Olivant needs £200-300 million more for Northern Rock

Investment group Olivant has been told it will have to put an extra 200-300 million pounds ($406-608 million) of cash into its take-over bid for ailing British bank Northern Rock Plc, according to a report on Sunday.
The Sunday Telegraph said it was understood that the government, the Bank of England and Northern Rock's board were concerned Olivant's plans did not include enough new equity, threatening its future financial strength. fficials were not immediately available to comment.
Olivant is vying with Virgin Group for control of Northern Rock. But both are struggling to find the financing to take over the bank and repay 25 billion pounds of tax payer-backed loans. The Observer newspaper said Virgin's bid also faced complications because the group did not have a banking licence and applying for one could take up to three months.