Gordon Brown confirms government backing for HBOS and Lloyds TSB merger
Gordon Brown has today repeated the UK governments backing of the Lloyds TSB and HBOS merger even in the face of rumoured offers from elsewhere. In a sharp put down to the Scottish suggestion of a new management team to take control of HBOS he concluded that the Lloyds bid should be allowed to go through in the absence of another "serious" bidder.
This is a sharp reality check for others thinking that HBOS is there for the taking and Lloyds TSB will be pushed out of the door. There have also been rumours that Bank of China has walked away from a potential offer for HBOS after receiving very little assistance from the Treasury. However, much of the speculation repeated in the press of late should be taken with a pinch of salt without any official confirmation.
It would now appear that we are approaching the endgame of the Lloyds TSB and HBOS merger and with the government still fully behind the offer it would appear that the deal will go through in due course. However, HBOS shareholders meet later this month to discuss the offer at which point a number of shareholders may step forward with counter arguments.
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