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Scottish takeover of HBOS falls by the wayside

The two Scottish entrepreneurs who had openly discussed a possible takeover of HBOS have now formally conceded defeat. While the criticism of the way in which the offer was announced by the government continues, there is also concern that the government stepped in at the last minute to suggest that the rescue package already agreed with the bank would be renegotiated if a new party entered the scene.

Unless there is a dramatic turnabout this seems to clear the way for the Lloyds TSB and HBOS merger which is formally expect to go through early next year. This marks the end of a long long saga which has had more twists and turns than your average takeover even in these difficult economic conditions. Finally Lloyds TSB can now look forward to the future as an enlarged group with exposure to many areas of the world and a strong presence in the UK.

There are still concerns about the potential lack of competition in certain areas of the UK banking sector but these will no doubt be addressed in due course. The government was effectively forced to organise the merger with Lloyds TSB in order to avoid a potential breakdown of the UK financial system.

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