UK Greenlights Lloyds-HBOS Merger

Law360, New York (October 31, 2008, 12:00 AM EDT) -- The U.K. has cleared Lloyds TSB's proposed acquisition of HBOS PLC — the holding company for the Bank of Scotland and the U.K.'s largest mortgage lender — just six weeks after the British government announced it would relax its competition rules for the deal in order to stabilize the nation's financial markets.

Secretary of State for Business Peter Mandelson said he would not refer the merger to the country's Competition Commission, despite the possible anti-competitive risks of the merger, because the deal would benefit the U.K.'s...
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