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September 25, 2007: Northern Rock Cancels Dividend, Announces Talks with Potential Buyers

2007-09-25

Troubled British mortgage giant Northern Rock announces that it is canceling the dividend that it was due to pay shareholders in October. The dividend would have cost the bank £59 million ($118 million). In addition, the bank says that it is in preliminary talks with people who want to buy all or part of its business. [BBC, 8/5/2008]