Ottakar's bid ruling delayed

HMV will have to wait to find out if competition watchdogs will permit its £96.4m takeover bid for Ottakar's. The owner of the Waterstone's chain has been told by the Office of Fair Trading (OFT) that it will not make a decision on whether to refer the deal to the Competition Commission before December 2. That is later than the November 18 deadline that HMV had set for shareholders to accept its 440p-a-share offer, which was higher than a management buyout offer in September and has won the recommendation of independent directors of the Ottakar's board. Analysts believe the OFT has received representations from authors and publishers concerned that a marriage of Waterstone's and Ottakar's would have a negative impact on competition.

Lost confidence: Consumer confidence has fallen to a new low as people worry about the state of the economy and job prospects, researchers have found. The Nationwide Building Society's consumer confidence index has fallen for the third consecutive month during October to its lowest level since the group began the survey in May last year. Confidence has fallen by 16 per cent since April as a succession of bad news, including the London terrorist attacks, low house price growth and high petrol prices, has taken its toll.

free advice: Businesses are being warned to be wary of offers for free listings in directories - particularly those from Spain or Canada. Trading standards officials are urging companies to check the small print of mail shots and e-mails. "If they reply, it's then alleged that they have entered into a contract and agreed to pay for their entry in the guide," said Philip Holman, Durham County Council's head of trading standards.