A High Court judge will decide this week if Sir Richard Branson can vote in favour of Nationwide’s £2.9billion bid to buy Virgin Money, where the tycoon is the biggest shareholder.
Branson stands to make up to £650million from the deal, which will create Britain’s second largest savings and loans group.
His Virgin Money stake is valued at £400million but he is also in line for another £250million in exit fees plus income from licensing his Virgin brand to Nationwide for up to six years.
In the money: Sir Richard Branson stands to make up to £650million from the deal, which will create Britain’s second largest savings and loans group
The court will rule on Friday whether these add-ons mean companies controlled by Branson should be treated the same as other Virgin Money shareholders – as both Virgin and Nationwide argue.
But the judge could block him from voting given his extra financial interest in the outcome.
Nationwide is also facing growing calls from some of its 16 million members who want the building society also to have a say in the buy-out.
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