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CGU throws weight behind RBS bid

CGU is lending further weight to Royal Bank of Scotland&#39s takeover bid for National Westminster Bank in its £20m buy-out of RBS shares.


The purchase is the first since CGU&#39s November announcement it would pay £150m for a 50 per cent stake in Royal Scottish Assurance, the bank&#39s life subsidiary.


CGU are buying 1.85m RBS shares at £10.783 per share, 19 per cent less than it would have paid when the joint venture was announced.


RBS are hoping CGU&#39s move will boost its flagging share price which has left the bank&#39s value plummet by £4bn since the launch of its Natwest bid in November.


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