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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Abbey Nat. | ANL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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| Top Posts |
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Posted at 12/12/2004 11:23 by tulk Could some one explain what all these Sanstanders below have to do with the one Sanstander which bought ANL recently" Webcast Alert: Banco Santander- Chile Presentation at Informed Investors Financial Services/REIT Virtual Forum to be Webcast on Dec. 9, 2004, 11:30 am ET Fri, Dec 3 - Business Wire Banco Santander-Chile Earnings Call scheduled for 2:00 pm ET today Fri, Oct 29 - CCBN Banco Santander Santiago Announces Results For The Third Quarter 2004 Fri, Oct 29 - PR Newswire Webcast Alert: Banco Santander-Santiago Announces Third Quarter 2004 Earnings Conference Call Fri, Oct 29 - PR Newswire " They seem to be very active... I saw on yahoo SAN (NYSE) traded last at 30.29 up 2.61%, which mean it reachs the peak of Feb 2004, Avearage Vol is high, possible a breakout. I have trade my ANLs, in for SANs share, does it mean that my share bloom? If it is not how do I get the SAN on Spanish morket? Do you intend to setup a page to follow how Spain's SAN develop? Is someone else in the same boot: still hold and count on continous success of this Sanstander bank? It was a chaos recently? what do you think now, would you continue to hold or would you wait for the special div and sell? |
Posted at 14/10/2004 19:34 by maddox dvda,It will depend upon how the City and other SAN investors value the combined entity. The key point is whether they will attribute the same p/e value to the earnings of the combined group? Regards, Maddox |
Posted at 22/9/2004 12:56 by taylorag I thought Santander were going to list on the London market as well in order to appease the small investors who don't like holding foreign shares. Is this still the case ?? |
Posted at 14/9/2004 13:23 by a77 Speculation has been holding that HBOS (HBOSHBOS) plans this week to launch a 10.5 billion pound hostile bid for rival U.K. bank Abbey National (ANLANL) this week. Abbey has agreed a 8.7 billion pound deal with Spain's Banco Santander (STD). Yet some large Abbey investors are growing impatient. Murdo Murchison, the vice president of Franklin Templeton told The Times (of London) that HBOS should make its case soon. "The sooner the phoney war is over, the better," he said. HBOS "have had enough time to think about it." Separately, the Times reported that mortgage lender Northern Rock (NRKNRK) has hired Citigroup as an advisor. HBOS shares were down 0.2 percent; Abbey shares rose 0.3 percent; and, Northern Rock was little changed. |
Posted at 27/7/2004 22:52 by sandbank LOOKS LIKE THEY HAVE WAYS OF MAKING US SELL. See this in the Times:- "ABBEY and Santander Central Hispano, the Spanish bank that is bidding for Britain's sixth biggest lender, have made arrangements to ensure that reluctant small shareholders cannot frustrate the merger agreed by their boards.Investment managers are afraid that Abbey's 1.8 million private investors, who hold a third of the bank's shares, will now have little say in whether it is sold to the Spanish. The deal is being made through a scheme of arrangement, a fast track procedure to approve mergers that allows a bidder to squeeze out minority shareholders once it has secured acceptances from those holding 75 per cent of the shares. A traditional takeover process involves an offer for shares where, to secure control of the target company, the bidder has to obtain the agreement of shareholders representing at lease 90 per cent of the company's equity. In a normal bid, a bidder may gain control by winning acceptances of more than 50 per cent of shares but cannot force a minority to sell unless it reaches 90 per cent acceptance. Alex Scott, a senior research analyst at Seven Investment Management, the asset manager said: "This lowers the bar . . . the two banks may have felt it would be difficult to reach the 90 per cent level required for full control under the traditional rules, given that 33 per cent of Abbey shares are held by private investors, who might vote against the deal or not at all." A spokesman for Santander said that the requirement to obtain the approval of 50 per cent of shareholders for the scheme meant private investors would have a big say in the outcome. Lord Burns of Pitshanger, chairman of Abbey, could cost the Exchequer £42 million in stamp duty by agreeing to co-operate with Santander in avoiding a conventional takeover bid. Under a scheme of arrangement, shares are converted without tax liability. " Sounds like a stitch up to me. |
