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AGENCIES
LONDON, SEPT 3: National Westminster Bank Plc said on Friday it was in talks to acquire life assurance and pensions group Legal & General Group Plc in a deal expected to be worth 10.7 billion pounds ($17.24 billion).
Industry sources said the boards of both companies would meet at the weekend to give final approval to a recommended cash and stock offer, worth 210 pence a share.
The deal would create a powerful new financial services group with a market value of some 30 billion pounds. It would twin the extensive branch network and 6.5 million personal account holders of NatWest, one of Britain's `big four' retail banks, with L&G's high-profile and low-cost savings products.
The planned price represents a 20-per cent premium to L&G's share price on Wednesday. Shares in the 163-year-old company surged 10 per cent on Thursday in heavy volume of 41.7 million to 192-1/4 pence on rumours that a bid was imminent.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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