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BN 11/11 07:03 *SHIRE SAYS PURCHASE EXPANDS RARE DISEASE PORTFOLIO BN 11/11 07:03 *SHIRE SEES VIROPHARMA EXCELLENT STRATEGIC FIT BN 11/11 07:02 *SHIRE PURCHASE OF VIROPHARMA VALUED AT ABOUT $4.2 BLN BFW 11/11 07:02 *SHIRE TO BUY VIROPHARMA FOR TOTAL CONSIDERATION OF AROUND $4.2B BN 11/11 07:02 *SHIRE TO PURCHASE VIROPHARMA FOR $50/SHARE IN CASH BN 11/11 07:01 *SHIRE TO PURCHASE VIROPHARMA FOR $50/SHARE IN CASH BN 11/11 07:01 *SHIRE EARNINGS ADDING REV GROWTH-ENHANCING PURCHASE BN 11/11 07:00 *SHIRE SHIRE TO BUY VIROPHARMA

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SHIRE PLC: Shire to acquire ViroPharma 2013-11-11 07:00:23.423 GMT

Shire to acquire ViroPharma in strategic move to strengthen rare disease portfolio; will augment already strong growth prospects

Earnings accretive, revenue growth-enhancing acquisition

Dublin, Ireland and Exton, PA, US - November 11, 2013 - Shire plc (LSE: SHP, NASDAQ: SHPG) and ViroPharma Incorporated (NASDAQ: VPHM) today announce that their Boards of Directors have unanimously approved, and the companies have entered into, a merger agreement pursuant to which Shire will acquire all the outstanding shares of the rare disease company ViroPharma for $50 per share in cash, for a total consideration of approximately $4.2 billion. The $50 per share price in the transaction represents a 27% premium to ViroPharma's closing share price on Friday, November 8, 2013, the last trading day prior to announcement, and a 64% premium to ViroPharma's unaffected share price of $30.47 on September 12, 2013.

ViroPharma is a high growth, rare disease biopharmaceutical company, whose commercial product CINRYZE® (C1 esterase inhibitor [human]), is a leading brand for the prophylactic treatment of Hereditary Angioedema (HAE).

Shire transaction highlights

* Excellent strategic fit

* Expands rare disease portfolio which Shire is strategically committed to strengthen

* Adds CINRYZE, with growing sales in the prophylactic treatment of HAE, which complements Shire's FIRAZYR®(icatibant injection)

* Enhances Shire's short and long term revenue growth profile

* Expected annual cost synergies of approximately $150 million by 2015, over and above the improved operating leverage already being driven by the ongoing One Shire reorganization

* Immediately accretive to Shire's Non GAAP EPS following completion and enhances earnings growth profile

* Shire expects transaction to deliver ROIC in excess of its weighted average cost of capital

* Acquisition to be effected by a tender offer and funded from Shire's cash resources and existing and new bank facilities

* Conference call for investors today (details below)

Shire Chief Executive Officer, Flemming Ornskov MD comments:

"The acquisition of ViroPharma will immediately benefit Shire and is entirely consistent with our clear strategic objective of strengthening our rare disease portfolio. It brings us a new growth driving product which augments our already strong growth prospects.

Shire is uniquely positioned to drive the continued success of CINRYZE for the benefit of patients through our knowledge of the rare disease space, our international infrastructure and our biologics manufacturing expertise.

Shire is also excited by the prospect of being able to offer two complementary treatments, FIRAZYR for the treatment of acute HAE attacks and CINRYZE for prophylactic treatment of patients suffering from HAE. Shire's priority will be to ensure CINRYZE patients continue to enjoy high standards of service.

Shire has conducted a thorough and collaborative due diligence process over the last few months and, following completion of the transaction, the integration process will be focused on delivering value to all stakeholders. This acquisition is expected to create a $2 billion(1) rare disease revenue base and delivers further strong growth prospects."

Vincent J. Milano, ViroPharma's Chief Executive Officer stated:

"We are pleased to announce our merger with Shire, which like ViroPharma, is focused on developing products for patients suffering from rare diseases.

After thoroughly evaluating our strategic options we determined that this transaction is in the best interests of ViroPharma, our shareholders and our patients.

By joining with Shire, ViroPharma will become part of a larger, more diverse biopharmaceutical company and will benefit from Shire's innovation, scale and global reach. We will have access to resources to expand product distribution, giving us a platform to provide our crucial therapies, such as CINRYZE, to more patients than ever before. We look forward to working with Shire's team and to being part of an even stronger, more geographically diverse organization."

Further information on ViroPharma

ViroPharma is a leading rare disease company with CINRYZE, a high growth product for prophylactic treatment of HAE, as well as a number of other marketed products and a pipeline of product candidates in the rare disease space. ViroPharma generated total worldwide net revenues of $428 million in 2012. Total worldwide net revenues are forecast by ViroPharma to be in the range of $445 million to $465 million in 2013.

Further information on CINRYZE

In the United States, CINRYZE is indicated for routine prophylaxis against HAE attacks in adolescent and adult patients.

HAE is a rare genetic disease characterized by recurrent sudden attacks of swelling of the skin or the mucous membranes which can be disfiguring, painful and potentially life-threatening in the case of laryngeal attacks. Shire believes that of the approximately 8,000 patients in the U.S. with HAE, the disease is only actively managed in about 3,500 patients.

CINRYZE was approved with orphan drug designation in October 2008 and has grown rapidly since launch in 2009 to generate revenues of $321 million in the U.S. in 2012. On October 31, 2013, ViroPharma forecasted CINRYZE net revenues in North America in 2013 to be between $395 million and $405 million.

Shire believes there is a significant opportunity for future revenue growth, in both the U.S. and ex-U.S. markets, as new HAE patients are identified and treated and additional physicians gain experience with this important therapy. Current consensus estimates(1) for global CINRYZE sales forecast strong revenue growth in the coming years. CINRYZE has US orphan drug exclusivity which expires in 2015 and US biologics data exclusivity until 2020.

With CINRYZE in its portfolio, Shire will be able to offer broader outreach to HAE patients and a continuum of care alongside FIRAZYR.

Additional value from ViroPharma's other marketed products and pipeline

ViroPharma's portfolio of marketed products also includes PLENADREN® (hydrocortisone modified release) and BUCCOLAM® (midazolam oromucosal solution), both recently launched in major European countries. PLENADREN is a product for adrenal insufficiency in adults. BUCCOLAM treats prolonged seizures in infants, children and adolescents.

