Alistair Darling and HBOS unions curtail rival offers
On the eve of what will be the most important vote in the history of HBOS we have today seen Alistair Darling and the HBOS union step forward to scupper any rival offer for the group. Alistair Darling has suggested that in the event of a change of offer for HBOS, any new management team would need to renegotiate the rescue terms with the government and the government would look to tighten the terms which were originally offered to HBOS. The suggestion that finance will be more expensive for any rival offer has effectively put paid to any such proposals.
In a further blow the HBOS staff union has stepped forward to suggest that the bank would be unable to operate as an independent entity in the current economic climate. This is seen as a veiled threat of action should the Lloyds TSB merger be blocked or reshaped in any way. After a period when Lloyds TSB was very much seen as the aggressor in the saga, the management of Lloyds TSB has received substantial backing from many quarters of the financial and political world.
However, this saga has gone on for so long that nothing is impossible!
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