Luminar looks for 3D tie-up

NIGHTCLUB operator Luminar wants to merge Regent Inns with 3D Entertainment, the bar group in which Luminar holds a 49% stake.

Although Luminar denied it had made a takeover approach to Regent, it said: “It is disappointing to note that Regent Inns has always declined to enter discussions with 3DE.”

Regent, owner of the Walkabout bar chain, does not believe that a deal would make sense, as it would give it greater exposure to tough high-street trading.

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Investors cut hedges

THE amount invested in hedge funds fell 79% in the second quarter from a year earlier.

Pension funds, endowments and wealthy individuals added only $29 billion (£14.5 billion) in new money to hedge funds in the first six months of 2008 compared to $118 billion last year, according to the industry data provider Hedge Fund Research.

Some 679 funds have been dissolved this year, although there have been almost 1,000 launches.

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Crossrail go-ahead

THE £16 billion Crossrail project is expected to get the final green light this week when the bill approving its construction receives royal assent in parliament.

The sign-off will allow the promoters of the line to start work on the raft of compulsory purchase orders that are necessary before building work can begin.

Crossrail is a new line that will run east to west across the capital, with the first trains running in 2017.

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US move for Fiesta

FORD is this week expected to accelerate plans to build some of its European models in America.

The shift is designed to match the retreat by US consumer from buying big, thirsty models in favour of more fuel-efficient vehicles.

The Detroit-based carmaker has already announced that it will build its new European-design Fiesta small car in the US, and is likely to move the new mid-sized Focus there.

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Sale suspended for Myla

THE upmarket lingerie brand Myla has cancelled plans for a sale and instead raised £2.7m to finance continued expansion.

The group, which had been up for sale since December, has raised the fresh funds from existing shareholders and a new private investor.

Its backers will be buoyed by recent trading. Despite the economic gloom, like-for-like sales were ahead 34% for the 40 weeks to July 5.

The Sunday Times revealed in December that Myla had received approaches after the sale of rival brand Agent Provocateur to 3i, the private-equity firm. Analysts estimate Myla is worth £20m to £25m.

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Shareholders shun Barclays’ cash call

19%
The percentage take-up by Barclays shareholders of its £4.5 billion offering at 282p a share. The shares rose more than 10% on Friday to close at 320½p.

6%
The percentage of Barclays shares now owned by the Qatar Investment Authority, which has become the bank’s biggest single shareholder.