May 27 business news: Mr Kipling cake sale; Karan Bilimoria to lead CBI; more

The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy. The Times Premier Foods Plc is exploring a potential sale of Mr Kipling cakes as it presses ahead with a review under pressure from activist shareholders.

Fiat Chrysler Automobiles NV will reveal on Monday, a wide-ranging tie-up with Renault SA, likely to centre on the pooling of resources to invest in low and zero-emission vehicles. The Guardian Peter Simon, the founder of the fashion chain Monsoon Accessorize is ready to inject 34 million pounds ($43.27 million) into the struggling company in an effort to convince landlords to agree to rent cuts as part of a deal designed to thwart its collapse.

UK's Boris Johnson and Dominic Raab have been warned that Tory members of parliament would be prepared to bring down any prime minister backing a no-deal Brexit, triggering a general election, amid fears the leadership hopefuls will veer to the right in response to a surge in support for Nigel Farage at the European election. The Telegraph Reiss, a favoured brand of the Duchess of Cambridge and stylish office workers, is courting buyers despite a string of high-profile high street collapses triggered by a shift in consumer spending habits.

Sky News Karan Bilimoria, who founded Cobra beer and backs a second EU referendum, is the leading contender to succeed John Allan as the next president of the Confederation of British Industry (CBI). The Independent The head of the trade association for the British steel industry has warned that Brexit could cause "a great deal of damage." Gareth Stace, the director-general of UK Steel, urged politicians to end the uncertainty, secure a withdrawal agreement and avoid the turmoil of leaving the EU without a deal.