The acquisition also brings ViroPharma's pipeline products to Shire, including two phase 2 products being investigated for infectious diseases: Maribavir (for the treatment of cytomegalovirus infection in transplant patients) and VP20621 (for the prevention of recurrent Clostridium difficile infection). Also in the ViroPharma pipeline are VP-20629 for Friedreich's Ataxia, currently in phase 1, and an option to acquire Meritage Pharma, which is conducting phase 2 trials with oral budesonide for the treatment of eosinophilic esophagitis. ViroPharma has also sponsored or supported programs to examine potential new indications for CINRYZE in Autoimmune Hemolytic Anemia, Antibody-Mediated Rejection post renal transplantation and Neuromyelitis Optica.

Shire will review these programs as part of its regular pipeline review process to ensure that Shire's R&D resources are appropriately deployed to those projects that are both strategically relevant to Shire's commercial focus and have the greatest potential for success.

Financial benefit to Shire

Shire expects the addition of CINRYZE to its Rare Disease Business Unit to create a growing $2 billion revenue business(1) in 2014 which will represent approximately 40% of Shire's total product sales on a pro forma basis. The acquisition of ViroPharma is expected to enhance Shire's revenue growth profile in both the short and long term.

Related to the acquisition, Shire estimates that it will realize approximately $150 million of annual cost synergies across the business by 2015, over and above the improved operating leverage already being driven by the ongoing One Shire reorganization.

Following completion, Shire expects that the acquisition of ViroPharma will be accretive to Shire's Non GAAP EPS immediately and in the longer term. Shire also expects that the transaction will deliver ROIC in excess of its weighted average cost of capital.

Financing

Shire has secured a $2.6 billion fully underwritten short term bank facility, which, in addition to Shire's cash and cash equivalents and its existing $1.2 billion revolving credit facility, is available to finance the transaction, pay fees and expenses related to the transaction and repay Shire's existing $1.1 billion convertible bond at its maturity in May 2014 if required. Shire plans to refinance a portion of the short term bank facility through new debt issuances and the use of ViroPharma's cash and short term investments.

Share Buy-back program

Following the announcement of this transaction, Shire intends to terminate its share buyback program. Shire's Board of Directors will continue to review Shire's capital structure on an ongoing basis.

Closing

The acquisition is structured as an all cash tender offer for all the outstanding shares of ViroPharma common stock at a price of $50 per share followed by a merger in which each remaining untendered share of ViroPharma common stock would be converted into the same $50 cash per share consideration as in the tender offer.

Closing of the transaction is subject to customary conditions, including the tender of a majority of the outstanding ViroPharma shares and the receipt of regulatory clearances. Pending anti-trust authority clearances, it is anticipated that the transaction will close in the last quarter of 2013, the first quarter of 2014 or as soon as possible thereafter. The tender offer is not subject to a financing contingency.

Lazard and Morgan Stanley are acting as joint financial advisors to Shire. Goldman, Sachs & Co. is acting as financial advisor to ViroPharma. Davis Polk & Wardwell LLP is acting as legal advisor to Shire and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to ViroPharma.

Conference Call with Shire CEO and CFO

Live conference call for investors:

Flemming Ornskov, MD, Chief Executive Officer and Graham Hetherington, Chief Financial Officer will host the investor and analyst conference call today (Monday 11 November 2013) at 08:30am GMT/03:30am EST.

The details of the conference call are as follows:

UK dial in: 08082370030 or 02031394830

US dial in: 1 866 928 7517 or 1 718 873 9077

International Access Click here Numbers:

Password/Conf ID: 30849732#

Live Webcast: Register here for the live webcast

Replay:

A replay of the presentation will be available for two weeks by phone and by webcast for three months. The details of the replay are below:

Playback number: +44 (0)20 3426 2807

Playback UK toll free 0808 237 0026 number:

Password/Conf ID: 643242#

Webcast replay Click here

For further information please contact:

Investor Relations

For Shire: Eric Rojas erojas@shire.com +1 781 482 0999 Sarah Elton-Farr seltonfarr@shire.com +44 1256 894157

For ViroPharma: Robert A. Doody Robert.doody@viropharma.com +1 610 321 6290

Media

For Shire: Jessica Mann jmann@shire.com +44 1256 894 280 Gwen Fisher gfisher@shire.com +1 484 595 9836

For ViroPharma: Paul Caminiti caminiti@sardverb.com +1 212 687 8080 Robin Weinberg rweinberg@sardverb.com +1 212 687 8080 Michael Henson mhenson@sardverb.com +44 20 3178 8914

NOTES TO EDITORS

Shire enables people with life-altering conditions to lead better lives.

Shire's strategy is to focus on developing and marketing innovative specialty medicines to meet significant unmet patient needs.

Shire provides treatments in Neuroscience, Rare Diseases, Gastrointestinal, Internal Medicine and Regenerative Medicine and we are developing treatments for symptomatic conditions treated by specialist physicians in other targeted therapeutic areas.

www.shire.com

About Hereditary Angioedema

HAE is a rare genetic disease caused by low levels or a dysfunction of C1 esterase inhibitor (C1-INH). Reduced C1-INH activity can lead to elevated plasma levels of bradykinin, which is thought to be responsible for HAE symptoms.

HAE is characterized by recurrent sudden attacks of edema (swelling) of the skin (hands, arms, feet, legs, thighs, face, genitals) or the mucous membranes (gastrointestinal tract, larynx or voicebox). The swelling can be disfiguring and painful, especially in case of abdominal attacks. Laryngeal attacks are potentially life-threatening due to the risk of suffocation. Unlike angioedema caused by allergic reactions, signs and symptoms such as hives and itching do not occur in HAE. Signs and symptoms of HAE do not respond to standard treatments for allergic angioedema such as epinephrine, corticosteroids, and antihistamines.

About FIRAZYR

FIRAZYR is currently approved in 41 countries worldwide, including the countries of the European Union and the United States for the treatment of acute attacks of HAE in adults.

After injection training, patients may self-administer FIRAZYR. Most patients respond to a single dose of FIRAZYR. If response is inadequate or if symptoms recur, up to 2 additional doses may be administered within a 24 hour period at intervals of at least 6 hours.

