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Real-Time news about Abbey Nat. (London Stock Exchange): 0 recent articles
|dvda: Anyone holding ANL shares at the end of today will have them replaced with Santander shares on a 1 for 1 basis. The current price of SAN is 8.86 euros, so about £6.20. That's a drop of c. 30p on today's price, but you get that back via the 31p dividend.
How the SAN share price reacts next week is another matter, but I can't see it moving much either way as everyone knows this takeover is happening. Any +ve/-ve sentiment should already be in the price.|
|tulk: Could someone post where to research Sanstander banco, and access to its price development, projects etc...
I have heard from some who work for bank, --more precious fund&bond -- and I have learnt that they, although moving around in a very large Swiss business, were totally surprised on Sanstander's proposal, and so more surprised as Sanstander released its tie with RBS to get Abbey Nat. They were still thinking Sanstander of a state, where few years ago it was virtually a "MESS", but that they stands so close to RBS, and even preparing to break up its long termed tie to get Abbey, all that proves Sanstander has something serious under its belt, and could be truely a serious competitor.
From the thought of a phonix rising from the ash, which virtually "hijacks" a bank in the middle of UK banking business scene without much resistance. It might be worth to ask, was would it worth in the next three year time? In opposit to UK bank the like of EGG which tried and failed to expand its business on the continent, Bank from the continent has an easier game due to the openess of clients, friendly credit card user, interest rate, less burocracy etc.(I would not say EGG is less attractive, depends on which price level you have got it) It also has the advantage of having on the door step a cheaper, tough & hard-working but still European & very experienced work force, and so at the moment does not rely on over-sea call centre like other UK's which stirs already a lot of troubles for some UK companies, which have went already this out-sourcing path, and still haven't won much.
It is clear to me that there is a lot of troubles with dealling Abbey's share when it now turn Spanish, tax is higher, paper work etc but what is tax on dividence when the share price could reach a lot higher if possible due to better management, better prospect, better and better ... They have surprised the bigger bank once, how puts up the hand and swear they could not do it again?
But what do I know about banking, I only follow the trend of price and invest. perhaps someone with more banking experience could express their opinion and educate us in this direction. What has made them so strong so fast? Surely not from money laundering for the Sizilian & Italian Mafiosos --are they still there?--.
Perhaps I should mention that I was thinking also of Freeserve, which was bought by WANNADOO, a "pile of poo" like some posters used to call it and dislike and urged other to abandon the sinking ship. Well, it has more then quadrouple its price from over 2 Euros replacement for Freeserve share and it was buyout by Fance Telecom for 8.8 Euros in less than 3 years later|
|xjks: Subject to the shareholder vote:
If you hold ANL shares at the close of business on the 11 nov 04 you will receive 1 Santander share and the 31p div (to be paid on the 14 Dec 04 ?) for each ANL share.
ANL shares will be delisted on the 12 nov 04.|
|wendsworth: I sold my remaining holding on the HBOS no interest statement.
Have been in ANL since May and walked away with five figures .
For what its worth have invested in Sainsburys .....everyone needs food, there is consolidation and US interest in the sector and Sainsburys looks just like ANL ....'suffering from previous inept management'. My view is ....either the current directors turn it round in six months or the bid will come .Either way the share price will rise !
This is my last ANL posting . If any of you fancy Sainsburys ...see you on that BB!!!!|
|impecunious: Presumably HBOS will bide their time.
The value of SCH's bid heavily dependent on its own share price. SCH said to be supporting own share price with a buy back of 4% of its shares.
However, with the increased speculation of a bidding war, presumably fears that SCH may agree to bid even more - using paper - could see further pressure on its share price....? If so, SCH's shares may fall anyway, reducing the value of its bid ...a vicious circle. Meanwhile, HBOS or HSBC turns up as a white knight at the last minute and 'rescues' Abbey without the need to pay much more than the current 8-8.5bn.
Just a possibility. Nevertheless would expect to see close to £6.00 in the meantime.|
|jfish: I'm surprised people are unhappy with ANL accepting SCH's bid.
Even if there is an 80 odd million penalty fro changing there minds - any new bid (if there is one) will be more than the SCH bid + the penalty...
I think the directors have done the right thing - recommend a bid that is good compared to the realistic value of the shares (as opposed to what we'd like the shares to be) and they still have the possibility of entertaining other bids, but they will have to be at least the value of the penalty clause higher for ANL to recommend the bid.
Interesting days ahead...not that I'm holding anymore - out at approx 570p.
I personally believe that fair value has been seen in the share price and other bids will not be forthcoming as ANL would be too expensive for what it is...we shall see :-)|
|markth: It's a cash/paper deal, with a special dividend of 25p, an extra divi of 6p, and one Santander share, which purports to value each Abbey share at £6.03.
The problem is that, there's no collar on the Santander share price under the terms of the deal. That means, since the acquisition is dilutive of Santander's earnings until 2006, that Santander's share price may fall, causing the deal to be much less attractive. The fact that Abbey's price has gone down shows that the market doesn't like the terms.
Based on takeover premiums seen in the past for banks, this is NOT a good deal for shareholders, even if it were 603p in cash I would not be happy. I wonder why this board is recommending it. Worryingly, I doubt there will be other suitors (certainly not in the UK) so this looks like the end of the road unless the shareholders bounce this.|
|impecunious: Less than six weeks ago Santander were reported to have walked away- a report said the price sought by ANL was too high.
At the time, the share price was down around 420p. It is now at £5. It therefore seems unlikely that the ANL board will drop its asking price.... But is it anymore likely that Santander will put a highger value on ANL ... especially after other Banks saying, in recent weeks, that margins are being squeezed, the mortgage market is cooling down (due to interest rate rises), etc.?|
|wendsworth: Brandes stakebuilding ---for whom?
ANL share price has held up well during recent market machinations .
Don't expect things to happen overnight. Bid within six months is my view.|
|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|
Abbey Nat. share price data is direct from the London Stock Exchange