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’Born-again as Virgin or Rock on?
The market liked it. Or at least appeared to. Northern Rock shares defied financial logic on Monday by leaping on news that Sir Richard Branson’s Virgin Group had been named as preferred bidder for the Crocked bank.
Virgin’s Northern Rock rescue
It’s good for Virgin. It’s good for Northern Rock, and for the UK government. But is it good for anyone else?, asks Lex, after news that Sir Richard Branson pledged to put £200m from his privately-owned Virgin group into the rescue of stricken UK lender Northern Rock,
With Rock up 40%, the bearded wonder speaks
A message from your saviour! Not just you, the Northern Rock customer. But all you Northern Rock shareholders out there. With shares in the rehabilitated bank up more than 40 per cent on Monday, no one can believe their luck.
Virgin’s terms for Northern Rock
Let’s cut to the chase here; this saga has been going on for long enough.
The consortium comprising Richard Branson’s Virgin Money, WL Ross, Toscafund and First Eastern Investment propose injecting £1.3bn into the mortgage lender via an issue of new stock at 25p apiece.
Virgin frontrunner for Northern Rock
Sir Richard Branson’s Virgin group on Sunday night emerged as the preferred bidder for Northern Rock, reports the FT, having won favour with both the government and the bank itself. The Virgin consortium,
N Rock needs £1bn cash, say Flowers, Branson
At least two of the bidders for Northern Rock believe the stricken mortgage lender will need a substantial injection of new cash to shore up its capital base and allow it to carry on making new loans. Both Christopher Flowers,
Northern Rock shareholders want sale halted
Shareholders of Northern Rock are planning to propose to Bryan Sanderson, chairman, that the embattled UK bank should halt its sale process and install a management team headed by Luqman Arnold, former chief executive of Abbey National.
The Myners/Flowers/GLG/Virgin Rock clash
Virgin Money, the Branson offshoot which wants to buy Northern Rock, on Friday launched a green investment fund. The fund’s manager, GLG Partners, will only invest in companies with lighter than average environmental footprints as well as companies that provide,
Virgin unveils plans for Rock
Virgin plans to make Northern Rock “much more like a building society” and cut back its lending business if the consortium it leads wins control of the troubled lender. Virgin Money CEO Jayne-Anne Gadhia,
Quick! To the Crockmobile!
Is it a bird? Is it a plane? Neither! It’s Richard Branson.
Not so long ago, FT Alphaville found itself admiring the quixotic antics of one José Maria Ruiz-Mateos – a flamboyant Spanish businessman who had a knack for the ill-fated publicity stunt.
Mid East SWF joins Virgin’s Rock bid
Virgin Group has lined up a Middle Eastern sovereign wealth fund that could come into its consortium bid for Northern Rock as early as this week. Virgin is understood to have received interest from a Middle Eastern investor as well as up to three from the US wishing to join the bid.
A solid Rock plan from Virgin
Okay, so it wasn’t a publicity stunt. Richard Branson’s Virgin group on Friday disclosed details of its proposal to take over Northern Rock, re-naming the business Virgin Money and generally getting everyone – from Westminster to Canary Wharf,
Branson Rocks?
Chalk this up as insane is the first reaction. Richard Branson’s Virgin Group is in talks to buy Northern Rock, reports the Times. But this is serious.
The bearded one has been in discussions for three weeks with Merrill Lynch,
Virgin plans private-equity style float
Sir Richard Branson and the Virgin Group have put aside years of hostility towards public markets to adopt a new investment strategy that embraces the world’s stock markets, reports The Times. The group,
Virgin Mobile eyes India tie-up with Tata
Virgin Mobile, Sir Richard Branson’s no-frills mobile brand, is preparing to enter India in a tie-up with the Tata conglomerate, according to the Times. Ratan Tata, its chairman, is understood to be in talks with Virgin about the group becoming an exclusive franchisee of Tata Teleservices,
Virgin bids for First Choice business
Sir Richard Branson’s Virgin Group has emerged as a surprise bidder in the £500m – £600m auction of First Choice’s “mainstream” package holiday division, reports the Telegraph. It is understood Sir Richard’s long-haul holiday tour operator,
Hazlitt resigns as Virgin Radio chief as SMG-UTV merger nears
Fru Hazlitt yesterday resigned as chief executive of Virgin Radio, the national radio station owned by Scotland’s SMG. Her departure comes as SMG is in discussions with Ulster Television over a possible merger.