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RES 12 JJ** Jm U AC ,..s^ -Ha 10 — Ps; 7C 1^3 d ' . 5; 15 1986 No. 29,929 Thursday May D 8523 B ^summary Sperry in Gorbachev plea NatWest makes buy-back BCal set I first i^fges defence to for nuclear rank- UK to reduce lut in £714m call to fund chief stave off ve the to talk payroll warning system ms of :* : cash Burroughs ng is BY PATRICK COCKBURN IN MOSCOW with with global expansion Swiss Opec by 10% By Terry Dodsworth and ranch Paul Taylor in New York MIKHAIL GORBACHEV, the of Soviet Union’s handlin third, at MR sult the g Norarajris urging the UK to join BIUTISH Caledonian Airways will BY DAVID LASCEUJES, BANKING CORRESPONDENT, IN LONDON SPERRY, the US computer and de- Soviet leader, last night ended his of the accident. [)utch itm a sensible dialogue" with Opee today announce plans which ex- fence electronics group, yesterday 18 days of silence over the Cherno- The Soviet leader gave more de- on cooperation are aimed at strength- broke silence hit back byl nuclear with an appeal origins of the disas- pected to involve a cut of about 10 the The issue is being handled by a 10-day to at disaster tails about the s the ening ofl prices. NATIONAL Westminster Bank, hostile S7D-a-share for a new international early-warn- said it started with a sudden per cent in the payroll costs of the UK's largest clearing tSOOi County Bank, NatWest’s merchant Burroughs' ter. He lowly “1-Mrs Gro bank, yester- Harlem Brundtland, the takeover pill ing system for nuclear accidents. of power during maintenance engi- airline. Union leaders fear this ’Ortfinary subsidiary winch its bid with a poison de- surge s Prime Minister, day set a British record for rights n banking has has given notice and of could mean substantial redundan- fensive counter tender offer for its work which produced steam edian issues with a call on its sharehol- . Shtare Iradex _ own stockbroking and jobbing busi- This initiative was linked with a her new Labour Government's wil- explosion. foe cies among the 9,079 employees. ders for CT14ra (Sl.OSbn) ness. own shares. renewal both of the Soviet morato- hydrogen, leading to an lingness to which it collaborate with Opec. York-based group re- does Page 14 plans to use to finance its global ex- The circular made dear that Nut- The New rium on nuclear testing until Au- He said the Soviet Union had In London, ; foe the Department of 1400 jected Burroughs' S=.06bn hostile un- WALL pansion. West was seeking the new funds to gust 6 and of his offer to meet Presi- reacted quickly to deal with an >ther Energy said the British Govern- STREET: The Dow Jones in- takeover bid as wholly inadequate The announcement shook the finance its ambitious plans for ex- dent Ronald Reagan, either in a Eu- precedented situation and he dis- 2ring ment did not envisage any change dustrial average dosed 22.94 up at London stock market, which has pansion in the world capital mar- and set up a novel defence that ropean capital or in Hiroshima, to closed that a special group in in its. policy of not 1,808.28. Page 36 hree- interfering with S would saddle Burroughs with an ad- absorbed a large volume of rights kets and to meet bank supervisors' agree a ban on nuclear weapons charge of foe situation at Chernobyl as rates of output in the UK sector of LONDON: Equities were stunned issues in recent weeks, and led to a requirements for stronger capital ditional S2.36bn in debt if its bid for tests. had been set up under Mr Nikolai el. the North Sea. Page 14 1300 i by NatWest's the rival computer group suc- hugh cash call while sharp seD-off in shares. backing. On Chernobyl, Mr Gorbachev Ryzhkov, the Prime Minister. He 2 gilts rose. The FT Ordinary share The FT Ordinary Index lost 2\2 f ceeded. also mentioned by name two work- at! - Mr Charles Green, group general told the Soviet people: “We can now E KobJ fights back index shed 21.2 to 1,320.0 and In heavy early trading yesterday, at the plant had died and the points on the day to dose at 1,320.0. in charge of financial con- is behind us." He ers who manager 5‘* say the worst net more broadly based FT-SE 100 lost Some points of the decline Sperry's shares gained to S73¥t said the present death toll was nine, Chancellor Helmut Kohl, West Ger- 4.9 was trol. denied market rumours that called the accident a 'misfortune.” 