Posted at 26/7/2004 12:04 by the knowing (Updates with extra detail throughout)LONDON (AFX) - British retail bank Abbey National PLC agreed an 8.5 bln stg takeover offer from Spain's Banco Santander Central Hispano SA in a deal which will create the world's tenth biggest bank by market value. In a statement Abbey said Santander will pay one new SCH share and a special cash dividend of 31 pence for each Abbey share. With SCH's stock having been suspended in Madrid since Friday at 8 eur each, that values Abbey's stock at 578 pence, or 584 pence taking into account a six pence payment to eliminate the differential between the two companies' dividends. But dealers in Madrid expect SCH shares to fall sharply when trading resumes at 11.45 GMT. Abbey said the offer represents a 17.3 pct premium to analysts' assessment two weeks ago of the stock's fair value -- 420 pence -- before offer talks were confirmed. Abbey shares skidded 34 pence, or 5.9 pct, lower to 546 as the value of SCH's offer left investors underwhelmed. The deal, which represents the biggest ever cross-border purchase of a European retail bank, comes as SCH tries to diversify its earnings stream away from Latin America where it has run into problems in recent years. "Abbey's business will contribute to reinforce our pan-European franchise and provides the group with a more balanced stream of earnings," SCH chairman Emilio Botin said. SCH earlier reported it made 1.91 bln net profit in the first six months of the year, with Latin America contributing 35 pct of that total. "Abbey's leading position in the UK mortgage market, combined with its strong distribution network, represents... a value creating opportunity based on the application of Banco Santander's commercial and technological best practices to Abbey's banking operations," Botin added. Abbey is Britain's second biggest mortgage lender. Santander expects cost and revenue synergies will contribute 560 mln eur to pretax earnings by the third year following completion of the transaction, which is expected by the end of this year. Abbey chief executive Luqman Arnold said "Banco Santander's proven ability to operate successfully in a diverse range of countries and cultures bodes well for the success of the combination." Abbey said it agreed to pay Santander 81.7 mln stg in the event its directors withdraw their recommendation, in an effort to deter other bidders. Possible candidates include US financial services giant Citigroup Inc, and UK rivals HSBC PLC and Royal Bank of Scotland PLC. Lloyds TSB PLC may also be considering a counter-bid. Abbey is seen as a much more attractive proposition after it reassured the market earlier this month that its life assurance funds, managed by its Scottish Mutual and Scottish Provident units, were back in balance. Difficulties at the life unit, into which Abbey has been forced to pour millions of pounds in recent years as a result of the slide in global stock markets, were seen as a poison pill to any bid. The life unit's problems, coupled with heavy losses at the wholesale banking division following a disastrous decision to buy a large slug of bonds issued by collapsed energy trading firm Enron Corp, plunged Abbey into a crisis from which it is only now emerging. In a separate statement Abbey said it made 350 mln stg pretax profit in the first six months of the year, having racked up 1.6 bln of losses over the previous two years. Abbey's woes prompted the July 2001 sacking of former chief executive Ian Harley, who was widely blamed by investors for encouraging UK anti-trust regulators to block a 17 bln stg hostile bid from Lloyds TSB in 2001. If the deal goes through Santander shareholders will own approximately 76.4 per cent of the enlarged company. Abbey said chief operating officer Stephen Hester is to leave the company but the rest of its management team agreed to stay on. Arnold will remain at the company until the middle of next year to oversee the transition. Abbey is being advised by Morgan Stanley, while SCH's adviser is JP Morgan. rob.branch@afxnews.c rhb/ab |
