Jul 1, 2009
Is Tesco Eyeing a Bid for Northern Rock? – DealBook Blog – NYTimes.com
YOUR FAVE ROCK NOW AVAILABLE AT THE SUPER MARKET – Off the SHELF? 
Is Tesco mulling a bid for Britain’s state-owned lender Northern Rock?The Times of London reported that the British supermarket chain had emerged as a potential bidder for Northern Rock, which the U.K. government is seeking to unload ahead a general election.However, Reuters, citing an industry source, said Tesco, Britain’s biggest retailer, is unlikely to be interested in a bid for the nationalized bank.Potential bidders, including Tesco, Richard Branson’s Virgin Group and private equity funds, have shown interest in Northern Rock, Britain’s highest-profile victim of the credit crunch that was nationalized in February 2008, The Times said.Reuters, citing its source, said that while the supermarket group had expressed some interest in the past, this had not led to anything.Tesco said it did not comment on rumor and speculation, Reuters said.The supermarket group announced a major push into banking last July with a 950 million pound deal to buy out Royal Bank of Scotland’s stake in their joint banking venture.Eager to cash in on growing disillusionment with traditional banks, Tesco said in March it planned to open bank branches in 30 of its stores by the end of this year.
via Is Tesco Eyeing a Bid for Northern Rock? – DealBook Blog – NYTimes.com.
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