Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

China has accused the parent company of Calvin Klein of boycotting cotton from its western Xinjiang region, threatening for the first time to put a US company with significant interests in the country on a national security blacklist.

Beijing’s threat to include PVH, a clothing maker whose brands include Calvin Klein and Tommy Hilfiger, on its “unreliables list” is likely to alarm international companies at a moment when China is struggling to attract foreign investors.

The Chinese commerce ministry said in a statement on Tuesday that PVH had 30 days to explain to authorities whether it had discriminated against Xinjiang-related products over the past three years.

In a separate notice, the ministry accused the group “of violating normal market trading principles and unreasonably boycotting Xinjiang cotton and other products without factual basis”.

International clothing companies have faced increasingly conflicting pressure from China and western governments over sourcing from cotton-rich Xinjiang. Beijing strongly rejects accusations by the UN High Commissioner for Human Rights and independent watchdogs that it is responsible for human rights abuses against Xinjiang’s mainly Muslim Uyghur ethnic group that include widespread use of forced labour.

China’s commerce ministry said PVH would be investigated by its “Unreliable Entity List Working Mechanism Office” — a national security-related body set up five years ago after the eruption of a trade war with the US.

The unreliables list mirrors the US commerce department’s “entities list”, which targets companies accused of human rights and other violations of American law.

Beijing’s implementation of the blacklist followed tightening US restrictions and sanctions on Chinese technology and exports, particularly on its telecom equipment maker Huawei.

But foreign lawyers argue that provisions of China’s blacklist are too vague, targeting companies accused of “endangering national sovereignty, security or development interests of China”.

China has publicly placed five US companies on the list, including military suppliers Lockheed Martin and Raytheon Technologies for selling weapons to Taiwan, but these groups do little or no business in China.

PVH could face fines, have its activities in China restricted or face other unspecified penalties. In a prepared statement, the New York-based company, which has subsidiaries registered in China and stores and warehouses in the country, said: “As a matter of company policy, PVH maintains strict compliance with all relevant laws and regulations in all countries and regions in which we operate. We are in communication with the Chinese Ministry of Commerce and will respond in accordance with the relevant regulations.”

The ministry statement said PVH’s alleged discrimination against Xinjiang products “seriously damages the legitimate rights and interests of relevant Chinese companies and endangers China’s sovereignty, security and development interests”.

Under the 2021 Uyghur Forced Labor Prevention Act, the US bans goods made in Xinjiang unless importers can prove they were not made using forced labour.

In a company filing this year, PVH said it had made “efforts” to confirm that materials covered by measures such as the US act “are not present in our supply chain”.

China’s commerce ministry rejected any suggestion the use of its blacklist might deter foreign investors.

China was “prudent in handling the issue of the Unreliable Entity List, targeting only a very small number of foreign entities that undermine market rules and violate Chinese laws”, it said. “Honest and law-abiding foreign entities have nothing to worry about.”

MILLIONS of hard-up households will receive a key energy bill discount worth £150 starting in just days and it’s available even if you’re not on the state pension or get pension credit.

The Warm Home Discount (WHD) is a £150 cut to your electricity or gas bill and is applied by your energy supplier once a year.

1

In most cases those who qualify will receive the reduction automatically and do not need to apply.

If you live in England and Wales you will be eligible if you get the guaranteed credit element of pension credit or are on a low income and have high energy costs.

The scheme could provide a lifeline to millions this winter after the Government last month cut the number of households that will receive Winter Fuel Payments.

The scheme is administered by the Department for Energy Security and Net Zero, which will contact households who qualify for the discount by post between October and December.

These letters will let customers know that they are eligible for the discount and when the deduction will be applied.

If you think you are eligible for the scheme but have not received a letter by early January then you should check your energy account to see if it has been credited by £150.

If you have not been sent the cash then you should contact the Warm Home Discount helpline.

The phone number will be available via the Government’s website from next month.

You have until February 28, 2025 to contact the helpline depending on what qualifying criteria you meet.

But it is best to call before this date to make sure you do not miss out on the payment.

What is the Warm Home Discount?

The Warm Home Discount is usually applied between October and March as credit on your account, but this will depend on how you pay for the energy you use.

Usually the £150 is deducted from your electricity bill but if you have a dual fuel tariff then you can also get the money off your gas bill.

