Spanish takeover will mean 3,000 Abbey job cuts
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Around 3,000 jobs will be lost at Abbey National if the UK bankâs takeover by Spainâs Santander Central Hispano (SCH) goes ahead, it emerged today.
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SCOTS workers with the Abbey bank have been warned of a major jobs purge if it is taken over by a Spanish rival. Santander Central Hispano has announced it will axe 3000 jobs if its proposed Â£8.
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Cable & Wireless, the UK telecoms firm that is cutting 3,000 jobs over five years, plans to boost the pay of top bosses.
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Banco Santander is making an attempt to seize back the initiative in its Â£8.3bn takeover of Abbey National, speeding up its bid timetable while rival bidders continue to circle the UK bank.
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Santander aims to complete its takeover of UK mortgage lender Abbey one month sooner than originally planned.
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Abbey National was last night poised to become part of Santander Central Hispano, Spain&#39;s largest bank, after HBOS dramatically dropped plans for a counterbid and the European Commission approved the deal.
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RMC, the world&#39;s biggest supplier of ready-mixed concrete, has agreed a Â£2.3bn takeover deal from Cemex of Mexico, raising fears of job cuts and quarry closures.
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British bank Abbey National said that its share of Britain's mortgage-lending market slipped in the third quarter, blaming the drop on distraction due to its looming takeover by Spain's Banco Santander Central Hispano (SCH).
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Santander Central Hispano has won permission from the European Commission to press ahead with its agreed 8.7 billion pound takeover of Abbey National.
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Shareholders in Spain's Banco Santander Central Hispano approve the takeover of UK bank Abbey.
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Santander Central Hispano SA, Spain&#39;s largest bank, said Francisco Gomez-Roldan will replace Luqman Arnold as chief executive officer of Abbey National Plc, the UK mortgage lender it&#39;s buying for 9.1 billion pounds ($16.
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Santander Central Hispano SA, the biggest bank in Spain and Latin America, may drop its 8.2 billion ($14.9 billion) offer to buy Abbey National Plc if rival bids lead to a long competition
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Abbey National staff were today expected to discover how many jobs will go in the bankâs planned takeover by Spanish group Santander Central Hispano.
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SPAIN&#39;S Banco Santander Central Hispano yesterday revealed plans to speed up its Â£8.4bn bid for Abbey in an apparent effort to thwart interest from other possible bidders.
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Shareholders of Spain's largest bank, Banco Santander Central, approved the 8.5-billion-pound (12.3-billion-euro, 15.3-billion-dollar) takeover of British mortgage bank Abbey National.
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SHAREHOLDERS in Abbey yesterday tore into the bank over its coming takeover by Spanish bank Santander, attempting to scupper the Â£8.
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Spanish bank Santander Central Hispano would drop an eight billion pound-plus offer for Abbey National if rival bids result in a drawn-out competition investigation, the Sunday Telegraph reports.