IN BRIEF (Page 17)

Merckle rescue in pipeline

VEM Vermoegensverwaltung GmbH, the investment company owned by Germany's billionaire Merckle family, said a group of banks signed an agreement to freeze claims, paving the way for a rescue plan to be implemented in early January.

The so-called standstill agreement is a "further step toward a positive outcome" in negotiations with lenders, Dresden-based VEM said in an e-mailed statement late yesterday. The Merckles have been negotiating for more than two months with a group of more than 30 banks led by Commerzbank AG, Deutsche Bank AG, Royal Bank of Scotland Group Plc and Landesbank Baden-Wuerttemberg.