UK - Deadline for Northern Rock bids approaches

Up to eight bids are anticipated, with US private equity firm JC Flowers understood to be making an offer to purchase the whole bank alongside competing bids from Virgin Group and hedge fund Cerberus. Private equity company Olivant is also thought to be considering an offer that would see the bank continue in its current form, although no firm decision has been reached. The auction is also expected to attract offers from continental European banks.

In the current climate, with negative attitudes to private equity widespread in the media, the idea of a buyout firm taking over the bank has become a contentious issue. Chancellor Alastair Darling is reportedly due to make a statement next week making it clear he has no problem with such a sale and that his principal concern is "protecting the taxpayer".

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