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June 2: It is not at all clear that Ferrovial’s attempted dawn raid on BAA has worked. Its adviser, Citigroup, was said to be in the market for up 150m shares, or about 13 per cent of the total, at 900p each. However, to our market reporters and news wires it looks like too few shares were traded at that price for Ferrovial to have succeeded. We’re checking it out but, if true, this would be a big boost for BAA. Earlier this week it rejected the Spanish group’s raised bid, at 900p. BAA shares now trades back above the offer price. No word yet from Ferrovial or Citigroup. Separately, Goldman Sachs has been told by the Takeover Panel it must bid for BAA by June 9 or walk away.

An update also on Goldman Sachs. Lloyd Blankfein has been named chairman and chief executive. The board, moving much faster than I expected, discussed splitting the roles but decided against it. One candidate to take up the chairman’s role would have been Lord Browne, chief executive of BP and already a Goldman non-executive.

Tiny stock; big disaster. Chariot, the company which runs the new Monday lottery, is having to raise new funds through an emergency stock issue at 5p a share. This is a quarter of last night’s closing price and a tiny fraction of the 115p at which the company floated on Aim in February. The Monday lottery has been pitiful and the company, whose chairman is none other than Tim Holley, who used to run Camelot, the National Lottery operator, has had to tear up its business plan. The company’s nominated adviser is Noble & Co, by the way. What a terrific Saturday story.

Brian Kennedy, who made his fortune from the Everest double glazing business, has emerged as the bidder for Ultraframe, the conservatory maker.

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