Lansdowne Partners and GLG in talks over bid for RBS branches
9 April 2013 1:44am
TWO HEDGE funds are in talks over joining a £1bn bid for 316 RBS branches, according to reports last night.
Lansdowne Partners and GLG – a branch of Man Group, which was last year demoted from the FTSE 100 – are just two of 20 potential buyers considering buying the chunk of the state-backed lender, Sky News said.
Both of the hedge funds were among investors that profited from shorting bank shares in the run up to the 2008 taxpayer rescue of Northern Rock and RBS, which saw the government take an 82 per cent stake in the latter.
The bid currently under consideration would see a new company created with hundreds of millions of pounds of the hedge funds’ investments. This firm would then be publicly listed.
Three private equity groups, including Corsair Capital and Centerbridge, are also said to be in the running to buy the package of branches.
The state-banked lender is required to sell the outlets as a condition of the European Commission’s endorsement of its government rescue. It had originally planned to sell the 316 to Santander for £1.65bn, but the deal fell apart in October.
Lansdowne Partners and RBS could not be reached for comment last night, while GLG declined to comment.
In other news
Sepp Blatter will be Fifa president for a further four years after comfortably beating Prince Ali Bin Al-Hussein [Read more]
Ukip's Lord Pearson of Rannoch has asked the government to back a draw Mohammed competition. [Read more]
Network Rail and RMT bosses are once again entering talks to see if the latest set of strikes, announced yesterday, [Read more]
IMF chief Christine Lagarde said this morning that a comprehensive deal with Greece is "very unlikely... in the next few days". [Read more]
Good news multiple-gun salute fans. Next week there will be not one but two such events, marking the 62nd year [Read more]
An EasyJet flight from Luton to Tel Aviv has been forced to turn back after multiple cabin crew members reported [Read more]
A vehicle has struck a bridge it was passing under in Tulse Hill, south London, causing train cancellations and [Read more]
Shares in troubled insurance claims outsourcer Quindell fell in late morning trading after the company announced [Read more]
After a number of top Fifa officials were arrested on accusations of bribery and racketeering this week, the already [Read more]
The mother of the children who died at a Thomas Cook-approved hotel in Corfu has slammed Harriet Green's decision [Read more]
The meteoric rise in London office rents is unlikely to slow down for at least another year, the chief executive [Read more]
Andy Burnham will today admit that Labour got it wrong on business and the economy, and that the party cannot [Read more]
The German Chambers of Commerce and Industry has said it is “astonished” that the UK is considering leaving [Read more]
When it comes to creating new technologies, London is a long way behind other cities in the UK, new research has [Read more]
Four FinTech startups have won $100,000 (£65,400) backing from Citi after a search for new technology and innovation [Read more]
Property types may have been worried about the looming spectre of a mansion tax during the run-up to the General [Read more]
Corruption allegations, arrests of top officials, global outrage - in most organisations such calamities would [Read more]
Are the UK's new crop of MPs actually any good at social media? [Read more]
Donmar Warehouse | ★★★★★ [Read more]
Olivier Theatre | ★★★☆☆
Kingfisher, Europe’s biggest home improvement retailer, said it has found buyers for a quarter of its stores [Read more]
Clothing retailer Abercrombie & Fitch said yesterday that its business is recovering, buoyed by the strong [Read more]
Just a handful of football clubs offer fans fast smartphone connections despite growing pressure to install the [Read more]
Business services firms are seeing a boom on a scale not experienced for almost a decade, with sales volumes rocketing [Read more]