HBOS subsidiary may make offer for Quintain

Following months of speculation, Quill Securities, the property investment subsidiary of UK banking group HBOS, announced this week that it is considering making a takeover bid for real estate investment company Quintain Estates & Development. The announcement follows HBOS' acquisition of a 12% stake in Quintain through Quill last Thursday from Rock Investment Holdings.

Although no consortium has yet been announced, market makers have been expecting HBOS to launch a full takeover together with a partner. Names have included Grosvenor Land Brokerage and property tycoon Sir Tom Hunter, with whom HBOS has teamed up in the past. The board of Quintain has acknowledged Quill Securities’ interest, but has otherwise declined to comment, saying it will 'make a further announcement if and when appropriate.'