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However, Britain decided to nationalize Northern Rock on Sunday, abandoning a five-month attempt to snare a private sector buyer for the ailing bank.
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February 21, 2008 - Britain passes legislation allowing the government to nationalize Northern Rock after rejecting two private bids.
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The government announced on Sunday it had decided to nationalize Northern Rock, abandoning a five-month-long attempt to sell the ailing bank to a private buyer.