Important Safety Information

Because laryngeal attacks may be fatal, patients with laryngeal symptoms should administer FIRAZYR and immediately seek medical attention. The most commonly reported adverse reactions were injection site reactions, which occurred in almost all patients (97%) in clinical trials. These most frequently included redness and swelling. Other common adverse reactions reported in at least 1% of patients included fever, transaminase increase, dizziness, and rash.

Full U.S. prescribing information for FIRAZYR is available at www.FIRAZYR.com. For more information about HAE visit www.haea.org. Prescribing information may differ between countries. Please consult your local prescribing information.

About ViroPharma

ViroPharma Incorporated is an international biopharmaceutical company committed to developing and commercializing novel solutions for physician specialists to address unmet medical needs of patients living with diseases that have few if any clinical therapeutic options.

ViroPharma is developing a portfolio of therapeutics for rare and Orphan diseases including C1 esterase inhibitor deficiency, cytomegalovirus (CMV), Friedreich's Ataxia, eosinophilic esophagitis (EoE) and adrenal insufficiency. ViroPharma's goal is to provide rewarding careers to employees, to create new standards of care in the way serious diseases are treated, and to build international partnerships with the patients, advocates, and health care professionals it serves. ViroPharma's commercial products address diseases including hereditary angioedema (HAE), seizures in children and adolescents, adrenal insufficiency and C. difficile-associated diarrhea (CDAD). For full U.S. prescribing information on ViroPharma's products, please download the package inserts at http://www.viropharma.com/Products.aspx; the prescribing information for other countries can be found at www.viropharma.com.

ViroPharma routinely posts information, including press releases, which may be important to investors in the investor relations and media sections of ViroPharma's web site, www.viropharma.com. ViroPharma encourages investors to consult these sections for more information on ViroPharma and its business.

About CINRYZE (C1 esterase inhibitor [human])

Cinryze is a highly purified, pasteurized and nanofiltered plasma-derived C1 esterase inhibitor product. In the U.S., Cinryze is approved by the FDA for routine prophylaxis against angioedema attacks in adolescent and adult patients with HAE. In the E.U., the product is approved by the EMA for the treatment and pre-procedure prevention of angioedema attacks in adults and adolescents with HAE, and routine prevention of angioedema attacks in adults and adolescents with severe and recurrent attacks of HAE, who are intolerant to or insufficiently protected by oral prevention treatments or patients who are inadequately managed with repeated acute treatment. Cinryze is for intravenous use only.

Severe hypersensitivity reactions to Cinryze may occur. Thrombotic events have occurred in patients receiving Cinryze, and in patients receiving off-label high dose C1 inhibitor therapy. Monitor patients with known risk factors for thrombotic events. With any blood or plasma derived product, there may be a risk of transmission of infectious agents, e.g. viruses and, theoretically, the CJD agent. The risk has been reduced by screening donors for prior exposure to certain virus infections and by manufacturing steps to reduce the risk of viral transmission including pasteurization and nanofiltration.

The most common adverse reactions in clinical trials associated with Cinryze were rash, headache, nausea, erythema, phlebitis and local reactions at the injection site. Adverse events of sinusitis and upper respiratory infection also were observed in clinical trials. No drug-related serious adverse events were reported in clinical trials.

Please visit http://www.viropharma.com/products/cinryze.aspx for the full U.S. Prescribing Information; the prescribing information for other countries can be found at www.viropharma.com.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This announcement is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell ViroPharma common stock. The offer to buy ViroPharma common stock will only be made pursuant to a tender offer statement (including the offer to purchase, letter of transmittal and other related tender offer materials). Investors and security holders are urged to read both the tender offer statement (which will be filed by Shire Pharmaceutical Holdings Ireland Limited (SPHIL) and a subsidiary of SPHIL with the U.S. Securities and Exchange Commission (SEC) and the solicitation/ recommendation statement on Schedule 14d-9 with respect to the tender offer (which will be filed by ViroPharma with the SEC) when they become available because they will contain important information, including the terms and conditions of the offer. Investors and security holders may obtain a free copy of these materials (when available) and other documents filed by SPHIL and ViroPharma with the SEC at the website maintained by the SEC at www.sec.gov. The tender offer statement and related materials, and the solicitation/ recommendation statement, may also be obtained (when available) for free by contacting Shire Investor Relations, at the contact information listed below. ViroPharma also will provide a copy of these materials without charge on its website at www.viropharma.com under the "Investors" section.

Copies of these materials and any documentation relating to the tender offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from any jurisdiction where to do so would be unlawful.

Footnotes

1. Based on the most recent consensus estimates compiled by Consensus Forecast Ltd, as of the date of this release, of combined net revenues for Elaprase, Firazyr, Replagal and VPRIV for the year ending December 31, 2013, available on Shire's website (http://www.shire.com/shireplc/en/investors/forecasts) and FactSet consensus forecasts (downloaded November 4, 2013) for ViroPharma and for the year ending December 31, 2014 for Shire.

SHIRE FORWARD - LOOKING STATEMENTS

Statements included in this announcement that are not historical facts are forward-looking statements. Forward-looking statements involve a number of risks and uncertainties and are subject to change at any time. In the event such risks or uncertainties materialize, Shire's results could be materially adversely affected. The risks and uncertainties include, but are not limited to, that:

 Shire's products may not be a commercial success;

 revenues from ADDERALL XR are subject to generic erosion;

 the failure to obtain and maintain reimbursement, or an adequate level of reimbursement, by third-party payors in a timely manner for Shire's products may impact future revenues and earnings;

 Shire relies on a single source for manufacture of certain of its products and a disruption to the supply chain for those products may result in Shire being unable to continue marketing or developing a product or may result in Shire being unable to do so on a commercially viable basis;

 Shire uses third party manufacturers to manufacture many of its products and is reliant upon third party contractors for certain goods and services, and any inability of these third party manufacturers to manufacture products, or any failure of these third party contractors to provide these goods and services, in each case in accordance with its respective contractual obligations, could adversely affect Shire's ability to manage its manufacturing processes or to operate its business;

 the development, approval and manufacturing of Shire's products is subject to extensive oversight by various regulatory agencies and regulatory approvals or interventions associated with changes to manufacturing sites, ingredients or manufacturing processes could lead to significant delays, increase in operating costs, lost product sales, an interruption of research activities or the delay of new product launches;

 the actions of certain customers could affect Shire 's ability to sell or market products profitably and fluctuations in buying or distribution patterns by such customers could adversely impact Shire's revenues, financial conditions or results of operations;

 investigations or enforcement action by regulatory authorities or law enforcement agencies relating to Shire's activities in the highly regulated markets in which it operates may result in the distraction of senior management, significant legal costs and the payment of substantial compensation or fines;

