Doulton takeover gains momentum

THE proposed takeover by Waterford Wedgwood of chinaware manufacturer Royal Doulton yesterday received a boost after the British competition watchdog said it would not stand in the way of the deal.

Shares in the troubled luxury goods group responded to the news by gaining 7%.

The Office of Fair Trade (OFT) told the stock exchange the proposed deal, which has yet to be agreed by the two parties or approved by shareholders, did not constitute “a relevant merger situation” under the terms of Britain’s Enterprise Act.