In Short

A round-up of today's other stories in brief...

Roche announces 25 redundancies at Clare plant

Pharmaceutical giant Roche yesterday announced 25 redundancies at its Co Clare plant as part of a global restructuring that will result in the loss of 4,800 jobs.

The 242 workers at the Clarecastle plant were informed by management yesterday of the cuts, while management at the group’s Citywest site in Dublin confirmed that it is reviewing its own local business strategy, confirming only that the small number of vacancies at Citywest, where 73 are employed, will not be filled.

The restructuring is designed to save €1.7 billion.

Abbey votes to buy back own shares

Shareholders in housebuilder Abbey voted yesterday to give the company authority to buy back up to 14.99 per cent of its own shares over the next 18 months.

The company announced this initiative last month and said it would ask shareholders to grant it this authority. Following an egm in Dunboyne, Co Meath, the company said shareholders had accepted the proposal.

Abbey’s biggest shareholder, Gallagher Holdings, which owns 41.28 per cent of the company, will not take part in the buy-back. If the company were to buy back the full 14.99 per cent, Gallagher’s stake would increase to 48.76 per cent.

Anglo keeps control of NY condo units

Anglo Irish Bank kept control of 232 unsold condo units in Manhattan’s Battery Park City in a foreclosure auction it held yesterday.

The bank offered $82.75 million in a credit bid for the units at 225 Rector Place, a failed condominium project on which it began foreclosure proceedings in February 2009. No other bidders countered.

Anglo was attempting to recoup $135 million it is owed on the project.