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RBS auction off Buffett's menu



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US BILLIONAIRE Warren Buffett's Berkshire Hathaway investment vehicle is understood to have pulled out of the bidding in Royal Bank of Scotland's multi-billion-pound auction of its UK insurance business.
Reports yesterday said Berkshire had looked at the business, which includes the insurers Direct Line and Churchill, but had decided not to bid. Since announcing the disposal plan, alongside a £12 billion rights issue, RBS's insurance businesses were thought to have become some of the most sought after assets on the market. Spanish bank Bankinter has also been touted as a possible buyer.





The full article contains 99 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 16 May 2008 8:44 PM
  • Source: The Scotsman
  • Location: Edinburgh
 
1

JOCKENGLISH,

ENGLAND 17/05/2008 14:24:49
Buffett's lot have pulled out because they wanted the business at a 'fire-sale' price, 'vultures' that they are! Hope RBS told them to take a running jump! RBS do not need to sell the profitable Insurance business and it can be made to fit in with their new 'masterplans'. So there is no need for a sale 'at any price' and this will no doubt turn away a number of opportunist parties - the 'vultures' of business. Good luck RBS. Heads up as soon the Market will stop knocking you and will see that recent decisions were soundly based and bring rewards - even the purchase of the ABN AMRO businesses, albeit at an admitted payment 'over the odds' - and YES, Sir Fred is still the best man for the job. Have faith ye RBS shareholders. Take note also that the big Institutional investors whilst unhappy at the severe drop in RBS share value, both supported the ABN AMRO purchase with full knowledge of the market at the time and are also likely to take up their full entitlements to the rights issue - having also fully supported that at the EGM.The Markett hold bemor woried about Barcalys and the demutualised Building Societies which now call themselves 'Banks'.

 

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