Most U.K. Banks Rise After HBOS Refuses Abbey Bid

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00006432-most-uk-banks-rise-after-hbos-refuses-abb/

LONDON – Most banking stocks headed higher in U.K. trading Wednesday after HBOS said it would not make a counter-bid for Abbey National and Banco Santander said it would seek a London listing, effectively ending merger speculation for the troubled mortgage lender.

HBOS jumped 3.6 percent after ruling out a bid for Abbey, and other banks thought to be mulling a jump into the bidding, such as Royal Bank of Scotland and former Abbey suitor Lloyds TBS, also headed higher.

Abbey National fell 5.5 percent to 576.25p per share. Bear Stearns said in a note that it does not expect another bid for Abbey, and recommended investors trim their holdings in the group.

For this complete story, please visit Most U.K. Banks Rise After HBOS Refuses Abbey Bid.

Most U.K. Banks Rise After HBOS Refuses Abbey Bid

Unknown Author

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