LONDON, May 28 (Reuters) – The case for unfair dismissal brought by former Olympus CEO Michael Woodford following the uncovering of one of Japan’s biggest corporate frauds was delayed on Monday, sparking talk of an out-of-court settlement.

The employment tribunal began in London, throwing the spotlight back on a $1.7 billion accounting scandal that cost the camera-to-endoscope maker its board and reputation.

But briefly into the proceedings, which had been planned to last five days, presiding Judge Foxwell gave the legal teams for Woodford and Olympus until Tuesday morning to put the finishing touches to their cases.

The delay is a possible sign that Woodford and Olympus are negotiating a settlement.

“If there is an extra lag, there is always a chance to settle and it to go no further,” said Jo Keddie, a partner at law firm Winckworth Sherwood.

But it could also give the judge needed more time to prepare, or enable the feuding parties to finalise their arguments, she added.

Woodford, who was surrounded by his legal team from Simmons & Simmons carrying boxes of documents for the hearing, will be first to present his case on Tuesday.

STOCKHOLM/LONDON, May 25 (Reuters) – Makers of toilets and taps are sizing up Finnish rival Sanitec, put on the block by private equity group EQT with a price tag of up to 1 billion euros ($1.3 billion), people familiar with the situation said.

Spanish family-owned group Roca, Japan’s JS Group Corporation and Turkey’s Eczacibasi Holding, which has joined forces with private equity firm KKR, are all considering binding bids for Sanitec.

Private equity groups Bain Capital, owner of Ideal Standard, and Nordic Capital, a long-term rival to EQT in the Scandinavian markets, have also gone through into the second round of the auction process, which is being conducted by UBS.

Nordic deal markets have continued to perform strongly in the first half of 2012, hosting some of Europe’s largest buyouts this year, including the sale of tools group Ahlsell to CVC and installation services group Bravida to Bain.

Sanitec has 19 production plants around Europe, making brands including Allia, Sphinx and Twyford, and aims to be leader or number 2 in markets in which it sells its bathroom products.

But the company hit a turbulent patch during the credit crisis and the economic downturn which stalled much of the construction work across Europe.

EQT was forced to give up a 22.5 percent stake in Sanitec to its lenders in 2009, who in return cut debt from 969 million million euros to 300 million euros. At the same time EQT put in 115 million euros of new equity to retain its 77.5 percent stake.

LONDON (Reuters) – Silver Lake SILAK.UL and Partners Group (PGHN.S: Quote, Profile, Research, Stock Buzz) have agreed to buy Swiss-based tax-free shopping business Global Blue for 1 billion euros ($1.3 billion) from rival Equistone.

The two investors beat a handful of other buyout groups including BC Partners BCPRT.UL, EQT and TH Lee to buy the fast-growing business.

Headquartered in Nyon, Switzerland, Global Blue’s tax-free shopping business helps overseas travelers in Europe reclaim sales tax on their shopping and offers its service through more than 270,000 retail locations worldwide.

Equistone, formerly Barclays Private Equity, bought Global Blue in 2007 in a deal valuing the business at 360 million euros. Since then, Global Blue revenues have doubled, while earnings before interest, tax amortization and depreciation (EBITDA) nearly tripled to 97 million euros.

Global Blue has achieved its growth through targeting travelers from emerging markets, in particular Russia and China. The company handled some 20 million tax transactions in the year to end March.

The company attracted the interest of American Express during the process, people familiar with the process said, but the group did not bid in the final stages, one added.

Some of the largest merger and acquisition deals done in Europe this year have involved businesses changing hands between private equity groups.

LONDON/FRANKFURT, May 23 (Reuters) – Leading U.S. industrial groups and buyout firms are circling Bartec, a German maker of safety systems designed to prevent explosions in hazardous areas of oil and gas production, people familiar with the situation said.

Ametek, Danaher and Honeywell are among those eyeing the maker of analysis and electrical safety systems for companies such as BP and Exxon Mobil, three people said.

Swiss private equity group Capvis, which owns Bartec, hopes to get about 600 million euros ($765 million) for it at auction.

Bartec has attracted a large field of potential suitors due to its strong profit growth at a time of economic turmoil and its focus on essential areas of safety for oil and gas producers, one of the people said.

It expects earnings before interest, taxes, depreciation and amortisation (EBITDA) of about 60 million euros in 2012, up from about 50 million last year, a person close to the company said.

Cooper Industries had also expressed interest in the company, but on Monday agreed to be taken over by rival Eaton Corp.

Bartec is one example in a growing list of medium-sized European companies being put up for sale, as buyout groups scour their portfolios for sell-off candidates.

LONDON/FRANKFURT, May 22 (Reuters) – Private equity group Bridgepoint has hired Morgan Stanley to sell Aenova, hoping to get more than 400 million euros ($510 million) for the German vitamins and generic prescription drugs maker, two people familiar with the situation said.

Aenova is set to join a growing list of medium-sized German businesses going up for sale as private equity groups trawl their portfolios looking for strong disposal candidates.

An auction for Aenova is planned for the autumn, the people said, and is expected to attract rival vitamin makers such as German chemicals group BASF and Dutch supplements maker DSM, as well as private equity firms.

Other private equity-backed businesses on the block in Germany or expected to go up for sale include bandages maker BSN Medical, power transformer group SGB Starkstrom and heavy machinery manufacturer Gienanth.

Resilient demand for good-quality businesses and a recovery in debt markets is stoking sellers’ hopes that they can achieve good prices.

Aenova, which has ten sites across Europe and the United States and employs about 1,600 people, is targeting earnings before interest, tax, depreciation and amortisation (EBITDA) of about 50 million euros in 2012.

