Abbey released the following statement: “Further to its announcement on Friday 23rd July, 2004, Abbey National plc confirms that it has reached agreement with Banco Santander on the terms of a recommended cash and shares offer to be made for the whole of its ordinary share capital.
A full announcement of the terms and conditions of the offer will be made later today.”
The deal is expected to value Abbey at £8.5bn. A press conference will be held at 1.30 p.m today.
