Monday 11th January 1982
PM charmed by Gvr [Governor of the Bank of England] - doing what he could - only offered bills at 143⁄8
What can he do - supporting the market to the tune of £400 m etc.
But we all knew he could tell Petheridge at Union Disc or Gerrard to put in a bid at 137⁄8.
David Young on Kaiser project - no cash from BSC [British Steel Corporation], it forms two cos [companies?]
1. 80% BSC/ 20% Kennecot - buying steel slabs to keep Ravenscraig open.
2. Kennecot takes the £300 m or so Coalfields of Kaiser (adjacent to its own)
Kennecot/Sohio provides $400m in cash - but Kaiser has medical coverage for all its workers - costs $400m to buy it out.
Phoned Peter Newman [head of Economics Department at Johns Hopkins] - Ok to July 83
Chris Willoughby
HSBC & Chartered should be denied - Crazy [Mergers & Monopolies Commission blocked their bids for RBS]
Developed Paper for monetary meeting on Wednesday