Takeover Support Needed From Shareholders

Published: 8/20/2010

The Alliance and Leicester is advising its shareholders to approve the proposed takeover by Santander to avoid major risks to the business in the future.

A letter has been sent to all Alliance and Leicester shareholders from the chairman explaining that shareholder support would protect them from exposure to the economic slowdown that is hitting many financial institutions. He quoted external factors that are by definition out of the banks control.

The takeover of the Alliance and Leicester is set to go ahead in October, creating a much larger organisation that would be responsible for around ten percent of all the current accounts in the UK.