Abbey National 'committed to Spanish takeover'
Abbey National said it remained committed to a takeover by Spain’s largest bank today despite speculation linking it to a deal with a UK rival.
The British banking giant said it was determined to see through the offer by Banco Santander Central Hispano (BSCH) and dismissed reports it was preparing for a fullscale auction, likely to involve at least Halifax-owner HBOS.
It said in a statement: “We are not re-evaluating anything – our position has not changed.
“We have a responsibility to shareholders to consider any other approaches, but we have only one bid on the table and we remain committed to seeing it through.”
Abbey became the subject of Europe’s biggest cross-border banking takeover last month after backing an approach from BSCH valuing it at around £8bn (€11.9bn).
However, The Times said today that Abbey was re-evaluating the possibility of a deal with a UK rival after guidance that a move by HBOS stood a 50-50 chance of clearing regulatory hurdles.
