Argenta Discovery looking at float or sale.

Argenta Discovery, the Essex, UK-based drug-development business, is considering a sale or flotation. Although chief executive Chris Ashton said the privately-owned company was not for sale, he confirmed bankers had been hired to consider options. The business is focused on respiratory drugs which have drawn the interest of giants such as AstraZeneca and GlaxoSmithKline. Argenta investors include MVM, ABN Amro and 3i; the company earned �8.5m in revenues from carrying out research for other parties.

Gartmore having strategic review

Gartmore, the UK fund manager, may soon be up for sale. Owner Nationwide has hired Morgan Stanley to look into strategic possibilities which may include a sale or flotation. US insurance business Nationwide acquired Gartmore for almost �1bn five years ago from Royal Bank of Scotland and, according to analysts could be worth that if sold to a rival or floated. BNP Paribas of France is rumoured to be a potential suitor. Gartmore could prove attractive to asset managers and banks outside the UK, particularly for its hedge-fund and distribution capabilities.

Alea Group, the ailing London-listed insurance business that is up for sale, could be sold in pieces, according to a report in The Deal's Auction Block. Alea, which is based in Bermuda, has gross premium revenues of almost USD 1.6bn.

Terra Firma likely to sell East Surrey Holdings Water

Terra Firma is likely to sell East Surrey Holdings' water business after it acquires the UK utility group. The UK-based private equity group, has already seen six bids of approximately �190m for the water operations. The water businesses include the Sutton and East Surrey water company and ES Pipelines, a gas connections operation. Terra Firma is thought to have shortlisted financial buyers and industry players to buy the water business. The Takeover Panel has ruled that Terra Firma must proceed with its takeover bid for East Surrey which will probably lead to a break-up of the company. Citigroup, which is advising Terra Firma, and Barclays Capital, will arrange debt financing for the proposed �453m takeover of East Surrey.

Centrica to sell OneTel

Centrica, the owner of British Gas, has confirmed it will be selling its OneTel telecoms business. The utility wishes to concentrate on its energy operations and will invest the sale proceeds in this area of the business.

Spirent to sell network products division

Telecommunications equipment company Spirient announced plans to sell its network products division. The transaction is expected to raise about �260m. The HellermanTyton network focuses on cable fastenings and connections ofr cars and electrical goods and is an awkward fit with Spirent\\\'s other operations.

Collins Stewart Tullett open to approaches

Collins Stewart Tullett, the world\\\'s second largest inter-dealer broker, said yesterday it had opened its books to a number of potential buyers. The company\\\'s pre-tax profit fell by 10 per cent to �39.9m in the first half.

Cool reaction to Peacock bid

The board of discount fashion retailer Peacock confirmed it had received an indicative approach valuing the company at �404m. Investors, however, reacted coolly to the news, with shares languishing below the proposed offer price.

BAE naval unit at centre of bid

BAE Systems has moved closer to selling its German naval electronics business, Atlas Elektronik, after Germany\\\'s ThyssenKrupp and European defence group EADS joined forces to bid for the unit. There is competition across Europe for the business.

Select Services is for sale

Select Services Partner is for sale with an expected price tag of more than �300m. Compass Group is being prepared by Citigroup. Private-equity and trade bidders are thought likely to be interested. SSP brands include Upper Crust and Burger King and they operate at stations, airports and motorway-service stations in dozens of countries.

Brook Leisure for sale

Brook Leisure, the UK night-club operator, is for sale with an estimated �50m. NM Rothschild had been appointed to find a buyer for the 12-year-old company. The business comprises more than ten properties and has a turnover of �20.6m.

Mortgage company for sale

The London Mortgage Company, the British mortgage lender owned by Brenninkmeijers of Holland, is for sale. Hawkpoint is to manage a sale of the business which, according to bankers may fetch �40m. The company focuses on high-margin, sub-prime mortgage lending. Investment banks and niche lenders were likely to emerge as potential suitors.

Swan Hellenic may be sold by Carnival Corporation

Carnival Corporation, the dual-listed cruise-ship business, is considering whether to sell Swan Hellenic. Apparently they have been contacted by investors who wish to buy Swan but need additional funding. the business is believed likely to fetch around �50m although it has not yet been put on the market. Swan operates cultural holidays aimed at the grey market.

DIY group under strategic review

The country\\\'s third biggest DIY chain, Focus, has been forced to overhaul its business strategy in the face of a tough outlook for the sector. Focus was singled out by credit rating agency Standard

Poloron does not rule out further disposals

Polaron, the listed UK technology company, expects to continue growing via both organic and M

Volkswagen to sell Europcar

Volkswagen, Europe\\\'s biggest car group is tipped to appoint CSFB the investment bank, to sell Europecar, its car rental arm. Europcar which is one of the worlds largest car rental companies with 2685 locations in 123 countries and a fleet of more than 120,000 vehicles. The expected sale could raise �1.3bn.

Island Gas to be valued at �50m

Island Gas, the UK-based energy group, has been put up for sale with a likely valuation in excess of �50m. Several trade and buyout groups are bidding for Island. Island Gas chairman Francis Gugen has hired Houlihan Lokey Howard

Inchcape Shipping Services for sale

Inchcape Shipping Services (ISS) is for sale, with Lazard advising on the auction. Inchcape owner Electra Partners, the buyout group, has hired Lazard to auction the logistics division. Inchcape could fetch up to �200m.

Cabot financial group to be sold or floated

Barclays Private Equity (BPE) is believed to be thinking about either floating its Financial services group Cabot. It may however sell it to a trade bidder or to another buyout group However, no decision will be made until 2006. Cabot, which acquires defaulted debt from banks, has increased its value to �250m. Its 1.2m consumer accounts have a value of around �1.5bn.

Carlton 021 up for sale.

ITV has put its Carlton 021 outside broadcast business up for sale it has been reported. The UK-listed television broadcaster anticipates completion of the sale in the next couple of months. Several bids have come in for the Carlton 021 arm and the sale price is likely to reach �10m.