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B&B becomes French takeover target
14/03/2006
Bradford & Bingley, the UK-listed retail bank, could be a target for French peer Credit Agricole, according to several market reports in the UK press. B&B's rival, Alliance & Leicester, was considered most likely to be eyed by the French group but a Keefe, Bruyette and Woods broker had predicted the chances of a bid for B&B were increased. There has also been market speculation that Credit Agricole was eyeing B&B. Fox-Pitt Kelton has described B&B as the most probable in the sector to be targeted by an investment bank, after high-risk mortgage-lender Kensington Group, if the banks lifted their sights. Credit Agricole chief executive, Georges Pauget, is known to be seeking a British acquisition as part of an international expansion drive.
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