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THE NEWS WRAP: Santander rules out bid for NAB’s UK assets

Tuesday, 22 January 2013 | By Andrew Sadauskas

A spokesperson for Spanish bank Banco Santander has denied speculation it is in talks to acquire the UK assets of NAB.

 

In recent days, speculation had grown that NAB was looking to offload its UK-based banks, including Clydesdale and Yorkshire banks to the Spanish lender for around £2 billion pound ($A3 billion).

 

The news comes as shareholder pressure mounts on the NAB to offload its UK assets, which are struggling as a result of a weak British economy.

 

Nine Entertainment lenders agree to restructure

 

Nine Entertainment creditors have agreed to wipe out the troubled media giant’s $3.4 billion debts, in exchange for 95.5% of the equity in the company.

 

The creditors’ meeting took place yesterday at Macquarie Group’s Sydney offices, with the deal still needing final approval from the Federal Court on January 29.

 

The deal sees the stake of current owners CVC reduced to just 0.75% of the media company.

 

Rio Tinto opens negotiations with AWU over Tasmanian smelter

 

Mining giant Rio Tinto has entered into talks with the Australian Workers Union after a majority of employees at the company’s Bell Bay aluminium smelter in Tasmania voted in favour of a collective agreement.

 

The plant was the first of its kind to be de-unionised in 1994, with staff moving on to individual contracts.

 

The AWU is complaining that employees at the plant get paid $22,000 less on average than equivalent staff at the Alcoa smelter in Portland, Victoria.

 

Overnight

 

While Wall Street was closed for a public holiday, in Europe the FTSE100 rose 0.43% to 6180.98. The Aussie dollar is flat, buying US105.15 cents.