Business and City in Brief: EFM Dragon wins Drayton

EFM DRAGON is claiming victory in its pounds 126m bid for Drayton Asia Trust.

The board of Dragon, the UK investment group, yesterday declared the bid unconditional, claiming it had received acceptances representing 51 per cent of Drayton's share capital.

Sir Hugh Bray, Dragon's chairman, said: 'The way is now clear to merge Drayton Asia with Dragon and create the largest pure Asian investment trust in the UK.'