The Bottom Line
Beleaguered British lender Northern Rock said the British government was backing a takeover bid led by Virgin Group.
Beleaguered British lender Northern Rock said the British government was backing a takeover bid led by Virgin Group. The Virgin-led bid would immediately repay about $22 billion of the $50 billion lent to Northern Rock by the Bank of England, and rename the acquired bank Virgin Money. (Bloomberg)
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