BSCH could drop Abbey offer

THE Spanish bank poised to take over British mortgage lender Abbey National will walk away if the £8.2 billion deal (€12.3 billion) is stalled by competition concerns, it was reported yesterday.

Banco Santander Central Hispano (BSCH) is understood to fear a rival bid from a British bank, leading to a drawn-out investigation by competition authorities.

Reports from Britain said BSCH was concerned about the potential damage to Abbey’s business by a probe that could last longer than 24 weeks.