IN BRIEF (Page 17)

Homebuilders rise

Barratt Developments Plc and other UK homebuilders rose in London trading after the Sunday Telegraph reported a group of Britain's biggest institutional investors is working on plans to raise direct funding for the homebuilding industry in an attempt to avoid rights offers.

Barratt, the UK's second-largest homebuilder by volume, rose as much as 19 percent to 103.25 pence, and changed hands at 102.5 pence as of 9:41 am local time. Taylor Wimpey Plc rose as much as 13 percent, and was up 10 percent at 77.75 pence. Redrow Plc and Persimmon Plc both rose as much as 7.3 percent.

Reliance seeks loan

Reliance Industries Ltd, India's biggest company, is seeking to borrow $1 billion to fund its expansion projects, three people with knowledge of the deal said.

The company may hire banks to arrange the five-year loan in the next couple of weeks, said the people, who declined to be identified because the information isn't public.

'Don't pursue other deals'

InBev NV, which is seeking to take over Budweiser maker Anheuser-Busch Cos for $46.3 billion, told the US beermaker not to pursue other transactions following reports it approached a Mexican affiliate to thwart the unsolicited bid.

"It is our strong belief that no alternative transaction that you could effectuate would create more value for your shareholders," Carlos Brito, chief executive officer of the Leuven, Belgium-based brewer, said in a letter yesterday to Anheuser-Busch CEO August A. Busch IV.

GDF Suez confirms target

GDF Suez, slated to become the world's third-largest utility through a merger of Gaz de France SA and Suez SA, reiterated its target of generating operating profit of about 17 billion euros by 2010.

Investment will be 10 billion euros a year for the 2008 to 2010 period, the companies said in a joint statement yesterday. They are also targeting 1 billion euros in operational savings and other synergies per year by 2013.

Agencies

(China Daily 06/17/2008 page17)