Posted at 26/7/2004 06:47 by abcd1234 From the Independent today..............Britain's 'big four' weigh up chances for counter offer By Katherine Griffiths and Rachel Stevenson 26 July 2004 Britain's largest banks will this week be weighing up whether they can get a possible counter-offer for Abbey National past the UK's competition authorities. Britain's "big four" banks would like to add Abbey - the No 6 - to their empires. Abbey is the second-largest mortgage lender in the UK, but its larger rivals have held off from making a bid after Lloyds TSB was blocked from going through with an £18m deal to buy Abbey in 2001. The Competition Commission ruled at the time that the deal would have left the enlarged bank with too great a share of the personal and business current account markets. The most likely bank to risk a wrangle with the commission is Royal Bank of Scotland. RBS has made it clear it would like to acquire Abbey to boost its position in the UK mortgage market. It would easily have the financial firepower to act quickly to make a counter-bid, even at the substantial premium it would have to offer to top Santander's agreed deal. With a market capitalisation of more than £40bn, RBS, which bought NatWest in 2000, is four times the size of Abbey. Fred Goodwin, RBS's chief executive, has said he would not hesitate to ask investors for extra firepower if he finds an attractive bank to buy. While Lloyds TSB is more stretched financially, interest could also come from this quarter, and it is understood that the bank will be carefully examining its options. For Lloyds and RBS, encouragement has come from City analysts who claim that the competitive environment has been fundamentally altered by the creation of HBOS, which has has proved to be a powerful rival to the big four. Barclays and HSBC are also in a position to make an offer. It is understood Lloyds TSB at least does not believe the issues raised by the Competition Commission in 2001 have altered significantly. An alternative bid could come from another foreign bank. Citigroup, the world's largest financial services group, looks the most likely. It is keen to establish a retail banking presence in the UK. Citigroup bought the investment banking business Salomon in the UK, and like Santander, it would not have to worry about falling foul of the competition regulators. The Independent ~~~~~~~~~~~~~~~~~~~~ |
Posted at 25/7/2004 07:52 by feelinlucky Spanish bank to seal £9bn Abbey dealLouise Armitstead and Lucinda Kemeny SPAIN's biggest bank, Banco Santander Central Hispano (BSCH), is hoping to announce the £8.6 billion takeover of Abbey National, Britain's sixth-largest bank, by tomorrow. Advisers and executives are working through the weekend to present details of the mainly-shares deal to investors by Thursday at the latest. A BSCH board meeting is expected today, and Abbey directors are also likely to meet. Talks between the two banks are said to be "advanced and serious", and centre on price. The 38.4 billion (£25.3 billion)Spanish bank has indicated it is prepared to offer 580p-590p a share on current valuations. That is roughly a 40% premium on the 420p-a-share fair value most analysts estimated Abbey was worth before takeover rumours began to circulate. Abbey's shares closed on Friday at 580p, up 87p on the day after Abbey and BSCH confirmed talks. Although there is likely to be a cash element, most of the takeover offer will be in the form of BSCH shares. With the Spanish bank's share price likely to keep falling next week, as its investors digest the terms of the deal, it means that the overall value of the Spanish bank's offer will also drop. Advisers fear that the range could reach 560p-570p by the time of the announcement. Longer term, advisers are concerned that British shareholders will not want to hold on to BSCH shares, and will sell them back into the Spanish market, creating a so-called flowback problem. "Who will want to own Spanish paper?" said one. Consequently, the talks could still fall apart. Four times in the past four years Abbey has been involved in selling itself, but has always failed. BSCH-Abbey would be the fourth-biggest bank in Europe by market value, and the eighth in the world. Negotiations have been going on for months, but hotted up two weeks ago after the British bank concluded complex negotiations with the Financial Services Authority, the City regulator. BSCH's chairman, Emilio Botin, has made little secret of his desire to expand in Britain, Europe' largest consumer- finance market. Buying Abbey would give him 741 UK branches and access to 18m customers. Colleagues said Botin would aim to reduce costs by £500m a year. Luqman Arnold, chief executive, and Stephen Hester, finance director, may consider leaving Abbey if the Spanish takeover goes