Tuesday newspaper round-up: Shire, Tesco, French air traffic

Shire boss Flemming Ornskov on Monday admitted a higher offer from its US rival AbbVie could result in a takeover of the Irish drugmaker as he fleshed out his ambitions to double annual sales by 2020. Mr Ornskov, who has led Shire for just over a year, said he would not stand in the way of a potential transaction if the board believed it would deliver shareholder value. "Look at my track record. I'm all about shareholder return and value," he said when asked whether he would oppose a higher offer for the company. - The Daily TelegraphPhilip Clarke's turnaround of Tesco was dealt a fresh blow on Monday when Fitch cut its credit rating on the supermarket, citing trouble in store both at home and abroad. The ratings agency said Tesco was coming under fire amid an escalating supermarket price war in the UK while its remaining international operations were being buffeted by "economic and political headwinds". Fitch, which downgraded its rating on the company from "BBB+" to "BBB", was following in the footsteps of rival agency Moody's which last week moved Tesco to its second lowest investment grade. - The GuardianPassengers flying to France and beyond this week could face disruption as a strike by French air traffic controllers has forced airlines to cancel dozens of flights. The majority of services from the UK to France will continue to run but airlines have warned of potential delays to all flights crossing French airspace. French authorities have said an overall reduction of 20% of flights is needed. Ryanair has said 26 flights to and from France will be cancelled on Tuesday, and EasyJet said about 20% of its services would be cancelled; all are either internal flights or between France and other European destinations. - The GuardianNorth Sea oil and gas firm Ithaca Energy has struck a $170m (£100m) deal to buy stakes in three "high quality" oil fields, funded by the issue of $300m in bonds, as part of its strategy of broadening its production portfolio. The acquisitions will be funded through the issue of $300m in bonds, due for repayment in 2019, which will also be used to partially pay down its reserves-based lending facility. - The ScotsmanThe bill for cleaning up Britain's nuclear waste has topped £110bn, after a £6.6bn increase in the cost estimate for work required over the next 120 years. The Nuclear Decommissioning Authority said that the biggest increase derived from a fresh assessment of the work required at Sellafield, the country's biggest and most toxic nuclear site. - The Daily TelegraphAn enraged investor has launched a legal attack on Elektron Technology, the small-cap engineering systems developer, after accusing its directors of mismanaging the company. Barrie Bridge, a 63-year old semi-retired interior decorator, launched a "derivative claim" against six current and former directors of the company. Mr Bridge, who owns around 3% of Elektron shares, is seeking permission in the High Court to pursue the action to recover £2m in funds from the directors on behalf of the company. - The TimesAB