JC Flowers is the latest company to be linked with a potential takeover of troubled bank Northern Rock . The private equity firm have reportedly stashed away £15 billion for the purchase of Northern Rock, and are preparing a management team for the bank should a takeover go through. Amongst the new management team would be former Marks and Spencer chairman Paul Myners, who would become chairman, former Alliance and Leicester chief executive Richard Pym, and former ABN Amro chief financial officer Hugh Scott-Barratt.
Any takeover attempt could potentially trigger a bidding war, with the Virgin-led consortium and Lloyds TSB both said to be interested. Whichever bank is successful has six months to stabilise the bank’s finances before the Bank of England’s emergency loans must be repaid. In this week’s Bank of England accounts, a further £4.65 billion appeared in the ‘other assets’ column, indicating Northern Rock has received additional loans, taking the total amount it has borrowed from the central bank since mid-September to over £20 billion.
JC Flowers Show Interest in Bank
JC Flowers Show Interest in Bank
Mon, 29 Oct 2007
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