ahead. They were brought in 15 months ago by Lord Burns, the chairman, to try to restore Abbey to profit. While Abbey's board is keen to agree a deal with BSCH, it is hoped that other bidders might come forward in the weeks ahead. Advisers to Arnold and Hester aim to present shareholders with three options. First, a takeover proposal from BSCH, which is unlikely to attract heavy regulatory scrutiny. Second, an offer from another British bank, such as Royal Bank of Scotland. This could lead to months of regulatory investigation, but there would be cost savings. Also this weekend, Citigroup and Bank of America, two giant US banks, are known to be considering their options. The third option would be for the board to pursue an organic growth strategy under which Abbey retains its independence. |
Posted at 03/7/2004 08:45 by impecunious Can be found at Speculates on rumour that there could be an announcement pending that the funding previously provided by Abbey to its 'Scottish' life units (to cover shortfalls in funds) will be proved insufficient. Goes on to say that Abbey expected to fund 50% of further shortfall and investors the rest. Describes the woes of investors and financial advisers who are allegedly frustrated by Abbey's refusal so far to clarify the position and who are worried about their investments. Presumably things should (at least) be clarified at the end of July when they report...? Cannot imagine this sort of uncertainty increases the likelihood of disposing of the units cheaply/painlessly (as one lot of analysts were reported to have speculated earlier in the week). |
Posted at 02/5/2004 09:30 by psps The Sunday Times - Business May 02, 2004 Abbey board to reconsider 'serious' offer by Spanish bank John Waples and Louise Armitstead THE board of Abbey National is debating whether to reopen talks with Spain's Banco Santander Central Hispano (BSCH), and in effect hold an auction of Britain's sixth-biggest bank. Luqman Arnold and Stephen Hester, the two men charged with reviving the fortunes of the £6.6 billion bank, are discussing two strategies. These are whether to encourage offers now or wait until they see the benefits of their recovery plan. They hope this could put an additional 20% to 30% on the current share price. But the BSCH approach, made six weeks ago and described as a "serious offer of intent", comes at a time when there are growing fears that Abbey's recovery is stalling. Arnold, chief executive, and Hester, finance director, are reshaping Abbey and retreating to core banking activities. This involves dismantling its wholesale and insurance operations. Abbey will also unveil a further shake-up of its branch network this autumn. Lord Burns, Abbey's chairman, and Morgan Stanley, the bank's financial adviser, did not pursue the approach with the Spanish group, but it is thought the offer has not been withdrawn. One adviser to the board asked: "Do we cut our losses now, realising that, while the turnround is going ahead, it is not going as smoothly as had been hoped?" Abbey's big investors are expected to encourage the board to seek an offer. One said: "Long-term shareholders are feeling pretty beaten up by the Abbey experience over the past two years, and as such have spent a long time hoping for a proper bid. It is in shareholders' interests to take this bid seriously." Another said: "Shareholders have nothing to lose in opening the books to an auction since the books are already very open anyway. It could be a good time to sell since the disposals have been going well to date. We are not sure how difficult the rest of the overhaul will be. "Burns has made it clear to us that he is not wedded to the idea of independence if the right bid comes along." A number of American value investors have recently been big buyers of Abbey's shares. Fidelity, Brandes and Templeton are all now big investors, but they have had a bumpy ride. Last month the share price dropped another 4% after first-quarter figures came in below market forecasts. But last week, after news of the bid approach emerged, the share price rose 31½p on the week to close at 452½p. Phil Middleton, head of retail banking at Ernst & Young, said Abbey could also re-explore a merger with its domestic rival Lloyds TSB or a tie-up with National Australia Bank. He said: "I would not have thought the Abbey board could see the group's future as a stand-alone player, given the way that the British market is going. I think it is too far behind the curve |
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