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Wednesday, 3 October 2007

Bids blossoming for the bank up north?

Has the beleaguered Northern Rock finally found a suitor which is willing to not only acquire it, but keep its business intact? Reports that the American buyout firm JC Flowers is mulling a bid and could keep it whole, rather than split it up, sent shares in the mortgage lender soaring by more than 10.0% in morning trade in London. Christopher Flowers, a former Goldman Sachs partner and founder of the private equity firm JC Flowers is said to have secured up to £15 billion ($30.6 billion) to make a bid for Northern Rock.

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