JC Flowers withdraws from Northern Rock auction
Published December 6th, 2007
J.C. Flowers has withdrawn from the auction to buy ailing British bank Northern Rock, the Daily Telegraph said on its Web site on Thursday.
It said the withdrawal of Flowers had alarmed the government, quoting Whitehall sources, and increased the prospect that the bank could be nationalized.
According to the Telegraph’s Web site, Flowers said in letters to Northern Rock and the Treasury that it was not able to construct a deal meeting its own profitability criteria that would also be acceptable to the government.
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