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/ 21 January 2008
Britain set a two-week deadline for a private-sector rescue of Northern Rock on Monday, as it confirmed plans to convert its billions of pounds of loans to the stricken bank into bonds in a bid to smooth a deal. The financing package will tie the government to Northern Rock, Britain’s biggest casualty of the global credit crunch, for years to come.
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/ 26 November 2007
A consortium led by Richard Branson’s Virgin Group has been picked as the preferred bidder to rescue Northern Rock and plans to repay £11-billion (,6-billion) quickly to the Bank of England. Half the cash will come from the consortium and half will be raised through a rights issue at 25 pence per share.
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/ 15 October 2007
Northern Rock’s bosses face their toughest grilling since the British bank was engulfed in a funding crisis a month ago when lawmakers quiz them on Tuesday on their strategy and assessment of risk. Northern Rock CEO Adam Applegarth faces a Treasury Committee panel that last month accused the Bank of England of being asleep at the wheel during the crisis.
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/ 17 September 2007
Thousands of customers queued to withdraw savings from embattled British bank Northern Rock on Monday and its shares plunged again, heightening pressure for a sale of the business or its assets. Britain’s fifth-biggest mortgage lender said there was no need for investors or customers to panic
A consortium led by Royal Bank of Scotland (RBS) has launched a â,¬71,1-billion (,7-billion) bid for Dutch group ABN Amro, trumping Britain’s Barclays in a battle for the world’s biggest bank takeover. The offer was pitched at â,¬38,40 euros per ABN share — â,¬30,40 in cash plus 0,844 new shares in RBS.
British bank Barclays has agreed to buy Dutch rival ABN AMRO for just over €67-billion as it seeks to head off rivals to clinch the world’s biggest ever bank takeover. Barclays said on Monday it would pay 3,225 new shares for each ABN AMRO share, equivalent to €36,25 a share at Friday’s closing price.