Behind every billionaire there is a story!

Northern Rock Falls on Report Flowers May Withdraw

Northern Rock Plc, the U.K. bank bailed out by the Bank of England in September, declined as much as 11 percent in London trading today after Sky News said J.C. Flowers & Co. may withdraw its offer to buy the bank.J.C. Flowers may abandon its proposal for the Newcastle, England-based bank after becoming frustrated that the U.K. Treasury was unwilling to meet its representatives, Sky reported on its Web site today, citing unidentified sources. The company fell 6.9 pence to 109.8 pence at 12:35 p.m., valuing it at 463 million pounds ($957 million).

Billionaire Richard Branson’s Virgin Group Ltd. won British government support to buy Northern Rock earlier this week. A group led by Virgin would inject about 1.3 billion pounds into the bank and combine it with the Virgin Money unit. Northern Rock sought emergency funding from the central bank after rising short-term credit costs made it unable to get funding.

read the rest published by Bloomberg here:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a_WF9DibGtWY