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

Norkom confirms discussions that could lead to a takeover

Banking software group Norkom said yesterday it is in discussions with a number of parties which may lead to a takeover of the business, which specialises in financial crime and compliance solutions. It made a statement to the Irish Stock Exchange in light of the “recent upward movement in the company’s share price”. It said: “Shareholders should note that the discussions are at a preliminary stage and there can be no certainty that an offer will be made for Norkom or as to the terms on which any offer would be made.” TVC Holdings, which has stake in the group, noted the announcement.

O'Brien increases his stake in Independent

Denis O’Brien has increased his stake in Independent News Media (INM) to 21.556 per cent with the purchase of four million shares in the Dublin-based media group.

It is understood that Mr O’Brien bought the shares in recent days. He is believed to have paid between 48 and 52 cents a share for the stock. This would have cost him between €1.92 million and €2.08 million. He has been building his holding in INM this year and is the company’s biggest shareholder.

Acquisition of food groups complete

Valeo, the consumer foods business, has completed the acquisitions of Origin Enterprises and Batchelors.

Valeo was formed by Origin and private equity group CapVest, which owns Batchelors to consolidate a number of Irish consumer food brands.

Origin owns the Odlums, Shamrock and Roma brands. Batchelors owns the Erin, Squeez, Lustre and Amigo brands as well as the historic Batchelors label.

Under the terms of the deal, Origin has a 45 per cent stake in the merged business, which will have turnover of about €200 million.

Origin is 71.4 per cent owned by food group Aryzta.

African Diamonds to be sold to Lucara

Shareholders at African Diamonds, one of John Teeling’s listed exploration businesses, have approved a plan to sell the group to Canadian mining group Lucara, part of the Lundin group.

At a meeting yesterday, just over 98 per cent of African Diamonds shareholders backed the all-share deal which will give shareholders in the company a 26.57 per cent stake in Lucara, which will, in turn, own the promising AK6 diamond mine in Botswana.

Dr Teeling, chairman of African Diamonds, said the transaction with Lucara should be completed in early January.