Housebuilder backs HBOS takeover offer

British housebuilder Crest Nicholson today said it had backed a £715m (€1bn) takeover offer from banking giant HBOS and tycoon Tom Hunter.

The move extends the run of deal-making in the sector after the recent £2.2bn (€3.2bn) offer for Wilson Bowden by Barratt Developments.

Crest recently announced record operating profits for the year to October 31 of £99.2m (€145.8m), following sales of £690.7m (€1bn).