ENEL, Italy’s largest utility, and Electricité de France, the world’s biggest power producer, set a deadline of May 20 to reach an agreement on expansion into each other’s home markets. The two companies need to expand to sustain earnings as the EU’s effort to foster competition reduces their domestic market share.

Dump board, says director

CATHERINE WALTER, a director of National Australia Bank, said she would urge shareholders to dump the entire board of Australia’s largest lender, including herself, after a probe into currency losses. Ms Walter will ask shareholders today to seek a new chairman and bar non-executive directors from re-election.

Germany backs Frenchman

THE GERMAN Government will reportedly back Jean Lemierre, the French President of the European Bank for Reconstruction and Development, to become the new head of the International Monetary Fund. He has run the London-based bank for nearly four years.