 Shire's proposed acquisition of ViroPharma may not be consummated due to the occurrence of an event, change or other circumstances that gives rise to the termination of the merger agreement;

 a governmental or regulatory approval required for the proposed acquisition of ViroPharma may not obtained, or may be obtained subject to conditions that are not anticipated, or another condition to the closing of the proposed acquisition may not be satisfied;

 ViroPharma may be unable to retain and hire key personnel and/or maintain its relationships with customers, suppliers and other business partners pending the consummation of the proposed acquisition by Shire, or ViroPharma's business may be disrupted by the proposed acquisition, including increased costs and diversion of management time and resources;

 difficulties in integrating ViroPharma into Shire may lead to the combined company not being able to realize the expected operating efficiencies, cost savings, revenue enhancements, synergies or other benefits at the time anticipated or at all;

and other risks and uncertainties detailed from time to time in Shire's or ViroPharma's filings with the U.S. Securities and Exchange Commission, including their respective most recent Annual Reports on Form 10-K.

VIROPHARMA FORWARD - LOOKING STATEMENTS

Statements contained or incorporated by reference in this document contain information that includes or is based on "forward-looking statements". These statements include statements regarding planned completion of the offer and the merger. We have tried, whenever possible, to identify such statements by words such as "believes," "expects," "anticipates," "intends," "estimates," "plan," "projected," "forecast," "will," "may" or similar expressions. Because these statements reflect our current views concerning future events and are based on a number of assumptions that could ultimately prove inaccurate, these forward-looking statements are subject to risks and uncertainties including, but not limited to: all elements of our financial guidance for 2013, our ability to continue to successfully commercialize our products in the United States and Europe, the timing and results of anticipated events in our clinical development programs, and our ability to identify and execute upon business development opportunities.

Our actual results may vary depending on a variety of factors, including:

* our ability to continue to identify and retain prophylaxis Cinryze patients in the United States and Europe at the rate we anticipate, the total number of potential prophylaxis Cinryze patients in the United States and Europe and our market share of HAE patients in the United States and Europe;

* the size of the market, future growth potential and market share for Buccolam and Plenadren in Europe;

* the availability of sufficient third party payer reimbursement for each of our products in the United States and Europe;

* fluctuations in wholesaler and SP order patterns and inventory levels;

* competition from the approval of products which are currently marketed for other indications by other companies or new pharmaceuticals and technological advances to treat the conditions addressed by Cinryze, Buccolam and Plenadren;

* changes in prescribing or procedural practices of physicians, including off-label prescribing of products competitive with Cinryze, Buccolam and Plenadren;

* manufacturing, supply or distribution interruptions, including but not limited to our ability to acquire adequate supplies of Cinryze and our other products in order to meet demand for each product;

* our ability to receive regulatory approval for the use of Cinryze for additional indications and routes of administration and in additional territories in the timeframes we anticipate or at all;

* the impact of healthcare reform legislation in the United States;

* actions by the FDA and EMA or other government regulatory agencies;

* the timing and results of anticipated events in our clinical development programs including studies with Cinryze subcutaneous formulations, Cinryze for antibody mediated rejection, and maribavir for treatment of CMV infections in transplant recipients; and

* whether we pursue regulatory approval of Plenadren in the United States.

Biologics such as Cinryze require processing steps that are more difficult than those required for most chemical pharmaceuticals, and as a result, Sanquin, our manufacturer of Cinryze has received observations on Form 483 and a warning letter which require us to continue to meet commitments made to the FDA related to various manufacturing issues. In the event Sanquin fails to meet these commitments, the FDA may take actions that limit our ability to manufacture Cinryze. In the event Sanquin is not able to manufacture the anticipated volume of product at the industrial scale as a result of either FDA requirements, batch failures, variability in batch yields, required maintenance or other causes, we may not be able to satisfy patient demand or build safety stock. Our inability to obtain adequate product supplies to satisfy our patient demand may create opportunities for our competitors and we will suffer a loss of potential future revenues.

Forward looking statements related to the transaction include: the timing of the filings and approvals relating to the transaction and the expected timing of the completion of the transaction; uncertainties as to the percentage of the ViroPharma's stockholders tendering their shares in the offer; the possibility that competing offers will be made; the possibility that various closing conditions for the transaction may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction or may approve the transaction with certain burdensome conditions that may result in a termination of the Merger Agreement; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, vendors and other business partners; the risk that stockholder litigation in connection with the transaction may result in significant costs of defense, indemnification and liability; and other risks and uncertainties discussed in the ViroPharma's filings with the SEC, including the "Risk Factors" sections of the ViroPharma's most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as the tender offer documents to be filed by SPHIL and a subsidiary of SPHIL, and the Solicitation/Recommendation Statement to be filed by ViroPharma. These risks, uncertainties and other factors, individually or in the aggregate, could cause actual results and events to differ materially from those referred to in the forward-looking statements. All forward-looking statements are based on information currently available to ViroPharma, and ViroPharma assumes no obligation to update any such forward-looking statements.

Registered in Jersey, No. 99854, 22 Grenville Street, St Helier, Jersey JE4 8PX

Press Release

www.shire.com

END

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BFW 11/11 06:57 *KPN FOUNDATION PROPOSES TO REDEEM PREFERENCE SHARES B BN 11/11 06:57 *KPN FOUNDATION COMMENTS IN E-MAILED STATEMENT BN 11/11 06:57 *KPN FOUNDATION PLANS TO REDEEM PREFERENCE SHARES B

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KPN Foundation Plans to Redeem Preference Shares B 2013-11-11 06:58:26.409 GMT

By Gaurav Panchal Nov. 11 (Bloomberg) -- Comments in emailed statement. * Oct. 28: KPN Foundation to decide on stake in first half of Nov. {NSN MVE1G66KLVSC <go>} * Oct. 17: KPN’s independent foundation needs to clarify how it sees its own role and whether it will retain preferred KPN shares after America Movil withdrew its offer, VEB says. {NSN MUTM826KLVRC <go>}

Link to Company News:{AMXL MM <Equity> CN <GO>} Link to Company News:{KPN NA <Equity> CN <GO>} Link to Company News:{TEF SM <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story: Gaurav Panchal at +44-20-7392-0511 or gpanchal2@bloomberg.net

Asian Market Update: China inflation softer than expected but still at 8-month high; Fixed asset investment falls to 3-month lows

***Observations/Insights*** - Hundreds confirmed fatalities from a violent typhoon that ripped through the Philippines over the weekend, though officials worry the number could reach thousands; Early estimates suggest Philippine GDP could take about 1% hit. - China economic data are mixed - CPI is at a 8-month high, wholesale deflation accelerates for the first time in months, fixed asset investment at 3-month low, while industrial production much better than expected. Analysts suggesting the low inflation should effectively keep the PBoC at bay on further tightening, though markets will continue to zero in on the extent to which the central bank acts during the open market operations. Meanwhile, the Communist Party's 4-day plenum has entered its 3rd day on Monday without any significant updates on policy.

