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Government stake in RBS

Taxpayers will take a 57.9% stake in Royal Bank of Scotland after shareholders snubbed its £15bn share offer, the bank has said.

The bank's existing shareholders refused to buy the new stock because RBS's shares were trading below the 65½p offer price announced in October.

The Government will step in to buy up the unwanted shares, leaving taxpayers with a paper loss of about £2.5bn.

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