Al Shares Set to Suffer As French Suitor Changes Mind

Summary

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SHARES in Alliance Leicester, the former building society- turned-mortgage bank, were poised to tumble today as potential French takeover suitor CrEdit Agricole retreated back across the Channel.

The giant French bank, which confirmed its interest in AL in May, today said it had undertaken further analysis of the returns it could generate from a takeover and decided they were not good enough. AL shares closed at 1149p last night, having risen as high as 1225p in the past two months. That values the bank at Pounds 5.2 billion although analysts reckoned CrEdit Agricole would have had to bid closer to Pounds 6 billion to reach an agreed takeover.

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Al Shares Set to Suffer As French Suitor Changes Mind

The Fre...

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