said. That values the Piscataway, New Jersey-based air-conditioner maker's shares at $47.81 based on Friday's closing price. Ingersoll-Rand will take on $150 million of debt.

Agencies-Bloomberg News

(China Daily 12/18/2007 page16)