In Short

A round-up of other world news in brief

Wolseley plans to move its tax status to Switzerland

Wolseley, the world’s largest plumbing and heating products supplier, plans to move its tax status to Switzerland, becoming the latest in a growing number of firms to exit their UK base in search of tax savings.

The group, which trades in 25 countries, said it would create a new group holding company, New Wolseley, that will be UK listed, incorporated in Jersey and will have Swiss tax residence. Wolseley sold its Irish operations – Brooks, Heat Merchants, Tubs Tiles and Encon – for €26.5 million in January. – (Reuters)

Pretax profits at Irish Mars fall 75%

Pretax profits at the main Irish unit of global food giant Mars dropped by 75 per cent last year to €4 million. According to accounts recently returned to the Companies Office, turnover at Mars Food Ireland dropped 15 per cent to €122.4 million in the 12 months from €143.9 million in 2009.

Pretax profits dropped to €4 million from €16.7 million. The directors’ report says “trading conditions are an ongoing challenge”.

Walmart bargains on Africa presence

US grocery giant Walmart is in talks to buy South Africa’s Massmart, a $4 billion deal that would give the retailer a big presence in Africa and boost its emerging markets strategy.

The world’s largest retailer has been hit by weakness in the US where low-income shoppers are particularly vulnerable. It has responded by focusing on cost cuts and international growth.

Buying Massmart, South Africa’s third-largest listed retailer by value, would give Walmart a considerable network in Africa’s biggest economy. – (Reuters)

BoI owed £42m by Derry developer

A Derry property company that collapsed in June could leave Bank of Ireland shouldering unpaid loans of £36 million.

McDaid Developments, a prolific builder in Donegal, Monaghan, Derry and Cavan, owes the bank £42 million, according to the latest administrator’s report filed in Northern Ireland. An asset sale could realise about £8 million.

3i to buy Mizuho debt management

British private equity company 3i is to buy Mizuho Investment Management from one of Japan’s largest banks, its parent company Mizuho Corporate Bank Ltd, for an enterprise value of £18.3 million and merge it with its debt-management arm, 3iDM.

The management of MIM – which was advised by Dublin- based Key Capital – will own 45 per cent of the business, along with existing management of 3iDM.

3i will own 55 per cent with the option to buy management out over the next three years. – (Reuters)