Alliance & Leicester will become part of Abbey after agreeing to a £1.25bn deal from Banco Santander.
The approach from Santander was announced this morning and A&L shareholders have agreed to the deal. Investors in A&L will receive one share in Santander for every three shares they hold in Alliance & Leicester which will still declare an interim dividend of 18p per share. The deal is at a 44.6% premium to A&L’s closing price on Friday and will see Santander’s existing UK operations at Abbey combined with the firm. Santander hopes the deal will allow Abbey to enhance the competitiveness of its products and services in the UK market. If you would like to comment on this story, contact: ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
