RBoS expands car business with Dixon Motors purchase

Royal Bank of Scotland, the UK's third-largest bank, agreed to buy Dixon Motors for £109.7m in cash ...

Royal Bank of Scotland, the UK's third-largest bank, agreed to buy Dixon Motors for £109.7m in cash to add to its auto leasing business. Royal Bank of Scotland's Lombard North Central asset- financing unit will pay 300p a share for Dixon Motors, the company said. The offer is 42% above where Dixon Motors shares traded 12 April, the day before the company disclosed it was in talks with a potential buyer. Edinburgh-based Royal Bank of Scotland already does business with Dixon Motors. It sells cars online through a joint venture known as jamjar.com. The bank's Lombard unit buys about 25,0...