Shares in Lloyds TSB and HBOS continued to suffer on Tuesday as questions surrounding a planned merger remained unanswered ahead of a shareholder vote.
Stocks in both plunged more than 13% less than 24 hours before Lloyds shareholders decide whether the proposal, which some analysts say would create the UK's first 'superbank', should go ahead. The price fall means HBOS is trading significantly below the price offered by Lloyds, a discount that has threatened to scupper the deal since it was first brokered two months ago by HM Treasury and UK regulators. Additionally, an eleventh-hour bid to stop the takeover by Sir Peter Burt and Sir George Matthewson, former heads of Bank of Scotland and RBS, appears to have been put to the sword by A...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes