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Article: City: Royal Bank plans NatWest bid Counter offer worth pounds 25bn will trump BoS after scheme for joint Scottish takeover collapses
- Article from:
- The Sunday Telegraph London
- Article date:
- September 26, 1999
- Author:
CopyrightCopyright 1999 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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ROYAL Bank of Scotland is preparing a counter bid for National
Westminster Bank which will trump arch rival Bank of Scotland's
pounds 22bn hostile offer.
Sir George Mathewson, Royal Bank's chief executive, appointed
Merrill Lynch and Goldman Sachs, the American investment banks, on
Friday to prepare a pounds 25bn counter offer. Executives from the
bank and the two advisers were hammering out details over the
weekend.
The Sunday Telegraph has discovered that the two Scottish banks
were preparing a joint bid to carve up NatWest until a week ago.
Investment bankers say the discussions were started by Mathewson
after NatWest's share price slumped following its agreed pounds
10.7bn bid for Legal ...