Suitor Ends Bid for Northern Rock
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Olivant Advisers dropped its bid for troubled British mortgage lender Northern Rock, saying its offer would not satisfy both the government and its own interests.
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Northern Rock, one of Britainâs biggest casualties of the credit crisis, sold part of its mortgage portfolio to JPMorgan as it seeks to repay about Â£25 billion, or $49 billion, in emergency financing.
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Phelps Dodge Corp. PD.N abandoned its   friendly bid for Inco Ltd. N.TO on Tuesday, leaving Brazil's   CVRD VALE5.SA RIO.N as the only suitor for the Canadian   nickel giant.
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On Thursday 13th September, after the market had closed, the Bank of England announced to have provided emergency cash to Northern Rock, the fifth largest mortgage lender in the country. The Bank of England played down the intervention, saying that it is not a "bail-out" but rather a loan meant to ease the bank's difficulties in financing its short-term operations in the face of the recent market turmoil. The bank's assets are reportedly solid and there is no risk for shareholders.  In spite of this reassurance, the stock price of this former market darling tumbled 30% on Friday. People were seen queing outside branches while the website went down as the bank clients rushed to withdraw their money using the online banking facility.  It's the first time in my life I've seen that Great Depression staple, the bank run.
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Business & money: Northern Rock's chairman, Matt Ridley, will leave the troubled company without a 'golden goodbye'.
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Claims the UK government offered the car maker's potential Chinese partner Â£100m to seal a deal are dismissed.
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Bidder quits the race for Northern Rock; German autos BMW and Daimler report healthy sales, as does Denmark's Vestas Wind Systems.
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Sport: Football: Club pulls the plug on potential takeover deal with Hong Kong businessman
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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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A consortium led by British insurer Prudential PLC has dropped its bid for a major South Korean state asset managing company.
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The Nationwide building society has stopped offering the same mortgage deals to new and current borrowers
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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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The Bank of England has offered an emergency loan to Northern Rock after the mortgage lender became the biggest British casualty of the credit squeeze sparked by the crisis in the U.S. subprime mortgage market.
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A third potential suitor for Northern Rock is looking at the bank's books ahead of a possible offer, a report says.
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The Bank of England has offered an emergency loan to Northern Rock  after the mortgage lender became the biggest British casualty so far of the credit squeeze sparked by the crisis in U.S. subprime mortgage markets.
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Business & money: Government criticised over handling of crisis as one of two remaining bidders threatened to pull out
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UK mobile messaging firm 'ceases trading'