1 hpxy 29 to “ accounted for by NatWest itself. It 120O after the Sperry announcement with299injured.au of whom were £?' ^ NatWest was planning to outhid saying that “for the first time ever £ first Shares in Burroughs, the Detroit- receiving expert medical attention. initiative in Bonn after ^ became the bank constituent 1986 Lloyds Bonk with its Cl^bn take- encountered in reality such a a week we ^ of TOKYO: Stocks were forced lower based computer group, gained 50 speech, together Cabinet in-fighting of the index two years ago. Its over offer for Standard Chartered sinister force as nuclear energy Mr Gorbachev’s 8AM and opposition by further concern over value the of fell make it more readily saleable and cents to S5SHi. for Western ambas- successes in shares 85p to dose at 770p and Bank. "If that case, escaped control ...” with a briefing 8,113 the wake of the Chern- the yen. The Nikkei was the we that has average lost other bank shares also weakened. enable NatWest to save approxi- The share price gains appeared sadors on Tuesday from Mr Boris 3.743 obyl disaster. Page 2 would have had to state it in the cir- strongly attacked foreign gov- 38.51 to 15,943.75. Page 36 mately £15m to CIBra in underwrit- to indicate that Wall Street inves- He The broader based FT-Actuaries cular," he said. However, he said Shcherbina, the head of the com- tors and arbitrageurs believe that ernments mid media who were us- TAB* :s*» jr.. DOLLAR fell in London to DM All-share index fell 1 per cent to ing expenses. It will bring the share mission investigating the accident, J NatWest would be making acquisi- mg Chernobyl “as proof that agree- 3,909 Dhaka paralysed (FFr price down closer to 500p. a level at Burroughs will eventually have to are aimed at assuring domestic and 2J85 (DM 2.196); FFr 6.9675 786.41. tions in the next year or two to AIM sweeten its current offer for control ment with the USSR is completely six-hour general 7.0); and SFr 1.8175 (SFr 1.8255); but Lord Boardman, NatWest’s chair- which, NatWest believes, it will at- foreign opinion that the Chernobyl A strike called by broaden the range of its interna- impossible” But he thanked by ~ tract more small shareholders. of the group. Burroughs is seeking Bangladesh opposition parties para- rose to Y16325 (Y162.8). On Bank of man, said of the issue: “We are one tional services. crisis is now over. L791 The shares will to acquire Sperry in an effort to name the American bone marrow lysed England figures the dollar’s index of the world's leading and most new qualify for Mr Shcherbina assured the am- 064 Dhaka in protest at alleged rights sec- specialists. Dr Robert Gale and Dr the interim dividend, which Nat- The issue is NatWest’s create a much larger mainframe bassadors that the danger of radi- *J9S4 baflot-rigging in last week's rose to 113.7 from 1119. Page 29 profitable banks. We intend to re- genial ond in less than two years and able Paul Terisaki, for their help in op- tain this position in the face of West forecast yesterday would be computer group more to com- oactive substances being spread as election. Page 4 in- r STERLING gained % cent in Lon- brings to Gbn the amount of capi- erating on Chernobyl victims in ,008 tense competition in the financial 6.79p a share, an increase of 10 per pete with IBM. the market leader. a result of foe explosion had been don to dose at S1.5395. It also rose Moscow hospitals. 1,999 cent on last year's tal the group has raised in that peri- However, Mr Gerald Probst, markets from both east and west. interim. In a cir- much reduced by “a stable high- •,999 Indonesian rockets to Y25L5 (Y249.75); but fell to DM od, including two issues of perpetu- Sperry's chairman, described the Both our national economy and our cular to shareholders, NatWest also The renewal of the Soviet nuclear pressure zone over foe European 3.365 (DM 3-37); FFr 10.7275 (FFr al debt on the Euromarkets. At the bid yesterday as “a two-tiered, Crude home-made rockets were shareholders' interests will, in my said that the fall in the oil price and test ban, dropped for lack of US re- part of foe country.” There were <.72* -* Cj 10.7425) and SFr 2.7975 (SFr 2.8).