Aug. 4--ROSS SET TO HOLD 75 PERCENT OF WAGON: Wilbur Ross, the US billionaire who made his fortune turning round troubled companies, looks set to take majority control of British car parts maker Wagon. Wagon said just under 20 percent of its £49 million rights issue had been taken up by existing shareholders, leaving Ross, who underwrote the entire issue, set to increase his stake from 15 percent to well over 75 percent. The shares were priced at 4p each, above their recent market levels.

MORGAN SINDALL FIGURES DISAPPOINT: Construction group Morgan Sindall disappointed investors today with worse-than-expected figures, but said it remains on track to meet targets for the full year despite the challenging conditions facing the property sector. The regeneration specialist reported first-half pre-tax profits of £28.6 million, up from £25.2 million last year. Analysts had forecast profits would come in at around the £32 million mark.

CRUNCH REINS IN 888 ONLINE GAMBLERS: The credit crunch may be biting internet poker players and webbased casino gamblers, latest figures from online gaming house 888.com reveal. Revenues were up 33 percent on a year ago at $67 million (£33.5 million) in the second quarter of 2008. But average spend per poker player fell 8 percent from its recent high while those playing casino games spent 5 percent less. 888 says trading was hit by gamblers watching Euro 2008 instead.

GUINEA VETOES RIO MINING COCESSION: Guinea appears to have pulled the plug on a $6 billion (£3.04 billion) investment by Rio Tinto in an iron-ore mine there. A letter received from the Guinea President's office says the Simandou mining concession has been cancelled, Rio said. The letter queries the validity of the government decree that granted Rio the concession, saying the document outlining the company's rights was "stained with irregularities".

BLACKSTONE OPENS OFFICE IN BEIJING: Buyout group Blackstone has opened an office in Beijing and hired a former government official to push for more business there. The Chinese government holds a 9 percent stake in Blackstone and Blackstone last year announced its first Chinese investment when it took a 20 percent stake in chemicals firm China National BlueStar Group.

-----

To see more of the Evening Standard, or to subscribe to the newspaper, go to http://www.thisislondon.co.uk.

Copyright (c) 2008, Evening Standard, London

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

WAGN, MGNS, RTP, RIO, BX,

Story Source: Evening Standard