Battle for Northern Rock to intensify

The battle for crisis-hit British bank Northern Rock looks set to intensify this week as a number of suitors re-table bids to rival the one put forward by Virgin, it was reported today.

Northern Rock could be at the centre of a four-way tussle with private equity firm Olivant expected to enter the fray, while private equity groups JC Flowers and Cerebus are set to put forward revised proposals, according to Sunday newspapers.