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The Times: Stop press: Gazprom move: Gas plan opposed: June 07, 2006

Gazprom move 
 
Gazprom, the Russian gas group that wants to become a big distributor in Britain, is to take a stake in Gasunie’s 142-mile Balgzand-Bacton pipeline, which will pump up to 16 billion cubic metres of gas a year from the Netherlands to Britain from next year. Gazprom secured the stake in return for offering Gasunie equity in its Baltic Sea pipeline, which will run from Russia to Germany.

GM investor revolt

General Motors shareholders took a stand against the board of the ailing carmaker by demanding the right to more control over the way in which directors are elected. Under a measure called “cumulative voting” that investors voted for yesterday, shareholders would be allowed to withhold votes for certain directors and use them to give another proposed director extra support.

Gas plan opposed

Environmental advisers are urging Western Australia’s government to block plans for the A$11 billion (£4.4 billion) Gorgon offshore gas project, jointly owned by Chevron, Royal Dutch Shell and Exxon Mobil. The Environmental Protection Authority said that it would advise the government to reject it because of effects on a nature reserve. The government remains supportive of the project.

Thomson growth

Thomson, the electronic publisher, said yesterday that it had up to $500 million available to help it to expand by acquisition. The Canadian company is eyeing the engineering and insurance markets as areas where it could develop a specialised electronic information business to match its existing legal and financial markets operations.

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