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RBS share sale closes

RBS' latest rights issue is not likely to have sold well, reports suggest.The share sale closed yesterday, with the bank's stock at 55p and the sale price at 65p.This makes it unlikely that much of the stock will have been sold - which, in turn, increases the likelihood of RBS becoming majority-owned by the government.Under the terms of the £20 billion promised to RBS as part of the Treasury's recapitalisation plan, the bank would launch a rights issue and public money would be used to buy up all the unsold shares.Depending on the rights issue's success, the government could own up to 60 per cent of the bank in the near future.The RBS balance sheet has been hit hard by the credit crunch and subsequent economic downturn - and its share price has also been decimated.At a meeting last week, RBS chairman Sir Tom McKillop said that he was "profoundly sorry" for the bank's recent performance.

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