29th May 2015 06:51
LONDON (Alliance News) - Banco Sabadell SA and TSB Banking Group PLC on Friday said they have extended the offer timetable on the Spanish bank's bid for the UK lender.
Banco Sabadell agreed a deal in March to acquire FTSE 250-listed TSB for GBP1.7 billion and has secured the backing of key shareholder Lloyds Banking Group PLC. TSB had only just listed on the London Stock Exchange, as a spin-out from Lloyds, in June 2014.
On Friday, Sabadell said the deal remain conditional on the Prudential Regulation Authority in the UK approving a change of control of TSB. Sabadell said the talks are progressing well but said it has agreed that, owing to the regulatory timetable, that the latest date the offer can be declared unconditional has been extended to July 7.
By Sam Unsted; [email protected]; @SamUAtAlliance
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