Hogg Robinson Group (HRG) issued an angry denial that it is in takeover talks with rival travel management company American Express.
A story linking Hogg with Amex appeared on a UK magazine's website at the end of last week after HRG pulled its planned IPO citing "present market condition."
The story speculated that "American Express might be convinced of the benefits of acquiring the company, especially if it managed to buy the group cheaply following the pulled IPO."
HRG's full statement said: "Hogg Robinson Group plc ("the Company") notes recent press comment in a business travel industry publication speculating that the company could be taken over by an industry rival, namely American Express.
"The Board of Hogg Robinson Group categorically states that this article is unfounded and the Company is not and has never been in any kind of merger or takeover talks with American Express.
"As announced on 26 September 2006, the IPO of Hogg Robinson Group plc has been delayed. “It is therefore still the Board's firm intention to pursue a listing on the London Stock Exchange."
HRG originally announced its intention to float on the London Stock Exchange in September and hoped to raise £190m with shares trading at between 120p and 240p.
HRG's majority owner Permira, a private equity firm, seems to have pulled the flotation after fearing it would not get the price it feels HRG is worth.
There is no time frame for HRG to resume its plans to float.
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Austrian to shed jobs and re-structure fleet
Austrian Airlines is to shed 350 jobs by scrapping its flights to Australia and plans to raise €350m in a rights issue to help restructure its fleet.
Alfred Ötsch, Austrian's ceo, said in Vienna that he hoped there would be no job lay offs but he would not rule them out.
He said the dropping of the flights to Sydney and Melbourne would release two long range aircraft which may be switched to other airlines.
Mr Ötsch said that on long haul, Chicago would be added as a destination next year and flights to New York and capacity to Washington would be increased.
He said the airline would also continue to push Eastern Europe as its "home market" despite increasing competition form fellow Star Alliance member Lufthansa.
"While most of our competitors are still working to set up connections between capital cities, we are already widening our range to the Urals and beyond, while deepening our network at the same time," he said.
He dismissed recent speculation that Austrian might leave Star and join SkyTeam saying changing alliances presented problems.
Austrian also announced a strategic partnership with Russian carrier AiR Union.
Mr Ötsch said: "Our co-operation with AiR Union is truly a milestone in our Focus East strategy. We are proud of the fact that this move enables us to advance our market position an enormous distance eastwards - in effect, to the shores of the Pacific Ocean."
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