Abbey approves 8.9 billion-pound takeover offer from Santander AP Worldstream | July 26, 2004| | . Provided by ProQuest LLC. (Hide copyright information) Copyright

MICHAEL McDONOUGH, Associated Press Writer
AP Worldstream
07-26-2004
Dateline: LONDON
British bank Abbey National PLC approved a takeover proposal Monday from Spain's biggest bank Santander Central Hispano SA in a deal that would create the world's 10th-largest bank.

Abbey, Britain's No. 6 bank and second-biggest mortgage lender, said the combined cash and shares offer was worth 8.9 billion pounds (US$16.4 billion, euro13.4 billion) in total.

Santander described Abbey as "an attractive platform" through which to enter the British banking market, which it believed had "significant potential."

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