Virgin named as top Rock suitor
Northern Rock branch
The Northern Rock will be rebranded under the proposal.
Northern Rock has confirmed that it has chosen a consortium led by Sir Richard Branson's Virgin Group as its preferred buyer for the stricken bank.
Virgin's offer - which has been backed by the Treasury - includes an immediate repayment of £11bn of the £25bn the bank owes the Bank of England.
If the bank's shareholders block the deal it could be nationalised or be taken into administration.
Northern Rock's shares were up 19% to 102.1 pence by early afternoon trading.
They had earlier leapt more than 48% after the immediate announcement of the Virgin news.
http://news.bbc.co.uk/1/hi/business/7112481.stm
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