Jump to content
House Price Crash Forum
tuggybear

Santander Rules Itself Out Of The Running For Takeover Of Hbos

Recommended Posts

Santander, which owns Abbey National and is buying Alliance & Leicester, yesterday became the second Spanish bank in the space of two days to rule itself out of a takeover move on Bank of Scotland and Halifax owner HBOS.

Shares in HBOS fell another 5.1%, or 14.75p, to 272.75p yesterday as Santander made its proclamation. They had dropped more than 7% on Monday when Spanish bank BBVA, which had like Santander been touted as a potential suitor, emphasised that it was focused on organic growth and the integration of its US businesses.

A newspaper report last week claimed that US investment bank JP Morgan had talked to possible partners, including Santander, about a break-up bid for HBOS.

However, Santander chief executive Alfredo Saenz said yesterday: "We are not interested in HBOS. We have what we want (in the UK). We are very happy with Abbey, and Alliance & Leicester fits into that well. If the offer (for Alliance & Leicester) is successful, we will be facing an integration period ahead."

Santander announced an agreed £1.3bn bid for Alliance & Leicester two weeks ago.

Some UK banking stocks were hit hard yesterday morning by news on Monday night from US investment bank Merrill Lynch that it will take a $5.7bn write-down in the third quarter as it offloads large amounts of risky debt. In line with Monday's announcement, Merrill said last night that it had raised $8.55bn by selling new stock.

The latest developments at Merrill come two weeks after it posted a $4.9bn loss for the second quarter, triggered by $9bn of write-downs for that period.

Merrill's latest news sparked fears of more write-downs and capital-raising in the sector globally - hitting European banking stocks hard yesterday morning.

However, UK banking stocks had by the session-end climbed well off the day's worst levels, helped by a positive start on Wall Street.

Link : http://www.theherald.co.uk/business/news/d...ver_of_HBOS.php

Share this post


Link to post
Share on other sites
Guest Shedfish

were these HBOS rumours ever more than a 'pump and dump' strategy?

i think in the interests of fair play i'd like to see the FSA investigate

Share this post


Link to post
Share on other sites
were these HBOS rumours ever more than a 'pump and dump' strategy?

i think in the interests of fair play i'd like to see the FSA investigate

why do you think the FSA gave up so fast.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 396 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.