British manufacturer Invensys is in takeover talks with Schneider Electric over a £3.3bn preliminary offer from the French company, The Telegraph reported.

Ratings agency Moody’s said Nationwide Building Society needs to raise £1.8bn to meet regulatory requirements on its capital strength, according to The Times.

Microsoft chief executive Steve Ballmer has announced an overhaul of top management in an effort to compete against rivals such as Apple and Google, the Financial Times said.

Morrisons chief executive Dalton Philips said the supermarket will be able to compete on equal terms with its rivals for the first time as it plans to launch a website and open 300 convenience stores over the next three years, The Guardian reported.

Construction company Kier has won a contract with West London Mental Health Trust to build the Broadmoor mental health hospital at Crowthorne in Berkshire, The Independent revealed.