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Northern Rock Nationalized as U.K. Rejects Virgin Bid

– Chancellor of the Exchequer Alistair Darling said the U.K. government will nationalize Northern Rock Plc because bids from private companies didn’t ensure taxpayer loans to the struggling lender would be repaid quickly enough.Darling rejected proposals to buy the bank from Northern Rock managers and Virgin Group Ltd. and will introduce legislation to Parliament to enable the government to act. Northern Rock shares will be suspended, and an independent panel will determine how to compensate shareholders, he said.

Bids for the bank didn’t “deliver sufficient value for money,”

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http://www.bloomberg.com/apps/news?pid=20601087&sid=aR399_tyWImw&refer=home