The British Treasury has given two U.S. hedge funds permission to start takeover talks with stricken British mortgage lender Northern Rock Plc (NRK.L), the Sunday Telegraph newspaper reported. The Treasury was not immediately available for comment.
The paper said JC Flowers and Cerberus met John Kingman, head of the Treasury's enterprise and growth unit, last week to discuss their separate proposals. The government has effective control of Northern Rock because of emergency funding being supplied by the Bank of England.
source: updatere.com
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