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Branson's Virgin Group Picked To Save Northern Rock

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A consortium led by Richard Branson's Virgin Group has been picked as the preferred bidder to rescue Northern Rock and plans to repay 11 billion pounds ($22.6 billion) quickly to the Bank of England.

Virgin's proposal may calm a mounting political dispute about the use of taxpayer funds to help Northern Rock and also offers some potential upside to shareholders, and analysts said both factors are likely to have sealed its success.

Read the whole story at Reuters