Could Northern 激しく揺する go for 1p a 株?

By Daily Mail Reporter
Updated: 08:32 BST, 18 September 2007

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Predators are waiting for their moment to strike at Northern 激しく揺する with a 引き継ぎ／買収 企て，努力，提案.

City 分析家s 示唆するd that the stricken bank could be sold for as little as one penny a 株, such is its 劇の 落ちる from gr エース.

Other 専門家s were more bullish, 示唆するing that it could fetch up to £3 a 株 making the company 価値（がある） around £1.25billion. But given that it の近くにd on £2.82 a 株 last night, that 発射／推定 seems hopelessly 楽観的な.

It is in sharp contrast with the 1251p 株 頂点（に達する） in February, when Northern 激しく揺する's 株式市場 value was £5.3billion. The longer the agony goes on without a 引き継ぎ／買収, the lower the likely price gets. Last night, the bank 認める that no 救助者 had yet appeared, in a 声明 which 量d to a 嘆願 for help.

Northern 激しく揺する has 176,000 株主s, many of whom got their 株 when the former building society floated on the 株式市場 ten years ago.

Their best hope now is that a 入札者, かもしれない from abroad, will decide that its brand 指名する is still 価値（がある） having and will be ready to 支払う／賃金 a modest 賞与金 over the balance sheet value of its 貸付金s.

For U.S. banks such as the 巨大（な） Citigroup, Northern 激しく揺する could be bought for small change. Its beleaguered board would thank their lucky 星／主役にするs for an 申し込む／申し出 of 250p, or just over £1bn, even though several directors loyally bought 株 at between £7 and £12 a time in 最近の months.

The Dutch bank ING is 利益／興味d in 拡大するing in Britain. Ironically, it was the 買い手 of Barings, the last UK bank to 崩壊（する）. It paid the princely sum of £1 after Barings had been 荒廃させるd by the losses run up by 'rogue 仲買人' Nick Leeson and might sense another 取引.

Northern 激しく揺する could be more attractive to a UK 買い手 given the greater 範囲 for cost-cutting - not a good 調印する for its 6,000 staff. Lloyds TSB was 利益／興味d but any 買い手 now would need to be （疑いを）晴らす whether the Bank of England's 緊急 support would continue for a new owner.

Number crunchers at City stockbroker UBS put a 肯定的な value on Northern 激しく揺する's 貸付金 大臣の地位, its 貯金 base and the value of the its brand. After 許すing for break-up costs, they 示唆する the 株 could be 価値（がある） as much as 445p. But with the brand's 価値（がある） melting away visibly as the 列s outside the 支店s lengthen, these sums look hugely 楽観的な.

Sandy Chen, 分析家 at 仲買人 Panmure Gordon, says the takeout price could be 'somewhere between 1p and 400p', depending on the 質 of the 貸付金 調書をとる／予約する and how long it takes to find a 買い手. He points out that 'the assumed 損失 to NR's brand 指名する'. The grim prospect for the bank's 戦闘の準備を整えた (n)役員／(a)執行力のあるs is that the longer it takes to line up a 買い手, the lower the price might be. But 説得するing anyone to take the 危険 is an 上りの／困難な 仕事 in the 現在の 気候 where 恐れる 支配するs.

That explains the talk of a move by big British banks to carve up Northern 激しく揺する between them, each taking over a slice of its lending. If this happens, it will probably be the result of 圧力 by the Bank of England on the banks to take 激烈な 活動／戦闘 to 茎・取り除く the public's panic. But it is hard to see such a '救助（する）' 配達するing a high price to Northern 激しく揺する's 株主s.