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HBOS in Lloyds takeover deal

HBOS is to be taken over by Lloyds TSB, in a government-backed deal.The shares-only agreement values the lender at just £12.2 billion - far below its pre-credit crunch value.However, the ongoing financial crisis has resulted in a disastrous erosion of investor confidence in the firm - which has led to its stock falling by over 75 per cent this year.This deterioration worsened still further with the closure of Lehman Brothers and Merrill Lynch in the US late last week, effectively leaving HBOS with the option of being taken over or facing bankruptcy."This will be a unique opportunity to accelerate and extend our strategy and create the UK's leading financial services group," said Lloyds chairman Sir Victor Blank.HBOS chairman Dennis Stevenson added: "This is the right transaction for HBOS and its shareholders."Job losses are certain among the lenders' workforce, as the two firms combine operations.

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