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NatWest bid deadline passes

Both Scottish banks in the hostile takeover offers for National Westminster Bank raised their bids in a last ditch attempt as the bidding deadline passed at midnight.


Bank of Scotland increased its bid by £933m to £24.3bn, while RBS upped its offer by £1.25bn to £22.5bn.


RBS lent on the support of its allie CGU, while BoS drew on Morgan Stanley and Credit Suisse First Boston to underwrite its increased offer.


BoS chief executive Peter Burt says: “By a process of osmosis the institutions will make it clear they prefer A or B. I would be surprised if Natwest survives as an independent entity.”



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