Loans and Finance

Loans and Finance

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News and information about loans, money, debt, finance and business issues.

Friday, December 07, 2007

Flowers Pulls Out

The US buyout firm J.C. Flowers has withdrawn from the auction process to buy Northern Rock, according to Reuters.

Seemingly Flowers has found it "impossible" to structure a deal that would deliver required value for Northern Rock shareholders alongside its own profitability criteria.

Doubtless their plans were not helped by the monumentally foolish and ill timed pay rise and bonus award announced earlier this week by Northern Rock.

Rock clearly has not yet learnt the lesson the it is finished.

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