Branson to Save Nothern Rock - October 13, 2007
Sir Richard Branson has stepped in to save the financial troubles of Nothern Rock.
Backed by a large group of financial heavyweights Branson’s virgin group submitted the proposal to Northern Rock’s bankers at Merrill Lynch yesterday.
Northern Rock shares dramatically increased on the news, ending the day up 5.9% to 273p, and became the FTSE 100’s biggest riser.
Other companies will surely follow suit and submit their proposals for the company’s rise from the ashes.
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