The Wall Street Journal-20080202-Branson- Others To Bid for Bank

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Branson, Others To Bid for Bank

Full Text (106  words)

LONDON -- Richard Branson, banker Luqman Arnold and an in-house team will pitch rescue bids for British bank Northern Rock PLC by Monday's deadline, but politics and financial frenzy make a winner hard to predict.

Mr. Branson's Virgin Group Ltd. has been portrayed as the government's preferred bidder. But many shareholders have supported Mr. Arnold's investment group Olivant Advisers Ltd., and the in-house proposal has gained credibility in the past month.

All three groups have resolved to submit proposals by Monday.

A surprise bidder could enter the auction at the last minute. The decision on who is picked could rest with British Prime Minister Gordon Brown.