If you have a credit meter, your Warm Home Discount will be credited directly to your account.

Once it has been applied it will show on your next bill.

If you are a prepayment meter customer you will receive the voucher in the post with instructions on how to redeem it at your local Post Office.

If you are eligible then your energy supplier will apply the discount to your bill by March 31, 2025.

How do I qualify for it?

To qualify for the credit, households in England and Wales must fall into one of two categories – “core group 1” and “core group 2”.

Core group 1 is for customers who receive the Guarantee Credit element of Pension Credit and will be identified by the Department for Work and Pensions (DWP).

Meanwhile, core group 2 is made up of households who receive certain means-tested benefits or tax credits and have a “high energy cost score”.

This is based on the type, age and size of your property and is assessed by the Government.

The benefits that put you in core group 2 are: 

• Housing Benefit
• Income-related Employment and Support Allowance (ESA)
• Income based Jobseeker’s Allowance (JSA)
• Income Support
• The “Savings Credit” part of Pension Credit and Universal Credit

If you were not claiming any of these benefits on August 11, 2024 then you will not be entitled to the payment.

You may also be eligible if your household income falls below a certain threshold and you get tax credits.

If you do not fall into these groups then you need to apply directly via your energy supplier.

When will I receive the discount?

The dates that you will receive the reduction will depend on your energy supplier and when it is notified that you are eligible.

Ovo Energy will aim to pay the discount by the end of December or within six weeks of being told by the government which customers are eligible at the beginning of October.

But a select number of customers could be paid between January and the end of March if it takes longer to confirm that they qualify.

British Gas and Scottish Power have said that they will make all payments by March 31, 2025 at the latest.

EDF said that it will try to provide customers with their rebate by February 28, 2025.

All payments will be made by the end of March 2025.

What other help is available?

If you do not qualify for the Warm Home Discount then you may be able to get help with your bills through the Household Support Fund.

Last month the fund was extended to next spring and a further £421 million was added to the pot, which has been shared between councils in England.

It is up to each council how they allocate their portion, which means that how much you get and whether you are eligible will depend on where you live.

If you are on benefits, have a low income or are classed as vulnerable then you are likely to receive the help.

Contact your local council to see what help is on offer.

There is a tool on the Government’s website to help you find which council area you fall under.

You may also be able to get a grant on your energy bills if you are in debt.

Several energy firms including British Gas, Octopus Energy and Ovo offer up to £2,000 to help customers.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

SUMMER may be drawing to a close, but there’s still time to make the most of a new National Trust pass that’s perfect for autumn day trips.

The Explorer Pass was launched earlier this year by the National Trust.

4

4

Advertisement

4

The pass lets you visit sites across four, eight or 14 days from just £44 for a single parent family or £69 for two adults in the same household and their children.

That’s quite a saving on a full-year family membership which costs £99 for one adult and their youngsters or £159 for two adults and their children.

It’s an absolute bargain, given that one-day entrance into some of the more popular National Trust places can cost almost as much as the four-day Explorer Pass, so essentially you’re getting an extra three days of visits free.

Plus the pass includes parking, which can quickly add up at some sites if you’re not a member.

There’s a couple of National Trust sites that charge £5 for all-day parking if you’re a non-member, so once you’ve factored in entry costs and car parking fees, you may well be better off using an Explorer Pass, even if you won’t use all the days it comes with. 

Some of the more expensive places to visit include Cragside in Northumberland, which costs £60.30 for a two-adult family or £38 for a one-adult family.

And Quarry Bank Mill in Cheshire, family entrance costs £60.50 for the two adult option or £36.30 for single parents.

One thing to be aware of is that the one-off entrance price generally only covers up to three children, while the family memberships cover all the children or grandchildren of the named adults.

So if you’ve got a bigger family with more than three children in tow, family membership, whether with the Explorer Pass or the annual option, could be the way to go.

There has been a similar overseas visitor pass for foreigners holidaying in the UK for years, but you couldn’t buy it if you were living here.

So making this pass open to everyone is a great move, especially if you’re visiting a different area of England or Wales for a staycay and there’s a few different National Trust places you want to visit while you’re there.

If you only want a short-term pass to use while you’re away, this makes it a more affordable option, rather than paying for a year.

