IRISH financiers John Magnier and JP McManus are being linked with a takeover bid for the British pub group, Mitchells & Butlers (M&B), which could value the business at more than £1.7 billion (€1.9bn).

Shares pressure in the retail sector weighed on the FTSE 100 Index today as a mixed session on Wall Street also hit stocks.

BRITISH pub group Mitchells & Butlers (M&B) – in which Irish financiers John Magnier and JP McManus have a sizable shareholding through their Elpida investment vehicle – has reported a 2% year-on-year increase in sales for the 12 months to the middle of September.

Strong gains in the retail sector helped London’s blue-chip share index return to positive territory during a buoyant final session of the week today.

The FTSE 100 Index plunged more than 2% today as investors headed for the exit following Germany’s shock move to prevent speculators betting against the eurozone.

THE main independent shareholders of British pub group Mitchells & Butlers (M&B) – specifically British financier Joe Lewis and Irish businessmen John Magnier and JP McManus – have succeeded in overthrowing the group’s board after months of hostility.

FINANCIERS John Magnier and JP McManus are to oppose the re-election of the board of directors of British pub group Mitchells & Butlers (M&B) at the company’s annual general meeting later today.

BRITISH pub operator Mitchells & Butlers (M&B) – in which Irish financiers John Magnier and JP McManus are significant shareholders – said trading has been strong since the start of its current financial year, at the end of September.

THE growing management/shareholder feud at Mitchells & Butlers (M&B), the high-profile British pub and restaurant chain owner, has moved up a gear with leading independent shareholder, Joe Lewis, denying any attempt to force control of the group’s board.

BRITISH pub operator Mitchells & Butlers (M&B) – in which Irish investors John Magnier and JP McManus have a combined 17.5% shareholding – has announced a series of planned changes to its board of directors.

MANAGEMENT at British pub and restaurant owner, Mitchells & Butlers (M&B) is preparing a submission to the British Panel on Takeovers and Mergers regarding what it sees as an attempt by some of the group’s largest shareholders to force control of its board.

The FTSE 100 Index finished the week above the 6000 mark today as the world's biggest bank gave a boost to the market.

Pub group Punch Taverns today called off all talks about a potential deal with rival Mitchells & Butlers.

Pubs and restaurants firm Mitchells & Butlers today said buoyant food sales were helping the group weather tougher trading conditions this year.

British Airways suffered share price misery today in the wake of the high-profile problems hitting the opening of Heathrow’s Terminal 5.

The London market struggled to make headway today as blue chips gave back earlier gains after a poor opening on Wall Street.

The London market remained in positive territory today as takeover rumours cheered trading.

ONE of Britain’s largest pub operators, Punch Taverns, is understood to have made an offer for its troubled rival Mitchells & Butlers, it was reported yesterday.

A shares rebound from embattled mortgage specialist Alliance & Leicester helped the London market bank a second day of gains today.

The FTSE 100 Index lost more than 1% today despite the emergence of a potential saviour for troubled mortgage lender Northern Rock.

Beleaguered mortgage lender Northern Rock’s shares soared nearly 30% on the FTSE today after a Virgin-led team was unveiled as the preferred choice to rescue the firm.

UK pubs giant Punch Taverns today poured cold water on speculation it was in talks over a £5bn (€7bn) merger deal with the owner of bar chain All Bar One.

All Bar One and Harvester owner Mitchells & Butlers today said costs linked to its shelved property deal had more than doubled amid the current credit crisis.

The London market closed deep in the red again today as poor payroll figures in the US knocked already fragile investor confidence.