Ontario Teachers' Pension Plan, one of Canada's largest pension funds, admitted late last night that it had made an approach to buy moneysupermarket.com but its proposal was rejected by the price comparison site, The Times reports.
The pension fund was forced to make a statement to the market after moneysupermarket.com revealed that Simon Nixon, founder, chief executive and 54% shareholder in the website, had received an approach. The company subsequently rejected the proposal.
Ontario Teachers’ Pension Plan, which manages C$108bn (£53.5bn) in assets, said it has no current intention of making an offer for the company but could return with a bid in the next six months.
Shares in moneysupermarket.com soared 45% yesterday when the company admitted the approach, before closing 22% higher at 84.25p.
HANK PAULSON, THE US Treasury secretary, appeared to have won his battle of wills with Congress yesterday over plans to bail out Fannie Mae and Freddie Mac, the mortgage finance giants whose feared collapse threatened to cripple the US economy, according to The Independent.
The plan, vigorously opposed by Republicans who said it was tantamount to signing a blank cheque, is likely to become law as part of an expansive housing Bill.
The Bill was approved last night by the House of Representatives, and could be voted on by the Senate and signed by the President, George Bush, within days. It contains a raft of measures that include expanding the role of Fannie Mae and Freddie Mac, allowing them to buy much bigger mortgages in particularly distressed parts of the country.
BRADFORD & BINGLEY has raised £2.5bn of much-needed funding by successfully completing its first securitisation of the year, The Telegraph reports.
The struggling lender packaged up £2.5bn of buy-to-let and self-certification mortgages qualified AAA by the credit rating agencies Moody's, Standard & Poor's, and Fitch. A further £400m of mortgages, rated BB and BBB, have been securitised but will remain with the bank.
The securitisation, denominated in sterling and euros, is significant because it means the lender will be able to access funding either through the Bank of England's special liquidity scheme or at the European Central Bank if it can't find market buyers for the bonds.IFAonline
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