***Economic Data*** - (CN) CHINA OCT CONSUMER PRICE INDEX (CPI) M/M: 0.1% V 0.8% PRIOR; Y/Y: 3.2% V 3.3%E (8-month high) - (CN) CHINA OCT PRODUCER PRICE INDEX (PPI) Y/Y: -1.5% V -1.4%E - (CN) CHINA OCT FIXED URBAN ASSETS YTD Y/Y: 20.1% V 20.2%E (3-month low) - (CN) CHINA OCT INDUSTRIAL PRODUCTION Y/Y: 10.3% V 10.0%E - (CN) CHINA OCT RETAIL SALES Y/Y: 13.3% V 13.4%E - (AU) AUSTRALIA SEPT HOME LOANS M/M: 4.4% V 3.5%E (6-month high); INVESTMENT LENDING: 5.2% V 0.6% PRIOR - (NZ) NEW ZEALAND OCT RETAIL CARD SPENDING M/M: 1.8% V 1.3%E; TOTAL M/M: 1.1% V -0.4% PRIOR - (JP) JAPAN OCT BANKRUPTCIES Y/Y: -7.4% V -11.9% PRIOR - (JP) JAPAN OCT ECO WATCHER CURRENT SURVEY: 51.8 V 52.8 PRIOR; OUTLOOK SURVEY: 54.5 V 54.2 PRIOR (2nd consecutive increase) - (JP) JAPAN OCT BANK LENDING EX-TRUSTS Y/Y: 2.3% V 2.3% PRIOR; BANK LENDING INCL TRUSTS Y/Y: 2.0% V 2.0% PRIOR - (JP) JAPAN SEPT CURRENT ACCOUNT BALANCE: ¥587.3B V ¥400.8BE; ADJ CURRENT ACCOUNT: -¥125.2B (first deficit in 7 months) V -¥97.0BE; TRADE BALANCE BOP BASIS: -¥874.8B V -¥853.9BE - (MA) MALAYSIA SEPT INDUSTRIAL PRODUCTION Y/Y: 1.0% V 2.0%E; MANUFACTURING SALES VALUE Y/Y: 1.5% V 5.5% PRIOR - (SL) SRI LANKA LEAVES REVERSE REPO RATE UNCHANGED AT 8.50% (EXPECTED); LEAVES REPURCHASE RATE UNCHANGED AT 6.50% (EXPECTED)

***Fixed Income/Commodities/Currencies*** - (JP) BOJ offers to buy ¥250B in 1-3yr JGB, ¥350B in 3-5yr JGB, and ¥400B in 5-10yr JGB - (KR) South Korea sells 5-yr govt Bonds; avg yield 3.235% - USD/INR: INR currency (Rupee) weaker in early trade around INR63; weakest level for INR since Sept 18th

- USD majors relatively flat as the greenback consolidated its sharp gains following a much stronger than expected non-farm payrolls on Friday. USD/JPY retreated back below the 99 yen handle, EUR/USD traded in a 20-pip range around 1.3350, and AUD/USD was likewise thin around 0.9480. NZD - the only counterpart to the US dollar faced with an inevitable start of reduction of easy policy - bounced about 0.5% or just over 40pips above 0.8280.

***Speakers/Political/In the Papers*** - (PH) Over 300 dead, 2,000 missing and 800K people displaced in Philippines in the wake of Super Typhoon Haiyan - (PH) Philippines Fin Min Purisima: Main area affected by typhoon accounts for approx 12.5% of GDP, 20% of population; Typhoon expected to cost the economy 0.5-1.0% of GDP - CNBC interview - (PH) Philippines Central Bank Dep Gov Guinigundo: Philippines will be able to manage 6-7% 2013 GDP growth target

- (CN) Shanghai new home sales +8.16% w/w at 406.6K sqm; Avg new home price -4.38% w/w at CNY24.4K/sqm - Uwin - (CN) JPMorgan: China may announce 2014 GDP target of around 7.0%, down from 7.5% for 2013 - (CN) According to analysts, prices for iron ore in China will continue to fall in Q4 amid weak demand - Shanghai Daily - (CN) China may raise water pricing nationwide - Chinese press - (CN) China should push forward property tax nationwide in 2015 - Chinese press

- (KR) Analysts are unanimous in expectation for Bank of Korea (BOK) to hold rates at 2.50% in Nov for the 6th consecutive month - Yonhap

- (NZ) New Zealand Fin Min English: Reiterates New Zealand budget on track for surplus for FY14/15; High NZD poses headwinds for economy; 2014-2015 budget surplus to be small

- (GR) Greece lawmakers said to have rejected a govt no-confidence motion that was brought about by opposition leader Tsipras - financial press - (DE) Germany SPD Party's deputy leader Nahles: Continue to demand a modest increase on the wealthy as part of any coalition with CDU/CSU - German press - Former US Fed Chairman Greenspan: Euro can only succeed if EU countries agree to a political union - German press - (EU) ECB's Coeure (France): ECB can cut interest rates again if necessary and can provide the banking system with liquidity

***Equities*** Market Snapshot (as of 04:00 GMT): - Nikkei225 +1.0%, S&P/ASX -0.5%, Kospi -0.3%, Shanghai Composite -0.2%, Hang Seng +0.1%, Dec S&P500 -0.1% at 1,763, Dec gold +0.2% at $1,287, Dec crude oil +0.1% at $94.72/brl

US markets: - BAC: DOJ asks court to order BoA to pay $864M for losses incurred by the govt after buying thousands of mortgages from Countrywide - press - BA: Japan Airlines BA787 Dreamliner reported battery issues on Helsinki-Tokyo flight on Friday - FT - LMT: South Korea Defense Ministry may pick Company's F-35 as next jet fighter - Korean press

