M&A Update: RBS Sees Deal Collapse, Sprint’s Purchase Details
The Royal Bank of Scotland’s (NYSE:RBS) arrangement to divest 318 of its branches to Banco Santander (NYSE:SAN) in order to suit European Commission directives has collapsed, driving shares of the former down in London trading. However, Richard Branson’s Virgin Money and the private equity firm JC Flowers are said to be front-runners to acquire the outlets, but RBS might also attempt to persuade the EU to let it keep them.
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Sprint Nextel Corporation (NYSE:S) Chief Executive Daniel Hesse says that his company is not obligated to boost its 49 percent interest in Clearwire Corporation (NASDAQ:CLWR) as part of Softbank’s (SFTBF.PK) $20.1 billion acquisition. Clearwire’s shares jumped late last week on rumors that it would be part of any deal.