Business Notes Markets

The London stock market is starting to look a lot like Wall Street. Suddenly large takeovers are in flower. In New York it might seem almost child's play, but in Britain a billion-dollar merger or acquisition remains a remarkable event. Last week several behemoth-size deals were in the offing. Argyll, a supermarket chain, offered $2.8 billion to acquire Distillers, maker of Johnnie Walker Scotch and Gordon's gin, and Britain's General Electric bid $1.8 billion for Plessey, an electronics firm.

Along with the takeover tussles come some new stock offerings. The most unusual is the creation of Composer Andrew Lloyd Webber, 37, the author of hit musicals, including Cats and Evita. Last week it was announced that early next year investment bankers at Schroder Wagg will offer to the public shares in Lloyd Webber's company, called Really Useful. Last year the firm had pre-tax profits of $3.1 million, and it owns the rights to everything Lloyd Webber has written since 1978. Stockholders will get a share of royalties each time an elevator plays a Muzak-treated tune from Cats. Profits from Jesus Christ Superstar, though, will not be included.