BUYERS BOX FOR PACKER $ 350 m prace tag is put on Waddington

5. BUYERS BOX FOR PACKER $ 350 m prace tag is put on Waddington

A J350 million bidding war is set to erupt for Waddington, the packaging group that last month admitted it had received a takeover approach from its management team.

At least two venture capital firms are understood to be looking at Leeds-based Waddington, which is expected to command a takeout of at least £325 a share against Friday's close of£247. One of the potential buyers is believed to be CinVen.

Waddington's management team, led by chief executive Martin Buckley and finance director Geoffrey Gibson, are preparing their own offer for title company. They are being advised by NatWest Equity Partners, which last week backed the management buyout of Noreros, the building materials outfit.

Waddington's three non-executive directors, led by chairman John Hollowood, are thought to have been alerted to the prospect of rival bidders.

City analysts said rival approaches were expected in the wake of Waddington's recent announcement, since the takeout price originally mooted was far too low. (S.T.)

6. REVEALED: BRITAIN'S SECRET NUCLEAR PLANT

A SECRET nuclear fuel plant processing radioactive material a mile from the centre of a British city has been revealed to have serious safety flaws.

Nuclear fuel more volatile than the uranium which caused the recent radioactive leak at a Japanese facility is being secretly manufactured in the Rolls-Royce plant in Derby.

Highly enriched uranium fuel is processed at the factory for the Ministry of Defence (MoD) - although this has never before been disclosed and the local population has not been told because the work is classified. They are only aware that the factory makes engines for Trident nuclear submarines.

Leaked company documents reveal that there is a risk of a "criticality accident" - the chain reaction which caused the nuclear disaster at a fuel manufacturing plant in Tokaimura last month. It has also emerged that after a safety exercise at the plant this year, inspectors concluded that it was "unable to demonstrate adequate contamination control arrangements". There is still no public emergency plan in case of disaster.

"I can't believe that they make nuclear fuel in Derby and don't have an off-site public emergency plan," said a nuclear safety expert who has visited the plant. "Even in Plymouth where they [the MoD] load the uranium fuel into the submarines, they have a publicised plan for the local population."

In the Tokaimura disaster two weeks ago, clouds of deadly radiation poured out from a nuclear fuel plant after a nuclear fission chain reaction. Most nuclear plants in Britain use fuel containing about 3% uranium 235, but in the Tokaimura incident it was about 20%, which was a contributory factor for the chain reaction.

In Derby the fuel is potentially even more unstable, containing more than 90% uranium 235. Rolls-Royce has always said that its marine power division at Raynesway, Derby, makes propulsion systems for nuclear submarines. It has never previously admitted processing the uranium fuel. (S.T.)

7. I hear America singing

I hear America singing, the varied carols I hear,

Those of mechanics, each one singing his as it should be

Blithe and strong,

The carpenter singing his as he measures his plank or beam,

The mason singing his as he makes ready for work, or

Leaves off work,

The boatman singing what belongs to him in his boat, the

Deckhand singing on the steamboat deck,

The shoemaker singing as he sits on his bench, the hatter

Singing as he stands,

The wood-cutter's song, the ploughboy's on his way in the

Morning, or at noon intermission or at sundown,

The delicious singing of the mother, or of the young wife

At work, or of the girl sewing or washing,

Each singing what belongs to him or her and to none else,

The day what belongs to the day - at night the party of

Young fellows, robust, friendly,

Singing with open mouths their strong melodious songs. (W.W.)

8.

Professor W.H. Leeman

79 Rigby Drive London

Dorset, Merseyside 10th March 1998

Dear Sir!

Contributed papers accepted for the Conference will be presented in oral sessions or in poster sessions, each type of presentation being considered of equal importance for the success of the conference. The choice between the one or the other way of presentation will be made by the

Programme Committee. The first is a ten-minute talk in a conventional session, followed by a poster presentation in a poster area. In the poster period (about two hours) authors will post visual material about their work on a designated board and will be prepared to present details and answer questions relating to their paper. The second mode of presentation is the conventional format of twenty-minute talks without poster periods. This will be used for some sessions, particularly those for which public discussion is especially important or for which there is a large well-defined audience.

Sincerely T. W. Thomas, Chairman.