Notable movers by sector: - Consumer discretionary: DeNA Co Ltd 2432.JP -3.1% (H1 results); Yamada Denki 9831.JP +7.8% (H1 results); Hakuhodo DY Holdings 2433.JP +2.7% (H1 results); Round One Corporation 4680.JP +15.9% (H1 results); Oenon Holdings Inc 2533.JP -4.4% (H1 results); Nexon Co Ltd 3659.JP -22.4% (9-months results); Olympus Corp 7733.JP -3.3% (H1 results); FAW Car Co Ltd 000800.CN +2.8% (To build plant in Algeria); Lotte Shopping Co Ltd 023530.KR -3.5% (Q3 results) - Consumer staples: Mengniu Dairy 2319.HK +2.6%, Yashili International Holdings Ltd 1230.HK +13.5% (Mengniu to sell shares of Yashili) - Industrials: Orica Ltd ORI.AU +10.7% (FY13 results; enters into natural gas agreement) - Materials: Fuji Seal International Inc 7864.JP -3.7% (H1 results); Chongqing Iron & Steel Co Ltd 601005.CN +10.2% (to acquire asset) - Financials: Mitsui Fudosan Co Ltd 8801.JP +1.6% (H1 results); Suruga Bank 8358.JP +6.3% (H1 results) - Technology: Avex Group Holdings Inc 7860.JP +4.9% (H1 results) - Energy: Inpex Corp 1605.JP -1.5% (H1 results) - Utilities: Yokogawa Electric Corp 6841.JP +6.7% (H1 results); Phoenix Electric 6927.JP +28.8% (H1 results)

Seeing Just the Tip of the Carlsberg--Heard on the Street Chances Look Slim for Finding Good Acquisition Deal

Carlsberg has loaded up its elephant rifle again. That gives investors reason to cringe.

The Danish brewer, set to report third-quarter results Wednesday, said in late October that it would relax a requirement keeping the Carlsberg Foundation's stake in the company above 25%. The move is significant because the foundation, which funds scientific research, could see its 30% holding decline if Carlsberg uses shares as a currency to fund a deal.

While Carlsberg says it doesn't have any "structural changes" planned, it wants to be ready to pounce.

Investors who owned the stock in 2007 may be experiencing déjà vu. Back then, the company issued a similar statement allowing the foundation's stake to fall below 51%.

The company also stressed it had no plans to raise any capital. Yet within a few months, Carlsberg was in hot pursuit of Scottish & Newcastle. And in 2008, Carlsberg raised about $7 billion by issuing new shares to fund the purchase of most of S&N.

That deal has left investors with a pounding headache. Not only did Carlsberg raise its bid three times to get the deal done, the most promising S&N assets have been the most disappointing. Carlsberg wanted the 50% stake it didn't already own in Russian brewer Baltic Beverage Holdings.

But not long after Carlsberg closed the deal, Russia raised taxes on beer and prohibited the sale of the beverage in outdoor kiosks. Sales continue to suffer.

The mess in Russia has left Carlsberg in an unenviable position because most of its other sales are in mature markets like Western Europe that are highly competitive and offer little growth.

Carlsberg's shares have lagged behind major rivals and now trade at 13.2 times forward earnings, compared with 19.2 times for Anheuser-Busch InBev and 19.5 times for SABMiller.

Unfortunately, another deal is unlikely to be a quick fix. Almost any beer company would command a higher price/earnings multiple, so using Carlsberg shares as currency would mean a big hit to earnings.

And it isn't clear that Carlsberg could get its hands on an emerging-market beer company at a reasonable price. Heineken's $4.6 billion purchase of Asia Pacific Breweries in 2012 came at a whopping multiple of 35 times trailing earnings. Even smaller deals like SABMiller's $864 million purchase of Kingway Brewery Holdings in China have drawn crowds of bidders all thirsty for growth.

One possibility would be to team up with Molson Coors Brewing. That would give Carlsberg a foothold in the U.S. where it has only a minimal presence. But the combination remains unlikely because any deal would require that Molson Coors's U.S. joint venture with SABMiller be unwound.

More realistically, Carlsberg should focus on its existing Russian business. That has potential in the long term as drinkers there substitute lager for vodka. While that will take time, it is wiser than risking another big misfire.

Macro

- ECB's Coeure : ECB can cut interest rates again if necessary and can provide the banking system with liquidity - Citi Expects "A Significant Fall In EURUSD" As Currency Wars Escalate - France to Borrow EU4.5B to Repay Credit Lyonnais Debt: Parisien - Greek Jan.-Oct. Government Revenue Beat Target: Finance Minister

Keep an eye on : - ALV GY : +ve article in the Barron's - BBRY US : -ve article in the Economist - BT/ LN : BT beats Sky to Champions League rights - DAI GY : Economist article on german competition in high end cars - GLEN LN : focuses investment on oil, Africa, south and Central America and the former Soviet Union will be main focus, no mega deal...(FT) - HUSQB SS : Husqvarna CEO Confident Will Reach Op. Margin Goal, DI Says - KORS US : Michael Kors to Replace NYSE in S&P 500 After Close Nov. 12 - ML FP : Michelin Sees Shortage of Raw Material Butadiene by 2020: Monde - NYX FP : NYSE will be out of the S&P 500 after close Nov. 12 - OSXB3 BZ : Eike Batista’s shipbuilding company OSX to file for bankruptcy - TIT IM : Telecom Italia Calls Shareholder Meeting for Dec. 20 - VOD LN : Bernstein report mentionned in the Guardian, 75% chance of AT&T/VOD deal

Worry Over Inequality Occupies Wall Street Gulf Between Haves and Have-Nots May Hurt Economy

Even if they have found the widening gulf between America's haves and have-nots troubling, inequality isn't something fund managers have worried about professionally. That may be changing.

Over the years, the only way inequality has really mattered to investors has been as a factor when considering stocks. If the rich are getting richer, companies that cater to them have better prospects. Goldman Sachs Group, for example, recently conducted a survey that showed optimism among high-income consumers relative to low-income ones at a high and pointed investors toward companies like department-store operator Nordstrom JWN +1.16% and luxury-bag maker Tumi Holdings. TUMI +3.41%

Lately, though, some big investors have worried increasing income and wealth gaps threaten the economy's ability to expand. They also fret that public anger over it, which Democrat Bill de Blasio tapped in his successful run for New York City mayor, is creating dangerous political tensions.

