Business Services Industry
Abbey National punters may find gain in Spain.
Knight Ridder/Tribune Business News, October, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Oct. 9--Abbey National's 1.8m shareholders must choose whether to go Spanish. As they vote next Thursday on the UKpound 9 billion takeover bid from Banco Santander, hopes of a counterbid have faded.
So it looks like a muted exit for Abbey, whose shares topped UKpound 13 three years ago and are going out at under UKpound 6. That is partly due to poor performance and partly because the competition authorities have put bidders for UK banks in a straitjacket.
Lloyds TSB, HBOS and others would love to pay more, but are ruled out on competition grounds. Effectively -- and bizarrely -- only foreigners or those with no big banking experience can bid.
This has cost investors dear,...
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