Pensions Some local difficulties

Abig pension fund deficit may have broken up another potential leveraged buyout, this time at ITV. The need to close a £640m deficit in a £1.7bn fund was enough to make a £6bn deal unworkable, according to a report in the Financial Times. That follows a similar deal-breaking pension problem at WH Smith in 2004. It seems that the size of the expected pension payments have been catching deal-makers by surprise. It is taking them time to get used to three significant changes in the world of define...