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Shares offer for Abbey investors

Some 1.7 million small shareholders in Abbey National were today set to be offered cash and shares in a Spanish bank as the former building society accepted an £8.5 billion takeover bid.

Santander Central Hispano is set to offer 580p for each Abbey share - but only 25p in cash and the rest in their own shares, which will pay small dividends in euros.

Most of Abbey's 20,000 staff should be safe under the deal.

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