Abbey National, the UK’s sixth-largest bank, is in advanced talks with Santander Central Hispano, Spain’s biggest bank, about a takeover that would value Abbey at up to £8.8bn.
If it went ahead it would be Europe’s largest cross-border retail banking deal.
SCH is understood to have offered around 560p and 600p in a mix of cash and shares.
Shares in Abbey rose 87p to 580p yesterday, valuing the bank at £8.56bn.
References: Financial Times 24/07/04 page 1, M1, Daily Telegraph 24/07/04 page 1, The Times 24/07/04 page 1, The Guardian 24/07/04 page 2, The Independent 24/07/04 page 48
