PRESS DIGEST - Financial Times - Nov 7

ITV SEARCH FOR NEW HEAD CONTINUES AS STV LEGAL ROW ESCALATES

ITV (ITV.L) found itself embroiled deeper in a cross-border legal war with STV as the broadcaster continued its search for new leadership. ITV's devolutionary Scottish counterpart issued a third-quarter trading statement indicating it was preparing its retaliation over alleged non-payment of unpaid programme costs. ITV is suing STV for 15 million pounds to 20 million pounds. However, the Scottish broadcaster now says it is owed 35 million pounds by ITV.

SPOTTISWOODE'S FINAL SWIPE AT WITH-PROFITS

A parting shot at the regulation of with-profits savings products will be made by Clare Spottiswoode when the policyholder advocate for Aviva's (AV.L) reattribution of excess cash publishes a final report and closes her office. According to Spottiswoode, policyholders received a better share of the funds than expected but insists the new law governing how companies can use such funds needs testing. She told the Financial Times: "The Financial Services Authority still allows companies to use inherited estates to pay for things that otherwise shareholders would have to pay for, which is to the detriment of policyholders."

LCH.CLEARNET DRAWS LINE UNDER OWNERSHIP SAGA

A two-year saga concerning the ownership of one of the most prized derivatives post-trade assets in the world has come to an end after LCH.Clearnet finalised a shareholder streamlining scheme. The move means the group should now be able to move ahead with plans to build its business. Europe's biggest independent clearing house is now 83 percent owned by users of its services and 17 percent by NYSE Euronext (NYX.PA)(NYX.N) and the London Metal Exchange.

WILLIAM HILL LOOKS TO RAISE 300 MILLION POUNDS

William Hill (WMH.L) has launched its first corporate bond of 300 million pounds to pay down debt, offering investors a yield of 7.25 percent after seven years. Chief Executive Ralph Topping said: "We always said we were going to diversify our sources of debt funding. The problem was we had this massive lump of debt that was going to come up at the same time. The rights issue took a tranche of it". William Hill's bonds will be issued around Nov. 12.

RENTOKIL STANDS BY REVIVAL PLAN