SCH still expects to close Abbey takeover by year end

0 Comments | AFP, August, 2004

LONDON (AFP) — The Spanish bank Santander Central Hispano said it still expects to complete its acquisition of British home-loan specialist Abbey National by the end of this year.

SCH issued a statement in response to recent press speculation suggesting that it might withdraw its offer for Abbey if a counterbid sparked a lengthy investigation by competition authorities.

SCH said the referral of any competing offer to the Competition Commission "does not, of itself, provide grounds for the Banco Santander offer to lapse," provided that its own deal can still be completed by March 31, 2005.

"Abbey and Banco Santander still expect that the scheme will become effective and the acquisition will be completed before the end of 2004," the statement said.

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