CityWire.co.uk- Private equity group JC Flowers has raised £15 billion for a possible takeover of Northern Rock after viewing the ailing mortgage bank’s data room last week, the Financial Times has reported without naming sources.
Northern Rock shares jumped 9% to 148p in early trading.
The hedge fund run by Chris Flowers wants to keep Northern Rock (NRK) whole and plans to meet with bank officials soon for talks to begin the due diligence process, the paper reported.
Several large banks are said to have helped secure the £15 billion for JC Flowers, it added.
Fellow US hedge fund Cerberus is thought to be the only other rescuer in the running for the Newcastle-based bank. It has suffered from the liquidity crunch that spread from the US sub-prime crisis.
