British bank HBOS considers counter-bid for Abbey National

0 Comments | AFP, August, 2004

LONDON (AFP) — British bank HBOS said it was considering launching a counter-bid for rival Abbey National, which has accepted a takeover offer from Spain's Santander Central Hispano (SCH).

"HBOS confirms it is in the preliminary stages of reviewing whether a combination with Abbey could be in the best interests of its stakeholders," it said in a statement to the London Stock Exchange following weekend press reports that it was considering a surprise counter-bid.

HBOS added that its review "may, or may not, lead to an offer" for British bank Abbey.

A SCH spokesman in Madrid, contacted by AFP, declined to comment on the development.

The price of SCH shares was 0.34 percent higher at 7.85 euros in early morning trading in Madrid, outperforming the...