■BANKING
RBS to sell Colombian bank
Britain’s Royal Bank of Scotland (RBS) is in talks with a potential buyer for its Colombian operations, as it pushes ahead with plans to refocus on core businesses by selling off unwanted assets inherited from ABN AMRO. “We are in discussions with a potential buyer of our Colombian operations. However, due to the confidential nature of the discussions we will not be commenting further,” an RBS spokeswoman said on Monday. RBS, which has mainly investment banking operations in Colombia, does not provide an income breakdown from the unit. Sky News reported RBS was holding talks with Bank of Nova Scotia, Canada’s No. 3 bank, over the Colombian bank. The Canadian bank was not available for comment.
■FERTILIZER
Yara bids for Terra
Yara International of Norway, the world’s biggest mineral fertilizer producer, said on Monday it made a cash offer of US$4.1 billion for US firm Terra Industries. The move signals an attempt by Yara to become a North American giant and a new transatlantic leader in the fertilizer business. “The new company will be the major domestic player in North America in combination with being the largest importer [of fertilizers], which is Yara’s position today,” Yara chief financial officer Hallgeir Storvik said in a presentation on Monday. “The company will have by far the highest market share in North America at around 30 percent,” he added.
■COMMUNICATIONS
Televisa buys Nextel share
Mexico’s Televisa, the world’s largest Spanish-language television network, has purchased 30 percent of Nextel Mexico mobile phone company for US$1.44 billion, the companies said on Monday. “Under the terms of agreement, Televisa will invest US$1.44 billion in cash for a 30 percent share of Nextel Mexico’s capital,” the companies said in a joint statement. The deal opens the mobile phone market to Televisa, which will now be able to offer Mexico’s first bundled, “quadruple play” service that includes cable television, broadband Internet and landline telephone.
■COSMETICS
L’Oreal sees return to profit
L’Oreal, the world’s biggest cosmetics company, on Monday forecast a return to sales and profit growth this year after hard times last year when the French group saw its earnings fall 3.2 percent. “Overall, L’Oreal has emerged from 2009 stronger and has prepared itself well for a return to sales and results growth in 2010,” L’Oreal chief executive Jean-Paul Agon said in an earnings statement. Net profit last year fell to 2 billion euros (US$2.72 billion) from 2.06 billion euros in 2008, while turnover slipped to 17.47 billion euros from 17.54 billion euros.
■AUTOMOBILES
Ex-GM chief to head Tata
India’s leading car maker, Tata Motors, said on Monday it had appointed the former head of General Motors’ European operations as its chief executive officer. Carl-Peter Forster would have “overall responsibility” for Tata Motors’ global operations, including its British-based Jaguar and Land Rover manufacturers, the company said in a statement. At 55, Forster has 24 years of international experience in the car industry, Tata said. Most recently he was the head of General Motors Europe, where he was responsible for Opel/Vauxhall, Saab and the European activities of Chevrolet.
■ENERGY
S Korea to drill for gas
South Korea will start exploratory drilling for gas hydrates off its east coast in April as part of a drive to acquire alternative energy resources, officials said yesterday. The Ministry of Knowledge Economy said the drilling would take place from April 1 through May 15 at a cost of US$37 million. South Korea carried out its first exploratory drilling for gas hydrates in 2007. A drill ship from Britain’s Fugro Synergy will be used for the second operation south of Ulleung Island off the east coast.
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