M & A wrap: Northern Rock sold
Britain has agreed to sell nationalized lender Northern Rock to Virgin Money, the banking arm of Richard Branson’s Virgin empire, in a loss-making deal that marks the start of the government’s exit from banks it bailed out in the 2008 crisis. Here’s a timeline of Northern Rock’s rise and fall.
“John Paulson, the billionaire hedge- fund manager having the worst year of his career, may have made a $439 million profit from the sale of his Delphi Automotive Plc shares in yesterday’s initial public offering,” Bloomberg reports.
“Angie’s List Inc. and Yelp Inc., which serve up online business reviews, are both tapping investor fervor for Web stocks with high-flying initial public offerings. But that’s where the similarities end,” the WSJ reports.