Financial Times , 1986, UK, English
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SI tata . fics. 15 PMTgnes . fc 23 00 No. 29,888 Tuesday March 25 1986 D 8523 B Oil prices slide carbide’s Elders tries to US says Du Pont Bhopal a offer block release £r°?is Libya and BT as Opec fails to '•-4 ‘‘r rejected S, on in optics of bid details its jets venture agree on output BY MARTIN DICKSON IN LONDON ELDERS IXL, the Australian brew- it that disclosure was necessary on and WBDam Hall In New York ing-to-agri culture group, is taking grounds of “natural justice'’ and for US ships and jet fighters conducted BRITISH Telecom and Du Pont of BY RICHARD JOHNS IN GENEVA AND MAX WILKINSON IN LONDON legal action in an attempt to block a the Commission to fulfil its statuto- fresh manoeuvres off the coast of the US plan to invest about £100m THE INDIAN Government yester- proposal by Britain's Monopolies ry duty. Libya yesterday, intercepting at (S150m) CRUDE OIL prices fell steeply in with a $2^4 fall in the price of crude which the yen has risen. During day rejected as Inadequate" and and Mergers Commission to hand However, the Australian compa- . during the next lour years the » put 19 New York yesterday as day the dollar totally unacceptable” W least Libyan reconnaissance air- in a UK-based joint venture to Europe and for May deliveiy to $11 a barrel made up over Y3 to "therefore the over detailed financial information ny said that giving this information ;w£?JS craft, as Soviet ships watched, US mass-produce advanced optoelec- the meeting of Opec oil ministers Prices later recovered somewhat close at Y178.85. It also rose to DM $350zn settlement proposed by on its bid for Allied Lyons to foe UK to Allied some three or more having failed nine for vic- posi- . Navy officials said. tronic equipment for telecommuni- broke up, during as traders speculated whether the 2^865, 4% pfennigs higher thaw Fri- Union Carbide of foe US the food and drinks group. months before it would be in a The Saratoga, one of three air- cations networks. Page 20 days of exhaustive discussion to Libyan attack on US fighter aircraft day’s dose. tims of the Bhopal gas tragedy. Elders yesterday lodged an. appli- tion to launch a renewed bid would craft carriers among the more than agree any strategy to reduce out- might lead to a new Middle East cri- Changes in dimate during the The compensation has been nego- cation for a judicial review of the seriously prejudice its ability to B& WALL STREET: The Dow Jones in- 30 US ships in the area, came to put sis. However, the market remained coming months are expected to re- tiated between the company and proposal made by Sir Godfrey Le mount such an offer. »^"5 dustrial average dosed 1L37 up at within 150 miles of the disputed The failure of the Geneva meet- highly volatile and uneasy, with duce demand for Opec oil to around lawyers representing some of foe Quesne, chairman of foe Monopo- Elders claimed that it was “en- Gulf of SLrte. 1,782.93. Page 46 ing left deep and unresolved differ- sentiment “generally negative," 14m or 15m barrels a (b/d) plaintiffs, but New Delhi empha- lies Commission, which is investi- tirely unprecedented in any major r day com- SSftj In Washington; defence officials ences, which were exacerbated by traders said. pared with present output of sised that there could not be any gating the £1.8bn (S2.7bn) bid for financial centre in the world that a TOKYO turned lower in light sell- said Libyan forces had fired at least the bitter Gulf war between Iraq Mr Peter Beutel, assistant direc- around 17m b/d. But although the settlement "without agreement of Allied which Elders launched in prospective bidder should be re- ing after tighter controls on margin anti-aircraft missiles at jets and Iran. The ministers agreed to tor of Rudolf Wolff Futures, said: T ministers generally reco the Government of India." An Act of October. quired to disclose his plans to the two US trading. gnised the The Nikkei market average Indian "indo during the manoeuvres. Earlier meet again on April 15 and to at- have never seen a fall this big. At need to reduce production if they the Parliament has The takeover was referrred to the target company many months in dosed 37.36 lower at 14,875.23. report. Page 5 tempt further discussions with non- the opening, buyers just ran away.” were to have any hope the Government the sole represen- commission — and thus formally advance in order that the target Page 46 of arresting member producers about their com- In Europe the price of North Sea the recent slide in oil tative of the gas victims. lapsed - because of UK government company may comment on them.” k®**SE prices they Extradition sought mon predicament crude fell about 52 a barrel on the failed to get near any agreement . "The Governments position in concern over the way it was fi- It also claimed that it was unprece- However, although some Opec Brent spot market before recov- about how to share this regard is that it will only settle nanced. Elders, which is about a dented for a central part of a Mon- ‘-^6 Lonckm has sent to Dublin nine the cuts. ft** ministers were refusing to admit ering somewhat, with Brent crude After the for an amount that will fully and quarter foe size of Allied, was rely- opolies Commission submission to new warrants seeking the extradi- meeting in Geneva FT Ordinary *W defeat one senior oil company ex- for May delivery trading at around 7jtin fiwidi fairly compensate all foe victims. ing on a consortium of international be disclosed by the commission to tion of Evelyn Glenholmes al- Sheikh Ahmed Yamani, for woo - ^WEdltfr Share Index A ecutive commented: They messed $ 12 . Needless to say, any settlement banks for £1.2bn of lending. the other party. leged Irish Republican Army (IRA) Oil Minister, said thatrtbe Kingdom it up completely. They weren't even News of the Opec meeting’s col- not - which is at variance with this will The Australian company qairi However, an official of Britain’s terrorist offences. A Dublin court had renounced its policy for- y*szi get a face-saving agreement not be acceptable to the Governr Department of Trade and Industry heed Miss Glenholmes on Saturday able to lapse pushed sterling down again mally adopted by Opec in Decem- yesterday that Sir Godfrey wanted that might have kept the price up after it had opened sharply higher ber - of giving priority to recov- ment,” said a statement issued by to give Allied that section of its sub- said last night that Elders could 1 because of errors in previous war- for a little while. They may not even yesterday morning. Against the D- India's Department of Chemicala mission to him dealing with its fu- have no knowledge of past actions is, *! rants. Page 10 ering market share for producers of ?..h Wp, bother to meet on the 15th; they are Mark it gave up most of a 7 pfen- the 13-member organisation rather The department accused Union ture fiTiftTif«ing plans arid bid tartire by foe commission, since these BL policy move so far apart" nigs gain to close in fomdon at DM than maintaining prices. This was Carbide of "taking every possible This included full details of how El- were confidential. The official also Their failure to agree a credible 3.4050. The of trade step to ensure that the case is set- ders intended to formulate and fi- it unprece- g* the Bank England's the “only practical approach" for pointed out font was ^1 UK Trade Secretary Paul Channon as*; plan for limiting oil production left weighted index opened a frill point Opec, he said. tied for a very low amount The, nance any renewed bid and set out dented for a bid to be referred to 3rt ad win today attempt to. clarify to MPs an expectation among traders yes- higher at 765. but dosed at 75J). the present move is part of this' the effects of such an offer at a the commission on financial the Government’s future policy on Continued on Page 20 terday that prices wiQ continue to same level as on Friday. specified price. grounds and it was only reasonable BL. This follows the collapse of below Indian Government is ex- rCre? be weak and may foil well The pound lost 2W cents to end in IMF warning, Page 3; Lex The It also spelt out how Elders that foe defending company should comiiin,, talks with General Motors over the per barrel as the spring weather London at $1.4890 against the dol- Page 20; Egyptian oil pected to seek to have the proposed wouldrefinance foe two-year bans know what it was fighting.