* Ireland needs to secure a European accord to lower the burden of its bank debt for yields to fall on its debt, according to John Corrigan, chief executive of the National Treasury Management Agency.
While European leaders opened the door on June 29th to recapitalising banks directly with the euro area bailout funds and to making Irish debt more sustainable, “it is important that that relief is forthcoming”, Corrigan said in an interview with RTÉ Radio.
Ireland’s sale of about €5.2 billion of bonds on July 26th was helped by European Central Bank president Mario Draghi’s comments that day to defend the euro. – (Bloomberg)
* Ladbrokes is “circling” Betdaq, the online betting exchange controlled by Dermot Desmond (below), the Sunday Business Post also reported.
The British bookmaker already has a number of tie-in deals with Betdaq and may now be interested in acquiring the company.
A spokesman for Ladbrokes said it was too early to comment but confirmed that Ladbrokes was interested in “deepening” its relationship with Betdaq, which was established in 2000.
Ladbrokes has 213 outlets in Ireland.
William Hill is also a possible suitor, the paper reports.
* United Drug has been accused of breaching a confidentiality agreement and damaging the sale of a rival in a US lawsuit, the Sunday Business Post reported.
US asset manager Blackstone is suing United Drug over comments made by its chief executive, Liam FitzGerald, in a conference call with market analysts last year.
In the call FitzGerald said the Blackrock-owned Catalent Pharma Solutions was up for sale and that it was underperforming.
Blackrock claims the comments are a breach of confidentiality as United Drug’s subsidiary, Sharp Corporation, had indicated an interest in acquiring Catalent for about $80 million (€65 million).
FitzGerald and the other United Drug executives were involved in the talks and covered by a confidentiality agreement, according to Blackstone.
The company was subsequently sold for less than $80 million and Blackstone is claiming that the comments damaged the sales process.
The case is being taken in New York.
