Monday newspaper round-up: Petrofac, LVMH, Saudi Aramco, National Lottery

A multinational energy firm accused by prosecutors of maintaining a fake set of accounts to disguise the payment of bribes to foreign government officials has been identified by the Guardian as the UK-based company Petrofac. Petrofac, which is headed by a major Tory donor, has been under investigation by the UK’s anti-corruption agency, the Serious Fraud Office (SFO), for suspected bribery and money laundering. – Guardian

Two of the UK’s largest power companies have quietly transferred the ownership of their British operations to offshore companies to protect themselves against Labour’s plan for renationalisation. National Grid and SSE, which together own Britain’s gas and electricity transmission networks, confirmed on Sunday they had created overseas holding companies following Labour’s pledge to restore them to state ownership. – Guardian

French conglomerate LVMH is closing in on a deal to buy Tiffany after tabling a higher offer for the New York-based jeweller. The Paris-based luxury group, controlled by Europe’s richest man Bernard Arnault, has raised its bid to $135 per share, the Financial Times reported. The boards of both companies are expected to meet on Sunday to approve the offer. – Telegraph

Saudi Aramco has moved to sell shares to some of the biggest sovereign wealth funds after several potential corporate buyers snubbed the opportunity to take part in its float. The roadshow marketing shares in what will be the world’s biggest listed company moved to Dubai yesterday for presentations to institutional investors, including the state-owned Investment Corporation of Dubai. – The Times

Sir Richard Branson’s Virgin Group is set to register its interest in running the National Lottery for the third time in 25 years. The bid team under Sir Richard, 69, is understood to be preparing to make its latest effort to supplant Camelot as the organiser of the state lottery by the deadline in the middle of next month. – The Times