Abbey National receives takeover approach

Banking group Abbey National today said it had received a takeover approach.

The former building society said in a statement to the London Stock Exchange that it had noted the recent speculation surrounding its share price.

It said in the statement: "Abbey confirms that it has received an approach which may or may not lead to an offer being made for the company.

"A further announcement will be made in due course as appropriate."

The stock rose nearly 13 per cent or 66p to 559p this morning on the news.