A&L EGM approves Santander buyout
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Banco Santander, which already owns Abbey in the UK, made a successful bid for the bank earlier this year. Shareholders were then asked to decide at today’s Extraordinary General Meeting.
Alliance & Leicester Acting Chairman Roy Brown says: "We welcome our shareholders’ approval of the offer from Santander, which was unanimously recommended by the Board of Alliance & Leicester.
“The economic outlook and continuing uncertainty in financial markets have reinforced the Board's view that this transaction is in the best interests of shareholders, customers and other stakeholders.
"Should all approvals go through on time, Alliance & Leicester will become a wholly owned subsidiary of Banco Santander from October 10 2008."
Results showed 84 per cent of shareholders voted in favour of the buyout.
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