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HBOS in talks with Lloyds Bank about a merger

News is breaking, unofficially, that HBOS is in advanced talks with Lloyds Bank about merging the operations of the two UK giants. While the HBOS share price continues to fall - hitting a sub-£1 level earlier today - it seems as though things may be happening behind the scenes. A takeout price of £3 a share is being mooted but whether this price is still 'good to go' after the recent fall remains to be seen.

The talks are apparently happening with the full consent of the FSA which has been looking for a way to calm nerves in the UK banking sector after the troubled times of late. While no deal can be guaranteed it does seem as though the UK financial sector is pulling together for collective support at a time when we could see the worldwide financial sector implode unless action is taken.

Would HBOS shareholders accept £3 a share after seeing the price much higher over the last 12 months? Quite frankly they would have no choice because without the support of a larger parent the future of HBOS looks very fragile.

Watch this space for more news as the day progresses as things are moving very fast indeed.

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