FTSE slumps as Abbey takeover bid ignored

The London market slumped to a new low in 2004 today as investors gave the cold shoulder to a takeover bid for Abbey National.

The FTSE 100 Index succumbed to its lowest level since October last year, down 39.3 points to 4287, as investors voiced discontent about various aspects of Banco Santander Central Hispano’s £8.5bn (€12.8bn) offer.