IN SHORT: WPP, the world's third-largest advertiser, has moved to the fore in the contest for control of struggling UK advertising firm Cordiant.
Cordiant is likely to announce as early as today that it is in detailed discussions with WPP over a buyout, according to a source familiar with the situation. A Cordiant spokesman declined to comment. A WPP spokesman said the firm was "continuing due diligence in order to finalise our proposals to Cordiant". - (Reuters)
BT exceeds broadband target
More than one million homes and businesses have now been connected to BT's broadband high- speed internet network, the firm said yesterday. BT set itself the target of reaching one million wholesale connections by summer 2003 in February last year when it had only 145,000 connections.
Chief executive Mr Ben Verwaayen said: "In February last year I set the challenging target of one million DSL broadband connections by summer 2003. Well, we are there by early summer and it is a great achievement. - (PA)
Oracle bids $5.1bn for PeopleSoft
Oracle formally launched its unsolicited $5.1 billion bid for PeopleSoft yesterday, though merger and acquisition experts said it had little chance of succeeding with its first effort.
The all-cash bid seemed certain to be rejected by PeopleSoft's board, though the firm was keeping its official response under wraps until its directors reviewed the terms. Meanwhile, PeopleSoft's shares traded well above the offer price. - (Financial Times Service)
