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BoS attack RBS talks

Bank of Scotland is attacking rival Natwest takeover bidder Royal Bank of Scotland by questioning the BoS links with insurer CGU.


BoS chief executive Peter Burt is putting a series of questions to RBS on its relationship with CGU in a statement to the London Stock Exchange.


The move by the insurer to buy a stake in Royal Bank has led Natwest to argue the bank is jeopardising long term benefits for shareholders.


Burt says: “The question for shareholders is whether RBS is sacrificing shareholder value for short term support in its eagerness to make a major acquisition. Is RBS giving CGU access to a massive customer franchise too cheaply?”

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By Rob Burnett, Neptune European Opportunities Fund

In recent months, investors have become more pessimistic about both the European and the US economic outlook and yet stockmarkets have pushed on to new highs. Some would argue that this is a worrying divergence. We would take the opposite view. This appears to be classic bull market behaviour. A wall of worry has been rebuilt, and stockmarket resilience should be taken as a sign of strength. The market is discounting an improving economic outlook ahead, particularly in the south of Europe.

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