The shift may worry Natwest s customers in the Republic of Ireland, as they await to see who will buy the bank s sizeable loan book.
Last year it denied it was in talks with Cerberus Capital Management, an investment group branded a hound of hell by MPs, which has become infamous for snapping up loans and squeezing borrowers to force repayments.
Irish politicians are putting pressure on Natwest to sell the loans to active lenders, to maintain competition and avoid the fate which has befallen some so-called mortgage prisoners in the UK.
Bank customers were locked into costly mortgages, unable to swap to a cheaper alternative, after their debt was sold to New York-based Cerberus – which is not licensed as a bank and so cannot offer new loans.
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(Bloomberg) Cerberus Capital Management LP and the founding family of Dorel Industries Inc. terminated their bid to take private the Canadian toy and bicycle maker after it failed to win enough support from shareholders.
Dorel said Monday the buyers pulled the plug on the C$453 million ($357 million) deal after examining the proxy votes that came in by Friday’s deadline. A shareholder meeting had been scheduled for Tuesday morning on the C$16-a-share bid.
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Cerberus fails in bid for Dorel as investors balk
Kevin Orland, Bloomberg News VIDEO SIGN OUT
Cerberus Capital Management LP and the founding family of Dorel Industries Inc. terminated their bid to take private the Canadian toy and bicycle maker after it failed to win enough support from shareholders.
Dorel said Monday the buyers pulled the plug on the $453 million (US$357 million) deal after examining the proxy votes that came in by Fridayâs deadline. A shareholder meeting had been scheduled for Tuesday morning on the $16-a-share bid.
Dorel fell 5.9 per cent to $14.85 as of 9:33 a.m. Tuesday morning in Toronto. Canadian markets were closed on Monday for a holiday.