Northern Rock is expected to announce in the next 48 hours that it has agreed a framework with the Bank of England to give it more breathing space to hammer out a possible rescue deal, amid concerns that red tape is hampering efforts to sell the bank, The Times reports.
Advisers close to the negotiations said that decision-making until now had been slow and that any deal was unlikely to be completed this side of Christmas. Agreement needs to be reached on the delicate transition from Bank of England funding to commercial bank funding before a deal with a private sector buyer can be hammered out. THE PROPOSED £10.6bn takeover of J Sainsbury by a Qatari investment company was stalled on a knife-edge last night as negotiations continued about the size of a planned cash injection into the supermarket group's pension fund, reports The Independent. Delta Tw...
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