You can’t buy on arrival though, so you need to go online before your first visit to sign up.

And you also need to check that the properties you’re interested in visiting are covered by the Explorer Pass as there’s a list of almost 40 sites that aren’t included on the National Trust website.

This includes some like Stonehenge that fall under a reciprocal agreement with English Heritage. But do your research and you could be quids in.

We love a family day out at National Trust and if we had bought an Explorer Pass to cover my family of five to visit the four nearest sites to us, we would have saved almost £100 on entry fees, as paying to visit each place individually would have added up to £161.75, compared to £69 for a four-day family pass.

My top picks would include Belton House in Lincolnshire, which has a huge woodland play area with a miniature train ride through the trees, and the Children’s Country House at Sudbury Hall in Derbyshire, which has a museum full of toys from different eras you can try.

I’ve been blown away by the Summer of Play this year at all the National Trust places we’ve visited.

From garden games to den building to outdoor music making, there’s been so much to keep my boys busy that at some sites, we’ve had to go back for a second day just to do the bits we didn’t have time for first time around. 

My favourite was the hobby horse racing in the Garden of Imagination at Calke Abbey in Derbyshire, which we visited right at the start of the holidays.

It set the tone for all the other National Trust day trips we took over the summer, as we knew there would be loads of kids’ activities included. 

We also made the most of vouchers for free kids’ meals at National Trust cafes, a nice little bonus from the boys’ Starling Kite bank accounts.

So there’s lots of ways to keep costs down if you fancy a heritage visit but without a hefty price tag.

4

Unlock the Editor’s Digest for free

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Sir Keir Starmer will pledge to “recommit” Britain to internationalism and the rule of law when he attends the UN general assembly on Wednesday, as his aides push for meetings with Donald Trump and Kamala Harris.

The UK prime minister will use remarks at the annual high-level gathering in New York to frame Britain as a “reliable and trusted” global player under his leadership, after he arrives in the US for the third time in as many months.

He will also join calls for an end to the “devastating” conflicts in Gaza, Ukraine and Sudan when he attends the UN Security Council.

Last autumn, Starmer’s Conservative predecessor Rishi Sunak became the first British prime minister in a decade to skip the annual UN general assembly meeting.

Sunak also signalled his willingness to quit or derogate from the European Convention on Human Rights if it interfered with his Rwanda immigration policy, under which people identified as illegal migrants would be relocated to the African country.

UK government officials are attempting to line up meetings for Starmer with both the presidential candidates vying to succeed US President Joe Biden.

Downing Street officials stressed the talks, which would probably take place on Thursday if they happen, depended on whether they could align diaries with Harris and Trump.

Ukrainian President Volodymyr Zelenskyy, who has travelled to the US this week to address the UN and press Biden for security guarantees before he leaves office, has also said he will meet Harris and potentially Trump while on the ground.

Starmer’s 48-hour trip to the US comes after he attended a Nato summit in Washington in July and returned for bilateral talks about Ukraine and the Middle East with Biden at the White House earlier this month.

Discussions about whether the US would approve Ukraine deploying western-supplied long-range missiles in Russia dominated Starmer’s last visit and are set to arise again. On Sunday, Biden told reporters he was yet to make a decision on allowing such usage.

Since taking office Starmer has launched a foreign policy reset on Europe, climate change and the “global south”.

At the UN he will vow to “return the UK to responsible global leadership” as he argues Britain’s reputation on the world stage is linked to its political stability and security at home.

It is part of his drive to distinguish his administration from successive Tory governments that were characterised by turmoil.

Starmer will say: “This is the moment to reassert fundamental principles and our willingness to defend them. To recommit to the UN, to internationalism, to the rule of law.”

He will argue on Wednesday that stepping up the UK’s international engagement is “undeniably in our self-interest” because it is key to solving global challenges that impact Britons domestically.

“War, poverty and climate change all rebound on us at home. They make us less secure, they harm our economy, and they create migration flows on an unprecedented scale,” he will tell fellow world leaders.

Starmer used his keynote speech at Labour’s annual conference in Liverpool on Tuesday to call for “restraint and de-escalation” at the border between Lebanon and Israel, as he urged all parties in the Middle East “to pull back from the brink”.

