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Thursday, 10 February, 2000, 16:51 GMT
NatWest takeover: a chronology
3 Sept 1999: NatWest launches friendly £10.7bn bid for UK unit trust and insurance company Legal & General. 22 Sept: NatWest share price is 26% down as shareholders are unhappy over L&G deal. 24 Sept: Bank of Scotland launches surprise £21bn takeover bid for NatWest. 7 Oct: Bank of Scotland says it has identified £1bn in cost savings from takeover. 8 Oct: NatWest chief executive Derek Wanless steps down. 11 Oct: NatWest officially abandons L&G bid. 27 Oct: NatWest says it will sell off four units, including Ulster Bank, and make job cuts to try to escape takeover. 25 Nov: Government clears Bank of Scotland bid from competition concerns. 29 Nov: Royal Bank of Scotland launches hostile bid for NatWest, saying it had been considering it for some time. 3 Dec: Bank of Scotland approaches NatWest for a friendly merger, and is rejected. 16 Dec: Royal Bank of Scotland bid cleared by government of competition worries, starting 60-day timetable to 14 February deadline. 7 Jan 2000: NatWest gains credibility by appointing Lloyds TSB executive Gordon Pell to head its UK banking operation. 24 Jan: NatWest unveils latest defence, including a £3.5bn share buy-back. 31 Jan: Royal Bank of Scotland and Bank of Scotland both increase their offers. 7 Feb: Lloyds TSB denies rumours it is planning to bid for Royal Bank of Scotland if it loses takeover battle. 9 Feb: Royal Bank of Scotland seizes initiative by securing the backing of major institutional NatWest shareholders. 10 Feb: Bank of Scotland chief executive Peter Burt admits defeat in memo to staff. 11 Feb: NatWest finally gives up the struggle for independence and recommends its shareholders accept Royal Bank of Scotland's £21bn bid. One RBS adviser says: "It would have been more graceful of them to have accepted three days ago."
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