Lloyds wins HBOS merger tribunal
by David Masters
Story link: Lloyds wins HBOS merger tribunal
Lloyds TSB yesterday won an important victory in its bid to take over Halifax Bank of Scotland (HBOS)
The competition appeals tribunal (CAT) ruled in Lloyds’ favour.
CAT’s tribunal panel ruled that a complaint brought against the Lloyds’ acquisition by the Merger Action Group (MAG) had ‘no merit’ and ‘no basis’.
The MAG – a consortium of business leaders, bank customers and shareholders set up last month in opposition to Lord’s Mandelson’s approval of the Lloyds-HBOS merger – is now considering whether it will appeal the decision.
The group argued that the merger was illegal and against the interests of taxpayers, the need for competition, and the two banks’ employees.
MAG spokesperson Malcolm Fraser promised that ‘every avenue available’ to highlight the merits of MAG’s case will be explored.
The merger was also approved by the Financial Services Authority (FSA) yesterday, a condition under the Financial Services and Markets Act 2000.
The tribunal panel’s 40 page ruling on the case is available from the CAT website.