While he reiterated his call for an immediate ceasefire in Gaza, he was interrupted by heckles from a pro-Palestinian protester. The incident came after chancellor Rachel Reeves was disturbed by an activist a day earlier, highlighting how Middle East policy remains a flashpoint among Labour members.

A SWANKY new £3.5 million Wetherspoons pub has opened in a town perhaps too posh to handle it – as locals warn punters they “better behave”.

The discount boozer chain’s latest branch – The Grand Assembly in Marlow, near High Wycombe – is welcoming its first customers today.

13

13

Advertisement

13

13

The name – apparently an attempt to ingratiate itself with wary naysayers – was settled upon after a few false starts, including The Brass Thimble.

It’s a nod to the assemblies held by the upper social classes in the nearby Market House building in centuries gone by.

The Sun headed down for the opening day.

The pub’s aptly named for the few punters who queued at 8am for the not-so grand opening – though it soon filled up inside.

MIXED RESPONSE

Outside there was something of a mixed response to the idea of a popular chain gracing the town’s streets.

Judy Evans said: “Marlow is a village so we don’t like the very big brands – we like the independents.

“The breakfast you’re going to get in the Wetherspoons is going to be like £2 but it’s the quality and it’s the local people you’re supporting.”

She pointed across the road to The Ship – believed to be the town’s oldest pub, built around 1412 – as an alternative because “we want to be supporting our locals”.

The Ship has survived bigger threats to its existence – namely The Plague and The Spanish Flu.

But it has itself modernised, including showing live sport and launching a ‘Cocktail Lab’ to help bring in the modern punters.

Sales manager, Judy, 50, went on to say that Marlow – neighboured by the likes of Maidenhead and Slough – is a “bit of a destination place”.

“We are a bit concerned that come Friday and Saturday nights we’re gonna get a lot more of those tourists coming in, other people coming into Marlow.”

She said that some Wetherspoons pub “don’t look so nice, it’s so big, so vast”, adding: “It will be interesting to know if it builds any kind of atmosphere.

“I’m worried about it affecting the local community, local businesses, local coffee shops. That’s my main concern.

“I’ve never been to one, I won’t be a regular, I’ll stick to The Ship.”

Retiree Hannah Wallis, said she worries the new pub will be “noisy and horrible at night time”.

“What sort of people are going to be there? I am just worried,” continued the 90-year-old.

“We will have to wait and see won’t we? Worried about a lot of louts and drunken men creating havoc and that sort of thing, that’s it.

“It’s just the sort of clientele it might attract.”

However, Hannah said she celebrates the idea of it being “more diverse”, adding: “Just so long they know how to behave themselves.”

13

13

Advertisement

13

Tony McHale, a former EastEnders writer, is a regular visitor to Marlow and said he is concerned about the pub attracting too many students into the quaint town.

“I don’t want this to be disparaging, I have used Wetherspoons, it’s used to being a student environment and Marlow isn’t a student sort of town,” he said.

“I think there are plenty of other places around in Wycombe that provide that type of hostelry, if that’s the word.

“It’s not a university town – I don’t think it’s an appropriate place.”

Tony, 74, wrote some of the BBC soap’s most explosive story lines between 1985 and 1999.

He was actually under the impression the new pub hadn’t opened.

“Oh, has it opened ugh – I thought it had been blocked!” he said.

“I think it’s a shame, you could put one in High Wycombe but not here.

“What I do think is a shame is here you have a lot of individual shops, stores, eateries and things like that, I think it’s great these places still exist when you go down most high streets.

“Here at least there’s a difference in choice but I don’t think this is necessary.”

Tony said locals “might be worried the rot might set in, if you start with Wetherspoons”.

“What happens next, a different sort of chain – it suddenly becomes like most city centres and most of them are dying.

“This seems to be thriving as it’s individual. It’s [got its] own identity. Okay, you’ve got The Ivy but they sort of blend in, they don’t stick out.

“I do think it will be a shame. Maybe we are prejudging it. Only time will tell. At least it’s not smack in the middle of the high street.”

Got a view on the new pub? Email charlotte.bend@thesun.co.uk

However, in contrast, Dean Kirby, who claims to have set up the first internet café in the UK, is keen to see how the new arrival does.

The entrepreneur, 60, said he is “always interested in concepts and how they work in the retail world”.

