The hostile takeover climate spread to the United Kingdom on Friday as Bank of Scotland made a $34.3 billion bid for National Westminster Bank of London.

The Scottish banking company, which has $97.7 billion of assets and 320 retail branches throughout the United Kingdom, said it would exchange 1.6 of its shares and $1.96 in loan notes for each Natwest share. At about $20 per Natwest share, the deal represents a 20% premium over the market value last Thursday.

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