Shares in TSB Banking Group have soared after news emerged it is in takeover talks with Spanish bank Sabadell.
The UK challenger bank confirmed this morning it has been approached by Sabadell with a £1.7bn takeover bid, less than a year after the stock rejoined the London stock market when Lloyds began to sell off its stake. TSB said its board is prepared to recommend the Spanish bank's offer of 340p per share. The news sent the group's shares soaring as much as 26% in early trading to 333p from an opening price of 265p. Sabadell is Spain's fifth largest bank and is currently planning to expand outside its home country, where economic growth has been sluggish. In a statement, TSB said: ...
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