Management has indicated restructuring could include asset disposals, which we do not factor in for now.
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In addition, the group said it would retain the proceeds of planned disposals to increase liquidity.
As regards the branch disposals, Lloyds is having to shed even more than expected by the markets.
Asset disposals, one obvious way of raising cash, are extremely hard to pull off at the moment.
Other mergers and selective disposals of non-core units have helped big paper firms to reshape their operations.
But if a couple of automotive business disposals are stripped out, the foreign share would have increased substantially.
But it may help BAA achieve its chief goal of gaining a less draconian timetable for the disposals.
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One or two long-awaited disposals could go through, and some European investors are showing interest, hoping for fire-sale prices.
Dru Sharpling, of the HMIC, said out-of-court disposals were a "useful tool" for new offenders, but not persistent offenders.
It could insist on asset disposals and, crucially, enforce standards for the firms' portfolios, such as their rate of growth.
Vivendi had given itself some room to take less cash, say credit analysts, thanks to earlier asset disposals and high-yield bond issuance.
So expect rather more disposals and handing back of cash to shareholders.
Although the merger is subject to antitrust scrutiny, few disposals are expected.
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In September 2009, it said moving refuse from Skye to a landfill site near Falkirk resulted in one of the costliest disposals in Scotland.
Mike Kennedy, chief operating officer for the Crown Prosecution Service, said out-of-court disposals were effective but needed "proper regulation, consistent application and public transparency".
What is clear is that the commission will not want Sainsbury's or Asda to win Safeway without significant store disposals, to prevent a duopoly with Tesco.
He will receive quarterly reports on the progress of the disposals and the privatisation, and promises to reopen the case on the first sign of deviation.
Only two disposals are likely to be completed by December: the state lottery and the former international broadcasting centre for the 2004 Athens Olympics, now a shopping mall.
Antitrust enforcers may well insist on disposals as a result.
But both think that disposals of businesses and the issue of new-fangled loss-absorbing bonds, called CoCos, will cover most of that (as it happens, Barclays flogged some of these today).
Three main topics will be tackled, namely removal of particulate and colloidal matter within drinking water production and in wastewater treatment, and reduction of colloidal carriers mobilised from waste disposals.
It is the arrival on the scene of funds and partnerships willing to use their investments to challenge existing managements or to act as intermediaries to facilitate mergers and disposals.
Now that Softbank is pulling out of these businesses to focus on the Internet, most of the proceeds from its disposals is being used to pay down debt in Ziff-Davis.
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What is clear is that Britain's Competition Commission will not want Sainsbury's or Asda to win Safeway without significant store disposals, to prevent a duopoly with Tesco, the clear market leader.
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Diageo said Thursday that sales growth in the Asian-Pacific region, excluding acquisitions, disposals and currency effects, slowed to 4% in the nine months ended March 31 from 10% in the year-earlier period.
"The substantial growth in the use of out-of-court disposals has created some disquiet among criminal justice professionals over inconsistencies in their use, in particular for persistent and more serious offending, " said the inspectors.
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