He went on to say there’s “a lot of snobbery” in the town but he thrives on the competition.

“I’ve been living in Marlow for 15 years, a lot of people think it’s going to bring it down.

“A lot of other retailers round here are sloppy, awful, that’s what it’s all about, the competition.

“There are a lot of retailers on this high street that need to buck their ideas up.”

Dean said the town is unique with a “dynamic of two high streets in one” with the daytime and night-time businesses.

“During the day it is very nice, gentrified and you feel safe. At night it’s a night time beast, late time opening.

“The Ship has a one o’clock licence now, Wetherspoons does too.”

He added: “Wetherspoons can’t drag it down, that’s there already. When you’ve had a skinful of wine or beer… it is what it is.”

STRIKING DECOR

Inside the pub, at the top of the High Street, is a mash up of historical town references, including a mirror display inspired by author Mary Shelley, who wrote classic novel Frankenstein while living there in 1817.

A smattering of middle-aged men were quickly munching on full English breakfasts, accompanied by a pint.

But there were also groups of young women, and couples on dates.

Many others – not brave enough to enter – marvelled through the rectangular windows.

With a strikingly bold carpet that clashes with a variety of chairs, the site has been adorned with Union Jacks and chandelier-like lamps.

The military theme has been joined with paddles on the walls, an old grandfather clock, white markings that resemble mountains on the mirrors and exposed brickwork.

With no music playing, the murmurs of first-time attendees could be heard, their whispers occasionally being defeated by the sound of cutlery against plates and ice from across the room.

The vast hall goes far back, and every nook and cranny has been built into.

With padded chairs below turquoise paint, bar stools facing a glass cabinet, as well as the main space filled with tables of four and the carpet ending within metres of the front entrance, the room seems confused.

One woman just walked past saying “it’s a bit of a tight squeeze” as she navigated through the rows of furniture.

Manager Rachel Turner is hopeful the refurbishment will win over the doubters.

“People seem more excited about it than anything else – after the build-up, I’m just looking forward to it being a normal pub,” she told Bucks Free Press.

Bar staff Ben and Callum, who live just down the road and have been busy training for the opening over the last few weeks, have a similar view.

Callum likened the hesitancy of some locals to accept the chain to Lidl’s replacement of Waitrose on Liston Road in 2022.

He said: “People think of Marlow as quite high echelon and they said, ‘Oh no, we don’t want that here’. But when they actually saw it for what it was, no one seemed to mind.”

A Wetherspoon spokesman told The Sun: “Wetherspoon is delighted to have opened in Marlow.

“Our pubs are popular across the UK and Ireland and we believe that this will be the case in our Marlow pub.

“Wetherspoon has shown its commitment to the town with its investment of £3.5 million and creation of 60 new jobs.

“The company’s pubs are well regarded and run to the highest of standards.”

13

13

13

Advertisement

13

13

13

When UniCredit bought 9 per cent of Commerzbank this month, the Italian bank’s chief executive Andrea Orcel sought to reassure Berlin of his intentions by saying cross-border deals in the industry could not happen against the will of governments.

Outside its home market, any bank needed the “support from local institutions”, he said, noting UniCredit “always entertained a dialogue with regulators, institutions and counterparts in Germany”. 

That dialogue appears to have broken down. On Monday, UniCredit said it was about to overtake the German government as Commerzbank’s biggest shareholder with a 21 per cent stake after taking a position — pending regulatory approval — on a further 11.5 per cent of the German lender’s stock.

In New York that day, Chancellor Olaf Scholz said: “Unfriendly attacks [and] hostile takeovers are not a good thing for banks and that is why the German government has clearly positioned itself.”

What, if anything, can the German government, regulators and rival banks do to thwart Orcel’s ambitions to take over Commerzbank?

What can Germany do?

German politicians across the political spectrum have been united in their condemnation of what they perceive as Orcel’s aggressive tactics. But the government has few tools to block a takeover bid.

Berlin had already said on Friday that it would no longer put its remaining 12 per cent stake up for sale. Instead, Orcel found another way to increase UniCredit’s stake, through derivative instruments.

The German government’s powers to shoot down takeovers were strengthened after robotics maker Kuka was acquired in 2016 by Chinese group Midea in an acrimonious takeover that fostered fears of a sellout of engineering expertise. But outside of the defence industry, the rules apply only to buyers from non-EU members. 

