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Santander holding out for 'simplified' EC review of A&L purchase

By Anne MacGregor and Valerijus Ostrovskis ( August 11, 2008, 13:23 GMT | Insight) -- Spanish bank Santander would like to see a 'simplified' review of its purchase of UK bank Alliance & Leicester, with horizontal overlaps on the British retail banking market minimal. The deal has nevertheless been notified as a 'full Form CO', in case the European Commission chooses on balance to open a Phase I standard review. The regulator has set a 15 September deadline for its Phase I review of the deal.The European Commission has set a 15 September initial Phase I deadline to rule on plans by Spanish Banco Santander to acquire UK bank Alliance & Leicester (A&L). The transaction was notified in Brussels on 8 August....

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