In short

A round-up of today's business news in brief

Wyeth to invest €5m on expansion

Wyeth Ireland is investing more than €5 million to create four new departments in its pharmaceutical division, which will employ 24 new staff.

The expansion is a result of Wyeth Ireland becoming independent of Wyeth UK last June. The new medical, regulatory, corporate affairs and operations and quality departments will be located in Wyeth's new corporate headquarters at Ballycoolin in north Dublin, which was officially opened yesterday.

Bank's action on Byrne properties

Anglo Irish Bank has brought a legal action aimed at securing possession of 11 residential investment properties in which solicitor Thomas Byrne had dealings. The bank wants to sell the properties to partly meet debts of some €4.8 million due to it from Mr Byrne but says it proposes to do so on a "sitting tenants" basis.

In its action, brought against Mr Byrne and a number of other financial institutions, Anglo wants orders permitting receivers appointed by it to sell a number of properties in order to satisfy a judgment for a total €4.89 million. It claims other institutions have registered cautions against some of the properties involved and wants those cautions lifted by the court.

Irish division of CNP bought out

The management of building and project consultants CNP has bought out its Irish operation from the parent company. The Dublin management team of managing director Alan Baldwin and directors Ken Mulligan, Karl O'Donovan, Jason McCann and Hugh Holt will continue to run the operation, which will trade under the name CNP Ireland. CNP opened its Dublin office in May 2006.

O'Flynn increases Blackrock holding

Property developer Michael O'Flynn has increased his shareholding in Blackrock, the property company spun off from Fyffes. Rosecastle, a wholly owned subsidiary of O'Flynn Construction, now holds 72.5 million shares in the company, representing 12.44 per cent of Blackrock's issued share capital.

O'Flynn Construction, through Rosecastle, acquired 9.2 per cent of Blackrock last July, increasing his stake to 10.7 per cent in September.

Talks under way on sale of Breeo

Reox Holdings said yesterday that it is in advanced talks with "a number of interest parties" about the sale of the Irish business of its consumer foods subsidiary, Breeo.

It is expected that Kerry will buy the business, which includes the Galtee, Dairygold, Mitchelstown, Shaws and Calvita brands, with one media report placing the value of the deal at €170 million.

New president for bank federation

Mike Ryan, chief executive of Merrill Lynch International Bank, has been appointed president of the Irish Banking Federation (IBF). Tony Golden, managing director of Citi Ireland, is taking over as chairman of the Federation of International Banks in Ireland.

It is the first time that two of the most senior representative positions in Irish banking are occupied by international bankers.

IIB launches payout portfolio

IIB Bank has launched a second issue of its Payout Portfolio. The bond is available to personal, pension, corporate and charity investors with a minimum investment level of €€25,000.