Abbey rejects second Lloyds TSB overture


Abbey National said yesterday it was rejecting a second takeover approach from Lloyds TSB. The former British building society confirmed it had received a second approach, offering 1.5 Lloyds TSB shares plus 260p in cash for each Abbey share - a move that would have valued the business at about £18.2 billion sterling (#30 billion). But Abbey said its board had unanimously rejected the proposal.