HSBC pours scorn on Saracen Value

HSBC pours scorn on Saracen Value

HSBC, Britain's biggest company, poured scorn on Saracen Value Trust, which it is attempting to take over. The banking group dismissed Saracen's performance figures because it had failed to make any adjustment to the value of its holding in computer group Azlan, the shares of which were suspended in June. Saracen has a 3.2 per cent holding in Azlan and is still valuing it at the 555p suspension price. Saracen defended its decision not to write down the Azlan holding, saying it had been taken in consultation with its auditors Arthur Andersen.

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