IN BRIEF: Nationwide takeover of Virgin Money gets final clearances
Virgin Money UK PLC - Newcastle upon Tyne-based consumer and mortgage lender - Nationwide Building Society gets final UK regulatory consent for its takeover of Virgin Money. The Financial Conduct Authority and the Bank of England’s Prudential Regulation Authority both give clearance on Friday. Back in March, Nationwide got Virgin Money’s agreement for an acquisition at 220 pence per Virgin Money share, comprising 218p and a 2p dividend, worth £2.9 billion in total. Virgin Money shareholders approved the deal back in May, and the UK Competition & Markets Authority gave its okay in July.
Nationwide says the court hearing to sanction the scheme of arrangement for the acquisition will be held on September 27. This also will be the last day of dealings for Virgin Money shares in London. The deal will complete on October 1, when Virgin Money shares will be cancelled in London and Sydney.
Nationwide says Muir Mathieson will replace Chris Rhodes as chief financial officer of the building society, as Rhodes takes over as chief executive officer of Virgin Money under Nationwide.
Current Virgin Money stock price: 216.80 pence, up 0.6% Friday morning in London
12-month change: up 35%
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