UK To Bend Competition Law For Lloyds-HBOS Deal

Law360, New York (September 18, 2008, 12:00 AM EDT) -- The British government is planning to relax its competition rules so that Lloyds TSB can acquire HBOS PLC, the holding company for the Bank of Scotland and the U.K.'s largest mortgage lender, in order to stabilize the nation's financial markets.

U.K. Secretary of State for Business and Enterprise John Hutton said in a public announcement Thursday that he will issue an intervention notice in the proposed merger, and lay an order allowing the merger into Parliament when it returns from its summer recess.

Hutton said that...
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