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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.”


Hi-tech bond boost

The net asset value of Witan grew more than 32 per cent in 1999, partly as a result of investing in technology stocks.By the end of 1999 net profits stood at £2.09bn, while shares were boosted from 1998&#39s share price of 423.9p to 560.7p.Witan is an international generalist trust, but has nearly one third of […]

House price rise fuels rates speculation

The average UK house price rose by 2.4 per cent in January giving an annual rate rise of 16 per cent, according to Halifax, further fuelling speculation on an interest rate hike.When compared with January 1999 figures the increase gives a projected annual house price inflation rate of 16 per cent.The surge takes the average […]

Stress the biggest threat to IFAs

Forget the FSA, stakeholder, the Government, the end of endowments and commission as we know it &#45 the biggest threat to IFAs business is stress. Advisers are being urged to douse themselves in therapeutic oils to combat stress following research by The Association of Insurance and Risk Managers that says stress represents a bigger threat […]

Allied Dunbar swoops on Abbey Life force

Allied Dunbar is set to dramatically bolster its Franchise Network through parent Zurich&#39s £100m to buy Abbey Life&#39s salesforce and new business book.Zurich will pay £80m cash on completion of the deal and a £20m performance related payment, on the proviso of the new recruits generating agreed levels of new business two years after completion. […]

Rayner Spencer Mills: Why we rate the Artemis Global Growth Fund

Ken Rayner and Graham O’Neill from RSM explain why they rate the fund, its investment process and how it can be used in a portfolio. The Artemis Global Growth Fund became a RSM ‘rated’ fund earlier this year. In this video, Ken Rayner and Graham O’Neill explain the fund’s investment approach, why they rate it, […]


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