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Amendments made to takeover deal
14/10/2008
Changes have been made to the takeover terms in the deal between Lloyds TSB and HBOS, but the plan will still go ahead to save the crumbling HBOS.
Following the bailout announced by the government, the two banks renegotiated terms with HBOS shareholders who are now set to get 0.605 of Lloyds TSB shares for every equivalent HBOS share.
A "banking giant" will created when the two banks merge - between the two they will hold almost a third of the entire savings and mortgage market in the UK, which may interest solicitors and others in the legal profession.
HBOS, originally formed by a merger of Halifax and the Bank of Scotland, is the biggest mortgage lender in the UK, with a fifth of the market share.
The steps should calm increasing worry about HBOS.
In related news, Barclays bank is to raise £6 billion alone after opting to not be a part of a government bailout plan worth £37 billion.
Contact us for legal advice
Following the bailout announced by the government, the two banks renegotiated terms with HBOS shareholders who are now set to get 0.605 of Lloyds TSB shares for every equivalent HBOS share.
A "banking giant" will created when the two banks merge - between the two they will hold almost a third of the entire savings and mortgage market in the UK, which may interest solicitors and others in the legal profession.
HBOS, originally formed by a merger of Halifax and the Bank of Scotland, is the biggest mortgage lender in the UK, with a fifth of the market share.
The steps should calm increasing worry about HBOS.
In related news, Barclays bank is to raise £6 billion alone after opting to not be a part of a government bailout plan worth £37 billion.
Contact us for legal advice
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