Bill Gross, manager of the world's largest bond fund by assets at Pimco, in a recent note said he believed increases in inequality had made the U.S. less productive. "Developed economies work best when inequality of incomes are at a minimum," he wrote. Several fund managers at a Heard on the Street conference last month also voiced concerns, among them Kynikos Associates founder James Chanos, who worried people have less incentive to participate in the economy if they have concluded "the game isn't fair."

When inequality increases as a result of, say, corruption, it clearly causes economic harm. But for the U.S., where much of the increase in inequality results from market mechanisms like changing pay patterns for skilled workers and rising global competition for lower-skilled jobs, its effects are more ambiguous.

Recent work by economists Thomas Piketty, Emmanuel Saez and Stefanie Stantcheva comparing the performance of advanced economies since the 1960s suggests increases in the share of income the top 1% of the population receives relative to the bottom 99% are at most only slightly negative for growth. What that analysis can't tell is what high levels of inequality like today's might mean. Tax-receipt data collected by Messrs. Piketty and Saez show the top 1% captured 19.3% of U.S. income in 2012. The only year in the past century when their share was bigger was 1928, at 19.6%.

Worse, this is occurring as average incomes have stagnated. Inflation-adjusted, median U.S. family income fell 6% in 2012 from 2002, according to the Commerce Department. Meanwhile, net worth for the median family in the top 10% by wealth was a record 24 times more in 2010 than for the median family overall, according to the Federal Reserve.

Former Morgan Stanley equity strategist Gerard Minack notes the U.S. Gini index, a gauge of income disparities that is also at a record, tracks with measures of political polarization. So he worries inequality could give rise to more political dysfunction that risks damaging the economy.

Another concern is that rising inequality creates financial instability. Raghuram Rajan, the economist now heading India's central bank, has posited that the credit bubble in the early part of the last decade was a consequence of inequality. In his telling, stagnating incomes led middle- and lower-income families to borrow excessively to raise standards of living.

But if inequality has risen to a point in which investors need to be worried, any reversal might also hurt.

One reason U.S. corporate profit margins are at records is the share of revenue going to wages is so low. Another is companies are paying a smaller share of profits on taxes. An economy where income and wealth disparities are smaller might be healthier. It would also leave less money flowing to the bottom line, something that will grab fund managers' attention.

Ecclestone shows powerful grip on F1

After Bernie Ecclestone took to the witness stand last Wednesday, his QC told the High Court that the Formula One chief’s eyesight is not what it was, and his hearing is impaired. But, in three days of giving evidence in defence of a $140m legal claim against him and others, the 83-year-old Mr Ecclestone has shown his instinct for power has not been dimmed by advancing years.

“I really don’t know what limit anybody could put on my authority,” Mr Ecclestone said on his second day of evidence. “I shall run the business the way I always have run it, with all the different shareholders that we’ve had, and the different companies, or whatever. And I will continue as I do today.” This determination to remain in control of F1, whoever owns it, is at the heart of the case brought by German media group Constantin Medien, which claims that F1 was undervalued at the time of its sale to private equity group CVC in 2005-06. Its case rests on showing that Mr Ecclestone was engaged in a “corrupt bargain” to undersell F1 with Gerhard Gribkowsky – the former Bayerische Landesbank chief risk officer who was jailed in 2012 for eight and a half years for accepting $44m from Mr Ecclestone and Bambino, an Ecclestone family trust. Constantin’s QC Philip Marshall charted the events leading up to the sale in chronological order: how BLB accumulated a 47 per cent stake in F1 when a previous owner went bankrupt; how Gribkowsky proved a formidable opponent to Mr Ecclestone; how Mr Ecclestone became concerned at BLB’s plans to stay in F1 for the long term; and how other would-be buyers were spurned by Mr Ecclestone as he warmed to the interest of CVC, which wanted him to remain in charge. All this may feel historical. Indeed, when asked about meetings, memos, letters and events from that period, Mr Ecclestone said time and again that he could not recall most of them. “Today, I don’t remember the things that happened three days ago,” he explained. He added that he signed so many documents drawn up by lawyers and accountants he often had “no idea what I’m signing”. He was too busy running F1. But they are being cited now because of last year’s Gribkowsky trial in Munich – and those $44m of payments, which Mr Ecclestone kept secret from the F1 board, even after they came to light. This reawakened Constantin’s long-held suspicion about the value extracted for BLB’s stake, in which it held a commercial interest. Sitting at the back of court were BLB representatives. Mr Ecclestone repeated to the High Court what he said at the Munich trial: that he was being “shaken down” by Gribkowsky’s “insinuations” over his tax affairs. His £10m contribution to that $44m was a “cheap insurance policy”, Mr Ecclestone told the High Court. But that, said Philip Marshall QC, for plaintiffs Constantin, was implausible. Mr Ecclestone has most certainly been shaken by some of Mr Marshall’s grilling. On his third day of evidence, he complained that while the Constantin legal team had months to examine hundreds of documents “and pick out points”, he himself had not. The F1 boss told Justice Newey he wanted to go over evidence he had been given the previous day. However, what has emerged from all of Mr Ecclestone’s testimony is a brusque, unyielding management style spanning many years. He revealed his liking for shredding documents and letters, and his dislike of shareholder democracy. “I’ve never been interested in corporate governance and I’m not today either,” he said. No surprise, perhaps, to the many who have crossed his path over the decades. But, as he prepares for a fourth day on the witness stand, the way he has kept control of F1 has never been subject to such public scrutiny.

“It’s time to stop building,” Ivan Glasenberg, chief executive of Glencore Xstrata, told his peers bluntly earlier this year. Worried about oversupply, he has followed his own advice, suspending almost 50 Glencore mining projects. But not in oil. While the commodities group has reduced capital expenditure in other divisions, it will invest $650m to grow its upstream oil business during the next two years.

