Northern Rock's share price has surged 53% this morning as the government announces a new 4 February bid deadline for the stricken lender.
In a statement released this morning, the government outlined its plan to save the ailing bank from nationalisation, by turning the £25bn Bank of England loan into Treasury guaranteed bonds. The news means more prospective bidders could come to the table, which is currently a two horse race between Sir Richard Branson’s Virgin and former Abbey chief Luqman Arnold's Olivant group. The bank's share price has surged on this morning's announcement, with Northern Rock currently up 53% to 98.75. “Under the proposed financing structure, Northern Rock would sell a pool of its assets, consisti...
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