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...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.