Current Account:Denis O'Brien's swoop for stock in Sir Anthony O'Reilly's Independent News & Media this week will intensify speculation about the ultimate intentions of the telecoms tycoon, who will realise a second fortune if his Caribbean group Digicel takes a stock market listing in New York.
If O'Brien's initial investment in Indo last year was akin to driving a tank onto Sir Anthony's lawn, his latest move brings him nearer the knight's front door. Whether he has the will to strike at the heart of the empire remains to be seen. But in all probability, this will this be a long, long game.
O'Brien has plenty of time on his hands and he could steadily build up a stake without a huge amount of fuss - and many headaches for Sir Anthony. He can also count on heavyweight private equity support should he decide to mount a bid. Sir Anthony would be sure of such support too, but he is constrained by the 28 per cent stake in his hands and those of his close associates. If O'Brien builds up slowly, as appears to be his strategy, Sir Anthony will have little room for manoeuvre without moving near the 29.9 per cent threshold for a mandatory bid.
If that puts O'Brien in quite a strong position, only a fool would underestimate Sir Anthony. Still, O'Brien can expect generous dividends for Indo's 2006 performance and a likely return of cash if the APN deal in Australia goes ahead. Nice indeed. And that's just for starters.
Fyffes tight-lipped on plans for Honduras
Is Fyffes getting ready to re-establish itself in Honduras, marking its re-entry to the Central American country after an absence of more than a decade? Persistent rumours to this effect abound, but the company is adopting a firm no comment stance.
Any return would not be without its ironies or even some mild controversy. Fyffes, which last year demerged its distribution business to a new entity called Total Produce, ceased operations in Honduras in 1997 following some acrimony with Chiquita.
One former Fyffes consultant in Honduras, Ernst Stalinski, had sued Chiquita in 1997 accusing the company of attempted kidnapping, piracy and fraud.
The Irish firm's experience in Central America has been mixed on the whole. It has been involved in other countries in the region, such as Guatemala, but it sold its 50 per cent holding in the Banana Trading Corporation there to Dole in 1996 for over $26 million, including debt. Fyffes then entered into a long-term shipping agreement with Dole in respect of delivery of part of the Irish company's banana requirements from Latin America.
Fyffes currently retains business units in Belize, Panama, Costa Rica and Ecuador. Last year Fyffes acquired 60 per cent of Brazilian fresh produce export company, Nolem. It is the largest melon producer and exporter in the country.
Slow shipping news
Anyone travelling to France with Irish Ferries this summer would have been excited to hear that the company took possession of its new ship, Kronprins Harald, yesterday.
However, anyone thinking this means the immediate end of the ageing Normandy is being a little too hasty. While the company does indeed now own the new ship - having paid €45 million for the privilege - it remains on charter to its current owner, Color Line. Only in the autumn, once it has spent the busiest months of the year racking up the miles ferrying people around Scandinavia, will Irish Ferries actually get its hands on Kronprins Harald.
At only five years younger than the Normandy, one can't help but wonder if the deal shouldn't have been completed more quickly.
