Move to block HBOS takeover is rejected
The move to block the takeover of HBOS by Lloyd's Bank was yesterday defeated when the Competition Appeals Tribunal dismissed the case as having no foundation. This action had been taken by the merger Action Group which was a group of Scottish business people who were looking to block the takeover, which included the bank of Scotland subsidiary, and attempt their own take over of the business.
This brings to an end the mammoth takeover process which should see HBOS shareholders vote in favour of the merger at their shareholders meeting next week. The move has also taken some of the pressure off the UK government who had been in favour of a quick merger of the two operations sometime ago. It now looks as though the management of Lloyds TSB can finally look forward to the future and an enlarged group which will be the leader of the UK banking sector.
There had been concerns about the relaxation of the government competition rules in order to push through the merger although the reason behind this move and the legality of the decision has been backed today. There are now hopes that this is the end of what has become one of the most complicated and controversial mergers of modern times.
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