The group recorded EBITDA of 43.2 million euros in 2011 and sales of 262 million.

LONDON, May 21 (Reuters) – A trio of private equity groups remain in the hunt to buy Europe’s biggest frozen food company Iglo Group in a 2.5 billion euro ($3.2 billion) plus auction process, people familiar with the process said.

Blackstone, BC Partners and PAI are into the second round of the sale by rival buyout firm Permira while Bain and Clayton Dubilier & Rice did not make the cut, the people added.

Iglo, which markets under the Birds Eye brand in Britain and Ireland, Iglo in most of continental Europe and Findus in Italy, is more than twice the size of its nearest frozen food rival and was put up for sale earlier this year, with Credit Suisse advising on the process.

The group, which makes food products popular with West European children, sold over 2 billion fish fingers in 2011 – enough to circle the earth five times – and enough frozen peas to fill 40 Olympic swimming pools.

Charoen Pokphand Foods Pcl, Thailand’s largest agribusiness company, has denied earlier reports it was interested in the whole group, but sources say it may link up with a private equity player in a joint bid.

Iglo, led by food industry veteran Martin Glenn, has been in Permira’s hands since 2006, with the firm bolting on the Findus Italy frozen foods business in 2010 as it looked to enhance its dominant position in Europe.

Iglo is set to start management presentations to the bidders this week, one of the people said.

LONDON (Reuters) – British private equity firm 3i Group (III.L: Quote, Profile, Research) promoted its investment head Simon Borrows to be chief executive on Thursday, charging the former banker with turning around a business hit by a series of poor deals in recession-hit European markets.

Borrows, who founded the European operations of independent investment bank Greenhill & Co (GHL.N: Quote, Profile, Research), is an M&A expert and his appointment as CEO could intensify speculation about a sale of 3i or, in the absence of obvious buyers, a management buyout.

There has been speculation over the last year that 3i could attract a bidder or management buyout offer.

Borrows has been close to the company for two decades, working on the flotation of the business in 1994 and advising on some of its most significant deals, including the sale of budget airline Go to Easyjet (EZJ.L: Quote, Profile, Research).

The London-listed private equity firm said Borrows would take up his job immediately, replacing Michael Queen who has been in the post for a little more than three years.

One of Borrows’s first tasks will be addressing 3i’s high operating costs and some people familiar with the group say he will not shirk from tough decisions on jobs and global ambitions.

“I am also going to determine the best shape and investment strategy for the business,” Borrows told reporters.

LONDON, May 17 (Reuters) – British private equity firm 3i Group has promoted Simon Borrows to chief executive as it looks to turn around its lacklustre performance and boost its flagging share price.

The London-listed private equity firm said on Thursday Borrows had assumed the role immediately, replacing Michael Queen who has been in the post for a little more than 3 years.

He has a mandate to address group performance, and has already had a positive impact as chief investment officer, bringing fresh focus and discipline to the group’s investing process, 3i said in statement.

Borrows, a former banker, was widely tipped as the next CEO after joining the group last year.

He is seen by analysts and bankers as someone with the experience of an external candidate, combined with the knowledge of someone of who has been close to 3i for many years, having worked on the flotation of the business in 1994.

Queen said in March he would quit following continued shareholder frustration at 3i’s poor share price performance and weak results from its buyouts business.

3i’s net asset value – the key measure for valuing its portfolio of companies – took another hit in the six months to end-March. Asset value per share was 279 pence, compared with 294 pence at the end of September and 351 pence a year ago.

LONDON (Reuters) – 3i (III.L: Quote, Profile, Research), Britain’s largest listed private equity investment group, is thought likely to name a new chief executive when it reports full-year results on Thursday.

Simon Borrows, chief investment officer since joining 3i last year, was expected to be named as the successor to Michael Queen as CEO of a company whose investments range from lingerie maker Agent Provocateur to Spanish wind farm builder GES.

Queen said in March he would quit, following continued shareholder frustration at 3i’s share price performance and weak performance from its buyouts business.

“Borrows has joined 3i from outside. So, he can take a more detached view of the business than internal candidates, and he knows the business well, having been involved in the IPO of the company back in 1994,” Oriel Securities analyst Iain Scouller said.

Before joining 3i, Borrows spent 13 years at investment bank Greenhill (GHL.N: Quote, Profile, Research), where he was co-CEO. He had previous stints at Baring Brothers and Morgan Grenfell.

Any honeymoon period he might enjoy will likely be short-lived. Dissatisfied shareholders, including activist investor Laxey Partners, have called on 3i to sell more assets and give them the proceeds.

3i shares are languishing at a 40 percent discount to net asset value as the result of persistent concerns about the performance of its investments, in particular the 5 billion euro ($6.4 billion) buyout fund it raised in 2006.

LONDON, May 14 (Reuters) – Private equity firms and trade buyers are set to fight it out for Equistone Partners Europe’s sale of tax-free shopping company Global Blue next week which could fetch up to 1 billion euros ($1.3 billion), banking sources said on Monday.

Boston-based TH Lee Partners, BC Partners, EQT and Silver Lake Partners, which has teamed up with Switzerland’s Partners Group, and one or two trade buyers were all due to put in bids in the second-round auction process, banking sources said.

American Express has expressed interest during the process, the sources said.

Equistone declined to comment.

Headquartered in Nyon, Switzerland, Global Blue’s tax-free shopping business helps overseas travellers into Europe reclaim VAT sales tax on their shopping and offers its service through more than 270,000 retail locations worldwide.

In 2010, Global Blue handled more than 20 million transactions, according to its website.

Bankers have raised concerns over how much debt should back Global Blue’s buyout as its EBITDA has trebled in the past 2 years to 100 million euros ($129 million) in the year to April 2012.