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Koffiekamer« Terug naar discussie overzicht

Biedt Northern Rock kansen..?

30 Posts
Pagina: «« 1 2 | Laatste | Omlaag ↓
  1. PimdeFiscalist 26 september 2007 12:37
    Zullen gewoon overgenomen worden maar tegen welke prijs ??? Ze komen van 1200 en staan nu 175.....

    Beetje overdreven koersreactie he ?? Zelfs een crash op de beurzen doet het minder.....
    De winstgevendheid is vrijwel niet aangetast het draait allemaal om emotie... vertrouwen..

    grt

    Pim

    Northern Rock Shares Rise on Takeover Discussions (Update1)

    By Sebastian Boyd

    Sept. 26 (Bloomberg) -- Northern Rock Plc rose today in London trading after the U.K. mortgage lender, which sought emergency funding this month, said it was in takeover talks.

    Northern Rock shares gained 10 percent to 179.9 pence as of 9:55 a.m. The Newcastle, England-based bank said after the close of trading yesterday that it had received several approaches. Talks are preliminary and no price has been mentioned, it said.

    The stock has fallen 71 percent since the announcement of a bailout by the Bank of England on Sept. 14 prompted customers to withdraw at least 2 billion pounds ($4 billion) in three days.

    ``A private-equity takeover seems the more likely option today,'' Collins Stewart analyst Alex Potter, who has a ``sell'' rating on the stock, wrote in a note to investors today. ``It could come below market prices.''

    Northern Rock yesterday canceled a 14.2 pence a share dividend planned for next month. The lender said as recently as Sept. 14 that it still intended to make the payment.

    Merrill Lynch & Co. is advising the board of Northern Rock on its options. The U.K. Treasury hired Goldman Sachs Group Inc. to advise it on the future of Northern Rock, the Daily Telegraph reported yesterday.

    ``There's absolutely no guarantee any bid will be forthcoming and that it would be above or even at the current share price,'' analysts at Credit Suisse wrote to clients today. ``It's obviously better than if there were no interested parties, and indeed several approaches might create some price tension.''

    Possible Bidders

    Former Goldman banker Chris Flowers may join the Cerberus Capital Management LP and Citadel Investment Group LLC hedge funds in splitting up Northern Rock, the Sunday Telegraph reported Sept. 23, citing an unidentified person familiar with the proposal. Lloyds TSB Group Plc may be working with UBS AG on a possible bid for at least part of the bank, the Daily Telegraph said Sept. 19, without saying where it got the information.

    Northern Rock's share of U.K. mortgage lending rose to 18.9 percent at the end of June from 12.2 percent a year earlier. That forced it to tap markets for short-term cash to fund long-term mortgages. Northern Rock is the third European bank to seek a bail-out since the collapse of the U.S. subprime mortgage market triggered rising credit costs.

    German government-owned agency KfW on July 29 led a 3.5 billion euro rescue of Dusseldorf-based lender IKB Deutsche Industriebank AG. Landesbank Sachsen Girozentrale, a state-owned lender based in Leipzig, Germany, got 17.3 billion euros ($23.5 billion) in credit on Aug. 17 from German state-owned banks to repay debt from a unit that invested in bonds including U.S. subprime mortgages.

    To contact the reporter on this story: Sebastian Boyd in London on sboyd9@bloomberg.net
30 Posts
Pagina: «« 1 2 | Laatste |Omhoog ↑

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