BRITAIN'S GAS producing giant BOC is likely to accept a joint bid

BRITAIN'S GAS producing giant, BOC, is likely to accept a joint bid by its French and American rivals Air Liquide and Air Products this week in a deal worth about pounds 7bn, according to people close to the companies BOC's board meets tomorow. "I do think there will be some kind of deal," said Fred Siemer, an analyst at FH Siemer. "But it's enormously complex - in the US alone hundreds of factories are involved." The deal - which would value BOC, the world's number two gases company, at about pounds 14.50 a share - is likely to mean job losses and factory closures at the company."This is why [BOC chief executive] Danny Rosenkrantz has tried to stop the deal," said a source close to the talks.Air Liquide, the number one gases company, and Air Products, number four, want to rationalise the relatively static industrial gases sector by carving up BOC's units in the US and Asia.But the process of divvying up BOC's assets is complicated by the fact the industry operates as a patchwork of national semi-monopolies, and further consolidation could be stopped by competition authorities."If Air Liquide and BOC combine their CO2 businesses in the US, they will have over 50 per cent of the market. The market capitalisation still falls short of the pounds 623m that BSkyB was willing to pay until its bid was blocked in April by the Monopolies & Mergers Commission.The unwillingness of fund managers to invest in football clubs suggests that Manchester United may be ripe for going private. Two of Mr Ferguson's own horses are trained at the Ballydoyle stables in Ireland, which Mr Magnier owns. It is believed that only last week Mr Ferguson attended a lunch at which Mr Magnier and Mr McManus were present.Although Manchester United shares have performed better than those of most quoted football clubs, analysts still believe its current stock market valuation of pounds 557m undervalues the club.

Mr Edwards' apparent desire to leave the club has been heightened by the continued criticism to which he has been subjected by certain sections of United supporters.Officially, the club is refusing to comment on the bid speculation, wary of risking further attacks from fans who may resent the idea of a Magnier- inspired takeover.Meanwhile it has emerged that Sir Alex Ferguson, Manchester United's treble-winning manager, may be the pivotal figure who introduced Mr Magnier and his associates to Mr Edwards. It has been suggested that Mr Byers will rule out the possibility of a media group bidding for Manchester United, which would encourage Mr Edwards to countenance a bid from Mr Magnier. Stephen Byers, the Secretary of State for Trade and Industry, is expected to clarify the rules governing football club ownership later this month These have remained uncertain since BSkyB's bid was blocked. They may also call upon former stockbroker Dermot Desmond.Mr Edwards is thought to favour a bid from a media group but there is continued uncertainty about whether such an approach would receive regulatory approval. There is no doubt that the combined wealth of Mr Magnier, Mr McManus and Michael Tabor, a leading light of the bloodstock world, would fit the bill. It is this condition that is said to have scuppered an earlier approach from JP McManus, the legendary gambler who was only interested in buying Mr Edwards' shares.But sources remain convinced that Mr Edwards, who was said to be particularly disappointed by the failure of BSkyB's bid, is keen to sell his stake to any party with the resources to maintain United's status as the world's biggest club. Mr Edwards, who owns 11 per cent of the club, is thought to be insistent that a bidder purchases the entire club and not just his stake.

Mr Magnier's interests are so closely guarded that his main business vehicle, Coolmore Stud, is an unlimited partnership and hence is not even obliged to publish accounts. It is understood that Mr Magnier has had a conversation with Martin Edwards, the chief executive of Manchester United, about buying the club but a deal remains elusive. They cite the example of his friend Joe Lewis, the equally wealthy and secretive currency trader, whose attempts to buy Christie's, the auction house, collapsed in the face of intense public interest in his affairs. Insiders believe that John Magnier, the hugely successful breeder and owner, would be unwilling to undergo the scrutiny that would result from owning a large chunk of a public company. It is not the kind of example the President appreciates.He must instead rely on supporters like the man I met on the central square in Prokuplje on Thursday night, who explained why he is in favour of Mr Milosevic: "He defends the people." It is a not a line that you hear often in Serbia, these days Those in the crowd around him looked on in sheer disbelief.. MANCHESTER UNITED is likely to be taken private by the horse-racing tycoon who is leading the race to control the Treble-winning quoted football club.

When the Albanians returned, thousands of Serbs found new homes in Montenegro. They are being ordered to return to Kosovo, even when they do not wish to do so. The children of Serb refugees are not allowed to enrol at local schools - unless, that is, they fetch up in the little republic of Montenegro, which still practises Yugoslav tolerance.While Serb troops were running amok in Kosovo, Montenegro gave shelter to tens of thousands of Albanian refugees. The loss of Kosovo is so humiliating that the Serbs fleeing their homes have officially become non-people There is no reference to them on television. He has also, however, made a string of promises, all of which he has broken.The economy is in a worse state than when he came to power - and was, even before the Nato bombing began. His reign is based on intolerance, more than on fear - which makes him potentially much more durable He has repeatedly won elections, some of them fairly.