CEFC Europe, a Czech-based division of troubled conglomerate CEFC China Energy, said it would contest a takeover of shareholder rights by creditor J&T Private Investments (JTPI), arguing it had funds to pay a debt at the centre of the dispute, Reuters reported. Czech-based JTPI said on Thursday it had taken over the rights and installed crisis management because CEFC Europe had not covered its debt, totalling 450 million euros according to CEFC, in time.

Greece and its creditors have agreed on the next steps for completing the country’s final bailout review, a key milestone for exiting the program and striking a deal on debt relief, the Irish Times reported. Government officials and representatives from the International Monetary Fund and euro-zone creditor institutions completed a week of discussions in Athens on Saturday. Greek finance minister Euclid Tsakalotos said reaching a technical deal to conclude the fourth bailout review, the so-called staff level agreement (SLA), paves the way for discussion of debt relief measures.

Barclays has snapped up Lloyds Banking Group’s remaining Irish mortgage portfolio for £4 billion (€4.6 billion) and plans to refinance the loans in the bond market, the Irish Times reported. Sources said that the bank has lined up UK asset manager M&G Investments and US investment giant Pimco to acquire residential mortgage-backed securities (RMBS) linked to the mortgages. Barclays will also hold onto at least 5 per cent of the notes, in line with securitisation rules brought in following the global financial crisis.

Creditor J&T Private Investments (JTPI) said on Thursday it had taken over shareholder rights and installed crisis management at CEFC Europe, the Czech-based part of troubled Chinese conglomerate CEFC China Energy, Reuters reported. The move is a sign of fresh woes for CEFC Europe which bought Czech assets from real estate to breweries, an engineering firm, an airline and a football club, under an investment drive promoted by Czech President Milos Zeman. CEFC Europe protested against the move, saying it had the money ready to cover the debt.

In a move that doubtless prompted relief across Europe, Italy's populist about-to-be government made clear that it is not now looking for the European Central Bank to write down 250 billion euros ($295 billion) of Italian sovereign debt, a Bloomberg View reported. At least that was the reassuring message to markets from the latest set of meetings between leaders of the Five Star Movement and the League.

Russia’s VTB Capital-led Numetal Mauritius Pvt Ltd. today told the company law appellate tribunal that it has offered over Rs 37,000 crore for Essar Steel Ltd. in the second round of bidding, Bloomberg Quint reported. The second round should be opened and the highest bidder selected from it, Numetal told the National Company Law Appellate Tribunal. ArcelorMittal, the only other bidder to have put in a bid for Essar Steel in the first round in February, however, opposed the opening of the second round of bids and sought only the first round of bids to be considered.

Struggling British mother and baby products retailer Mothercare will close over a third of its UK stores as part of a survival plan that also sees the return of the chief executive who was sacked just five weeks ago, Reuters reported.

Sugru maker FormFormForm is being sold for about £7.6 million, in a deal that will see investors lose up to 90 per cent of their initial investment, the Irish Times reported. The London-based company, which was founded by Irish inventor Jane Ní Dhulchaointigh, James Carrigan and Roger Ashby in 2004, will be bought by adhesives specialist Tesa in a deal that will save the firm but values shares at 9 pence each. The German-based firm made a formal offer for FormFormForm in March. The offer has been accepted by 51 per cent of the company’s shareholders.

Managers of insolvent P&R Group are being investigated after it was discovered the investment firm sold nearly one million more shipping containers than it owned, the Munich prosecutors’ office said on Thursday. Once the world’s biggest lessor of shipping containers, P&R sells containers to investors and its sister company in Switzerland rents them out to shipping companies, Reuters reported. P&R later buys back the containers from investors.

Vulture funds are a “cancer” in Irish society that will trigger thousands of home repossessions, debt campaigner David Hall has warned. “They have one thing on their agenda and that is feasting on the carcasses of those who suffered because of the gambling by banks,” he told the Oireachtas Finance Committee. Mr Hall said that vulture funds had no interest in restructuring loans or working with those in arrears, the Irish Times reported. “They buy to obtain the asset and sell it and profit. If you want to lose your home and possibly have a debt written off then vultures are for you.