ABBEY SHAREHOLDERS are trying to persuade other UK banks to top Banco Santander's offer to buy the company as they believe it will offer customers a better deal, says the Guardian .
Despite the lengthy Competition Commission inquiry probably entailed if one of the big four tries to take over the firm, - shareholders are said to have told the Guardian they believe the deal would be welcomed.
Those shareholders who are not happy with the deal and have already sold up include Standard Life Investments and Fidelity while Legal & General, which owns 3% of Abbey, has yet to decide.
NATIONWIDE’s house price index has been widely criticised by both estate agents and housebuilders for being “irresponsible” with its publication of another leap in the value of properties, say the Times.
Estate agents are said to have dismissed the 2.1% in property prices reported by Nationwide as “unrepresentative of the market”, while housebuilders were also quick to criticise the mortgage lender.
However, Nationwide argues it was the biggest house price rise it had seen in five months.
LEGAL & GENERAL is beginning to feel the pinch of longer retirement for individuals as its first-half profits were hit by the need to put more money aside to cover annuities, says the Daily Telegraph.
L&G’s profits dropped 11% to £365m because the life insurer was forced to reserve an extra £86m for longer living annuitants.
It didn’t shock the industry too much as the firm had warned its profits would be lower than expected and L&G’s David Prosser admitted it was “a bit behind the consensus before we made the recent reserve” albeit the firm has benefited from its efforts to cut its cost base.
A US judge last night cleared the way for the Daily Telegraph newspaper to be sold to the Barclays Brothers, says the Scotsman – one of the Telegraph newspapers.
In a strongly worded ruling, the judge, Leo Strine, of the Delaware Chancery Court, threw out a motion from the former Hollinger chief executive Conrad Black to block the transaction so it could be subjected to a shareholder vote.
Sir David and Sir Frederick Barclay’s £665m acquisition of the Telegraph newspapers was announced last month.IFAonline
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