Virgin Is Northern Rock Favourite
Published / Last Updated on 25/11/2007
Take over
Virgin, as part of a consortium, is now favourite to take over Northern Rock.
The takeover proposal includes paying back £11bn to the Bank of England with structured payments of the balance ove rthe next few years.
Our view
This is potentially good news for Northern Rock, not for stability but the fact that the Virgin brand has such a powerful public confidence factor attaching to it which would no doubt save it.
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