UniCredit needs permission to lift its stake in Commerzbank above 10 per cent, but from its regulator, the European Central Bank, not Berlin.

Mechthilde Wittmann, an MP for the opposition CSU party, said Scholz should “take the next plane to Rome and tell [Italian prime minister Giorgia] Meloni that this takeover can’t happen. We won’t agree to it”.

Others, however, disagree. “I don’t see that the German authorities have any leverage,” said Hans-Peter Burghof, a banking expert at Hohenheim university.

“UniCredit is a European bank and so European rules on competition, bank supervision and capital markets apply. And the German authorities don’t really have any say in the matter.”

Ministers were within their rights to express their opinion on a possible takeover, as Scholz did on Monday, “but it’s just a description”, said Burghof. “Yes, it’s a hostile takeover . . . and they can express their annoyance, but little more than that.”

What can the ECB do?

The idea of a UniCredit merger with Commerzbank was initially welcomed within the ECB, which has long called for more cross-border consolidation in the sector.

But some at Europe’s top banking regulator are annoyed about what they regard as Orcel’s “aggressive” tactics, according to people familiar with their views.

European rules on bank ownership — designed to prevent criminals and shady funds from getting control of a bank — are complex and bureaucratic.

Joachim Kaetzler, banking partner at law firm CMS Hasche Sigle, described them as “an avalanche of documents”.

However, “reasons to reject the application [by UniCredit to take its stake above 10 per cent] are highly unlikely to arise”, said Kaetzler, because the Italian bank was one of Europe’s largest and most profitable lenders and its top-ranking officials had been approved by the ECB.

Under the application rules, the ECB is required to make a decision within 60 days but can add another 30 days in complicated cases.

With BaFin, Germany’s financial regulator, responsible for assembling the application to be submitted to the ECB, German bureaucrats in theory have scope to take a particularly rigorous approach — by requesting additional documents, for instance.

“An ownership-control procedure can easily take six to 12 months,” said Kaetzler.

What can other banks do?

Any bidder deemed preferable to UniCredit would have to secure support from the government.

The most obvious candidate is Deutsche Bank, which has discussed a move for Commerzbank several times before.

Such a deal would mean Commerzbank — a crucial lender to the Mittelstand, the small and medium companies that form the backbone of the German economy — remained in domestic hands.

However, it would result in a large number of job cuts and branch closures, which may be unpalatable to German voters and unions.

Deutsche is also not in the best position to buy Commerzbank, as it would have to pay in cash for shares owned by the government or in the open market.

Doing so would disrupt plans to return €8bn to shareholders by 2025, which Germany’s largest lender paused earlier this year after taking a €1.3bn hit from a long-running lawsuit.

Deutsche Bank boss Christian Sewing said this month he was unfazed about a potential takeover of Commerzbank by UniCredit. “Competition is good for business”, he added.

Other banks such as France’s BNP Paribas, Spain’s Santander and ING of the Netherlands could also be encouraged to make a bid. 

These banks do not have German operations of the size of UniCredit’s HypoVereinsbank, so such a combination would not benefit from the same synergies.

Entering a bidding war with a rival holding a 21 per cent stake is another complication.

What can Commerzbank do?

Orcel unveiled his initial move on Commerzbank hours after the German bank said its chief executive Manfred Knof would leave by the end of 2025.

Commerzbank on Tuesday evening appointed chief financial officer Bettina Orlopp as its new chief executive to champion the lender’s standalone strategy and rally investor support.

But even Commerzbank insiders who are sceptical about a deal acknowledge that it will be almost impossible to present a standalone strategy that is financially as attractive as a merger.

A combination with HypoVereinsbank would result in billions of euros of cost savings and economies of scale.

Commerzbank could come up with a poison pill to scupper the deal — for example by agreeing to sell its corporate bank to Deutsche Bank in exchange for a stake in the rival.

But people close to Commerzbank told the Financial Times that management “won’t do anything crazy” to derail a UniCredit bid if it came at the expense of the German lender’s franchise. 

The alternative may be to try to squeeze a generous takeover premium from Orcel, as well as guarantees to keep decision-making and a listing of the German operations in Frankfurt.