Rumours are circulating that HBOS may be a takeover target for Spanish bank BBVA.
Shares in HBOS are up over 10% at 290.5p as traders believe an offer is about to be made for one of the UK’s largest banking groups.
Earlier this week, HBOS’s investors snubbed its £4bn rights issue, with just 8% of new shares bought by existing investors. As a result, underwriters were forced to foot the bill for the remaining shares.
If an offer is made it will be the second attempted takeover by a Spanish bank in a fortnight, following Santander’s approach for Alliance & Leicester.
Both banks have declined to comment on the rumours.
If you would like to comment on this story, contact:
Tel: 020 7484 9805
e-mail: [email protected]
Record numbers of people aged 90 plus
From 3 to 10 October
'Integral part' of the financial planning process for many advisers
Proposals outlined at Labour Party conference