HBOS abandons Abbey takeover ambitions, clears way for SCH
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HBOS said it had decided against bidding for the British mortgage bank Abbey National, clearing the way for an agreed offer from Spain's Banco Santander Central Hispano (SCH).
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European shares traded sideways on  Wednesday but banks were a bright spot as Britain's HBOS  rallied on relief it would not be wading into a bidding war for  domestic peer Abbey.
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Spanish bank Santander claimed victory for its 8.7 billion pound ($15.6 billion) agreed takeover of Britain's Abbey National after its most likely rival, UK bank HBOS, pulled out of the race.
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HBOS asks the European Commission to look at Spanish bank BSCH's relationship with the Royal Bank of Scotland.
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HBOS HBOS.L says it will write to the European Commission to complain about Santander Central Hispano's continuing ties to Royal Bank of Scotland despite the Spanish bank's bid for Abbey National.
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HBOS walked away from a possible bid for Abbey National yesterday, shortening the odds sharply on a Â£8.7 billion recommended offer from Spanish bank Santander Central Hispano being successful.
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HBOS , Britain's biggest  mortgage lender, said profits are on track to rise 4 percent  this year but it will take a 180 million pound ($367.7 million)  hit on the value of assets due to the credit crunch, which will  also hurt margins.
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THE Halifax Bank of Scotland group, HBOS, has known since May that Spain&#39;s Banco Santander Central Hispano wished to buy Abbey National.
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HBOS today assumed a spoiler&#39;s role in Santander Central Hispano&#39;s Â£8.3bn takeover of Abbey National by highlighting the Spanish bank&#39;s ties to the Royal Bank of Scotland.
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UK shares including HBOS Plc advanced after the country&#39;s fourth-biggest bank dropped out of the running for Abbey National Plc.
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The Spanish bank poised to take over Abbey National will walk away if the Â£8.2 billion deal is stalled by competition concerns, it was reported today.
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LONDON  - Shares in Abbey National PLC, Britain's sixth-biggest bank and second-biggest mortgage lender, traded for the last time Friday ahead of the completion of its &#36;15.6 billion US acquisition by Santander Central Hispano SA, Spain's biggest bank.
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James Crosby, chief executive of HBOS Plc, said yesterday he decided not to bid for Abbey National Plc, HBOS&#39;s largest mortgage-banking rival, because ``cold analysis in the head&#39;&#39; told him not to.
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The European Commission, executive arm of the European Union, on Wednesday cleared acquisition of Britain&#39;s sixth largest bank Abbey National by Spain&#39;s largest bank Banco Santander Central Hispano.
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BRUSSELS  - The European Union has cleared Banco Santander Central Hispano SA's acquisition of British rival Abbey National PLC.
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British bank HBOS announced it would file a complaint to the European Commission regarding Santander Central Hispano's (SCH) multi-billion-pound bid for Abbey National due to competition issues.
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Shareholders of Banco Santander Central (SCH) overwhelmingly approved the 8.5-billion-pound (12.3-billion-euro, 15.3-billion-dollar) takeover of British mortgage bank Abbey National.