Since Glencore absorbed Xstrata to become the world’s fourth-largest mining company, few investors have paid much attention to its energy business. But the oil desk, run from a low-key office in London’s upmarket Mayfair, is one of the world’s largest oil traders. And it also has ambitions to be a major producer. “Over time it could make a significant contribution to the bottom line,” said Jeff Largey, an analyst at Macquarie. Glencore’s history in the oil market precedes its interest in metals and mining. In the period of upheaval after the first oil crisis of 1973-74, Glencore’s founder Marc Rich established the foundations of the modern oil trading industry through spot transactions that challenged the status quo of long-term deals from Opec countries to oil majors such as BP, Royal Dutch Shell, Total and ExxonMobil. Glencore has built on that tradition during the past four decades to become the world’s second-largest independent oil trader. Last year, it traded nearly 3.2m barrels of crude and refined oil products, enough to single-handedly cover the oil imports of Germany and Italy combined. The trading heritage means that Glencore has historically profited much more from its oil dealings than from oil production, which was tiny. But Mr Glasenberg is trying to change that. Boosting oil output serves two purposes: to profit from much higher prices than in other commodities – while thermal coal and zinc prices are down 60 and 55 per cent from their record, respectively, oil is down just 25 per cent – and to a lesser extent provide a steady flow of crude for its traders to sell. The chief executive, with the support of Alex Beard, the former BP oil trader who has run Glencore’s oil desk since 2007, is taking a calculated risk. “The money is not big in oil exploration. Initially these aren’t $10bn-type projects,” Mr Glasenberg told investors in September, explaining a key attraction: medium-sized oil projects in safe areas require less upfront capital and are much less likely to suffer the costly overruns that have plagued the mining industry. “A well costs around $70m; that’s what you are risking on an exploration drill. It’s not a big, massive . . . project,” he said. The money is not big in oil exploration. Initially these aren’t $10bn-type projects - Ivan Glasenberg, chief executive of Glencore Xstrata Historically, all of Glencore’s oil production came from Siberia, through minority stakes in some productions units of Russneft, a medium-sized Russian oil company. Mikhail Gutseriyev, the Russian tycoon who owns Russneft, has suggested Glencore could become a major shareholder in the company through a swap of debt into equity. Glencore’s biggest oil interests today are in a cluster of countries in west Africa. It has oilfields and exploration prospects in Equatorial Guinea, Cameroon and Chad. The company’s third-quarter production update showed gross oil production from its interests in Equatorial Guinea had risen to 5.86m barrels of oil in three months to September, a 29 per cent increase on the previous quarter. The Aseng field in Equatorial Guinea has produced more than 38m barrels of oil for Glencore and its partners since it came on stream in 2011. Alen, also in Equatorial Guinea, has just started pumping while another prospect in Chad, through a joint-venture with Caracal Energy, shipped its first oil at the end of September. In addition the company is drilling appraisal wells in Cameroon. Acquisitions are also likely. Glencore’s metals- and agriculture-trading businesses have recently executed big-ticket deals with the purchases of Xstrata and Viterra, a Canadian grain dealer, respectively making the oil desk something of a “Cinderella” in Glencore’s internal battle for capital. But the company is likely to avoid the high-cost locations favoured by oil majors. It readily admits it has no edge in the “below-the-ground” expertise needed for technically or geologically difficult projects. “You will not find us in the North Sea, we won’t be in the Far East, we won’t be in the Gulf of Mexico and we won’t be onshore US production,” Mr Beard told investors recently. “It is not where we feel we add value.” Instead, Glencore believes, its expertise lies in resolving “above the ground” problems – such as dealing with the political and logistical challenges posed by regions such as west Africa, south and Central America and the former Soviet Union. But analysts say Glencore is unlikely to pursue a mega deal, instead looking to invest in projects that offer near-term production and exploration. One consultant said that the company is looking for opportunities like Chad, where Glencore last year invested just over $300m to acquire a 25 per cent stake in two oilfields in Chad from Caracal, a Canadian explorer. That is a textbook example of what could follow, analysts and industry executives say: a capital light project, with significant upside, in a country that most other companies would avoid. “It’s a private equity style approach,” said one company watcher.

Plan to sell Urenco runs into Dutch objections

Dutch foreign ministry said to be facing push-back from its parliament about protecting national interests in a sale, in a setback to Britain's plan to sell its stake

The UK Government’s plans to raise £3bn from the sale of uranium enrichment group Urenco may have hit a stumbling block after it emerged that the Dutch government is understood to have raised concerns about the sale of its stake. The Dutch and UK governments each own a third of Urenco, one of the world’s biggest uranium enrichment companies, while Germany’s top two utilities, RWE and E.ON, own the rest. The whole company could fetch between €8bn and €12bn (£6.6bn and £10bn). There are also concerns that the newly elected German government may also decide to reconsider the sale. Sources close to the situation suggested that the Dutch foreign ministry is facing push-back from its parliament about protecting its national interests in a sale, which could be to a trade buyer or via an initial public offering.

Following the UK’s green light, the Dutch finance minister, Jeroen Dijsselbloem, gave the go-ahead in May for a potential deal. RWE and E.ON have also indicated they are willing sellers since Germany’s decision to phase out nuclear power. The UK Government’s flotation of the Royal Mail last month has encouraged the belief that an IPO route was available to Urenco. Senior government sources had said they considered the uranium group to be next on the list of privatisations. But it now looks unlikely there will be a decision before Christmas. A spokesman for the Dutch ministry of finance said: “What is most important to the Dutch government is the public interest. It’s quite a complex process and we will continue to discuss the potential sale. There is not a timetable to inform parliament of our decision.” The Dutch parliament has called a round-table meeting for December 5 to discuss the potential financial and economic structure of Urenco and will host the CEO of Urenco, Huub Rakhorst, as well as professors of economics and nuclear safety. The Dutch government is particularly sensitive about the future of Urenco after the controversy over allowing Abdul Qadeer Khan, a Pakistani scientist, to leave the country with nuclear information. A source close to the situation said the Dutch government was demanding the right to approve directors, to monitor the group’s uranium policy and the future sale of assets, as well as its financial health. On Friday night the UK Government denied that there had been any change in the Dutch position.

(Reuters) - Apple Inc is developing new iPhone designs including bigger screens with curved glass and enhanced sensors that can detect different levels of pressure, Bloomberg reported on Sunday, citing a unnamed person familiar with the plans.

With screens of 4.7 inches and 5.5 inches, the two new models would be Apple's largest iPhones, the person told Bloomberg.

The new handsets are still in development and plans haven't been completed, Bloomberg said citing the person, adding Apple probably would release them in the third quarter of next year.

Two spokeswomen for the Cupertino, California-based technology company did not immediately respond to requests from Reuters seeking comment.