Business Services Industry
U.K. bank Abbey stays loyal to Spanish suitor.
Knight Ridder/Tribune Business News, August, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Aug. 14--Abbey says it is sticking with its Spanish suitor despite expectations that British banks are gearing up to gatecrash the UKpound 8.1 billion takeover.
HBOS is expected to lead the charge in September, as soon as Banco Santander Central Hispano has published its offer document. Lloyds TSB has also appointed bankers to examine whether competition authorities would allow a deal. It was blocked when it tried four years ago. HSBC and Royal Bank of Scotland are waiting in the wings.
Abbey said: "Our position has not changed. We have only one bid on the table and we remain committed to seeing it through." Santander's largely paper deal was worth 551 pence a share last night....
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