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The EU leaders summit is expected to decide on ‘solidarity’ or ‘suicide’ when deciding on the nextterm budget, with Britain rejecting compromise and Italy expected to torpedo the proposal, while in other news, Universal Life’s chief has blocked a takeover deal by Asbis, according to the issue 624, on June 15, 2005.
EU leaders formally start what will be the most important European Council summit in recent years, whether it will be a ‘solidarity summit’ of
the widely detested the optimists or the ‘suicidal summit’ of the pessimists, depending on attitudes over the budget for 2007-13, given the crisis after the rejection of the new EU constitution by France and Luxembourg.
PM Tony Blair rejected as ‘unacceptable’ new proposals by the EU Luxembourg presidency to resolve a damaging budget dispute, fighting to maintain ‘rebate’ which other EU leaders
want to freeze, with Britain losing 25-30 bln euros.
Universal Life CEO Andreas Georghiou blocked the second largest takeover deal of the year of CYP 16.5 mln by exercising his right to first offer for the 28% stake in the insurer that Bank of Cyprus wanted to sell to Aspis Pronia. Laiki held a 35% stake. The biggest deal of the year was 100% of Chris Cash & Carry by Carrefour Marinopoulos for CYP 21.6 mln.
EMED on AIM:
Eastern Mediterranean Resources, the Australian-owned company prospecting for copper in Cyprus, east and central Europe and Asia, listed on the LSE AIM market raising GBP 2.25 mln from its IPO.