Olivant pulls out of Rock bid
4:26pm Monday 4th February 2008
Investment group Olivant said today it had pulled out of the bidding to rescue stricken lender Northern Rock.
The group, led by former Abbey boss Luqman Arnold, had wanted to parachute in a management team immediately to turn the Newcastle-based bank around. It would have raised up to £650m by issuing new shares in the bank, after which it would have pumped in £150m in return for a minority 15 per cent stake.
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