IN BRIEF (Page 17)

UBS drops

UBS AG, Europe's biggest bank by assets, fell the most in more than nine years in Swiss trading after reports that the company may cut as many as 8,000 jobs, propose a new capital increase and sell businesses.

UBS fell 4.02 francs, or 14 percent, to 24.42 francs by 1:34 pm in Zurich. Credit-default swaps on UBS jumped 25 basis points to 235, according to Deutsche Bank AG.

Hellenic takeover

Deutsche Telekom AG, Europe's biggest telephone company, agreed to buy a 20 percent stake in Hellenic Telecommunications Organization SA for 2.5 billion euros, extending its reach to Greece and southeastern Europe.

Deutsche Telekom will pay 26 euros a share for the stake in Hellenic Telecom, according to a statement from the Bonn-based company.

British Energy talks

Nuclear power company British Energy Group Plc said yesterday that it was in talks which could lead to a business combination or an offer for the company.

"The board announces that the company is in discussions with interested parties in the context of its future and its plans to take a pivotal role in any new nuclear programme," British Energy said in a statement.

Russian acquisition

Pepsi Bottling Group Inc and PepsiCo Inc said yesterday they have agreed to acquire Sobol-Aqua JSC, a privately held Russian bottling company.

The companies said they will buy the entire Sobol enterprise through their joint venture in Russia, PR Beverages Ltd. The acquisition includes a production facility in Novosibirsk, Russia, that makes the Sobol brand and currently co-packs various Pepsi products.

Agencies

(China Daily 03/18/2008 page17)