Abbey National shares soar on takeover report

SHARES in troubled British banking group Abbey National soared 16% yesterday after it confirmed it had received a takeover approach. The company has previously been the target of Bank of Ireland.

Abbey stock jumped to more than 570p, valuing the company at just over £8 billion, after it said an unnamed party had made an approach.

An Abbey spokeswoman refused to give details, saying only that it would make an announcement “in due course as appropriate”.