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Lloyds shareholders approve HBOS takeover



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Published Date: 19 November 2008
Lloyds TSB shareholders today backed the proposed takeover of ailing rival HBOS.
The shareholders voted 95.98% in favour of the controversial deal at the Lloyds TSB Group general meeting in Glasgow.

They also backed plans to raise a total of £5.5 billion through the issue of new shares and special preference shares to strengthen Lloyds' balance sheet.

If the merger gets the go-ahead, it will create a banking giant with around 145,000 staff and 3,000 branches across the UK.

The vote was comprised of the electronic vote from the majority of the 401 shareholders at today's meeting.

This was added to those who cast their vote by proxy.

Paper votes on the eight resolutions, all of which were approved, are being counted and the full results of the polls will be announced to the Stock Exchange later.

Lloyds TSB chairman Sir Victor Blank said the result of the vote was an "important milestone" in the history of the company.

"This is an overwhelming endorsement for the logic of this transaction," he added.

The full article contains 182 words and appears in The Scotsman newspaper.
Page 1 of 1

 
1

An Greumach Mor,

Scotland 19/11/2008 14:23:04
Well, the high percentage of votes supporting the deal shows exactly how good an offering the scumbags Brown and Darling are making to their friends in Lloyds.

Hundreds of years of history and business down the drain at the whim the Labour Party.

2

,

19/11/2008 14:26:18
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3

Rufus T. Firefly,

19/11/2008 14:29:47
"BREAKING NEWS: HBOS shareholders agree to Lloyds TSB takeover"

Is that correct?
4

John south of Soutra,

19/11/2008 14:30:27
Surely the headline is the wrong way round
5

JulesF,

Kirkliston 19/11/2008 14:30:49
#4

No it's another balls up by the Scotsman !
6

danielrober,

19/11/2008 14:37:14
I'm glad shareholders have made a commercial decision to support another UK bank. I just guess now the fur will fly with the SNP, with Alec.S doing his nut. After all his kingship did not make the decision.
7

Vincent-W,

19/11/2008 14:40:09
An Greumach Mor,

Given your well known political stance I can understand your disappointment at the result. However, to suggest that 95.98% of Lloyds TSB shareholders are friends of scumbags is utter tosh.
8

,

19/11/2008 14:50:19
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9

No1Bob,

19/11/2008 14:56:46
Re the headline

The Scotsman is only practicing for when HBOS shareholders also vote for the takeover.

When will these anti English racists on this comment page realise that both LTSB and HBOS are British companies. It's the shareholders who own them and only the shareholders, no one else, that can agree to a change in ownership. The likes of An Greumach Mor and others should keep their biased comments to themselves.
10

Mercian,

UK 19/11/2008 15:01:04
There's no room for tribalism in business...
11

,

19/11/2008 15:01:38
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12

,

19/11/2008 15:04:28
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13

The Strategist,

19/11/2008 15:12:06
Lloyds shareholders must be laughing their socks off. Throwing away the competition rules so that this deal can go through will be a huge boost to their market position. What interests me though is whether Brown has also promised action to ensure that competition remains subdued. If not then of course another - possibly overseas - bank could enter the market at a later stage.

#14

Brilliant!
14

It's life but not as we know it,

The Oort Clouds 19/11/2008 15:12:34
Let's all look forward to Gordon Brown's face on the (formerley) Scottish £50 note, Darling on £20, Mandy on £10 and perhaps Balls on £5. Makes it all worthwhile
15

Cynicus in Exile,

19/11/2008 15:17:32
So, the block vote of the institutions carried the day.

There's the end of anaother auld sang.

Or maybe not. HBOS shareholders have yet to vote, do I hear you say? Don't hold your breath. They are largely the same institutional shareholders with the added benefit of a "nationalisation" threat from Lord Stevenson, the HBOS chairman whose judgment and that of his board destroyed the bank in the first place.
16

FLUB,

a rocky outcrop in eastern central Scotland 19/11/2008 15:20:48
Don't sound surprised anybody. Outrage, resistance and protest are futile. This today in the Glenrothes Gazette, a local rag here on the rocky outcrop:

"Glenrothes new MP attended his first official engagement in the town on Monday. Newly elected Lindsay Roy was the guest of honour at the reopening of Lloyds TSB Scotland's refurbished [Glenrothes] branch"

So there you have it. A local bank which has had new glass screens put in gets an MP to 'reopen' it. Not content with putting this appalling little man in for election in front of more able candidates, the Labour Party get him out the road to this piffling little ceremony while real politicking is going on so that he doesn't embarass them.

And what is the alternative? The equally appalling SNP! I despair of my country.
17

,

19/11/2008 15:25:38
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18

,

19/11/2008 15:26:31
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19

Charles Linskaill,

Edinburgh 19/11/2008 15:27:53

I told you all, this was going to be the case!

And it now is!
20

It's life but not as we know it,

The Oort Clouds 19/11/2008 15:49:08
Sad. I was with Lloyds but dumped them years ago. The customer service was worse than appalling and I was well in credit at the time. I don't know one customer of theirs who is happy but moving banks now is a tricky effort.
21

Shave,

Edinburgh 19/11/2008 16:05:57
#23 It's life...
Some Lloyds TSB mortgage customers (those that don't have to deal with customer services) are happy as they have twice been the first bank to pass on interest rate cuts.
22

,

19/11/2008 16:10:58
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23

The Federalist (the poster formerly know as NAUON),

19/11/2008 16:18:02
#23 They cannot be as bad as HBOS.

I have a direct debit with Sky - it was taken from my account early and put me over my agreed overdraft by £14 - they have charged me £28 for an electronically generated letter that could have cost pennies to produce - even though I transferred funds from another account as soon as I had realised what had happened. What's worse though is that I had used my debit card in the meantime for a small purchase - a meagre £2.86 - which they authorised. The thieves are now charging me £35 for this £2.86. Neither Sky nor HBOS will acknowledge that somebody somewhere has made a mistake - and I am left out of pocket to the tune of £63 because of being overdrawn by £16.86 through no fault of my own.
24

,

19/11/2008 16:20:08
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25

,

19/11/2008 16:20:45
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26

Calum10,

19/11/2008 16:22:01
Another Scottish institution goes down the English pan.

"Gardy Loo"
27

jackhobbs,

glasgow 19/11/2008 16:25:40
The LloydsTSB/HBOS deal is good for all of the shareholders of both banks. If pensioners previously employed by Scottish banks seriously think that they could have done a better deal for all concerned they should have stayed with the bank and not stood on the sidelines criticising. The world is full of men who consider themselves indispensable without knowing the full facts of the case. I am a shareholder in both banks and I would rather have significant 'British Bank' that will not be a target for takeover in the future because of its size. Do not look at the short term but at the world as it will be in five years and who knows RBS (when fully redeemed from the clutches of the Government) may be the target of another 'foreign' predatory bank in five years and the Headquarters of that bank could be anywhere but not necessarily in Scotland or indeed in the UK. We are fast running out of banks large enough to ward off foreign banks especially those with clandestine Government backing as in France, Germany and Spain !!!
28

Charles Linskaill,

Edinburgh 19/11/2008 16:26:41

Hugh ~25,

At some 66 pence per share, they have nothing to loose, all has been lost already, 'Of Course' they will vote in favour.

29

Calum10,

19/11/2008 16:29:06
#30 jackhobbs

"The LloydsTSB/HBOS deal is good" - Try telling that to the Office of Fair Trading.

This new bank will be broken up in the next few years, guaranteed.
30

Beachcomber,

Edinburgh 19/11/2008 16:33:43
Meanwhile over on the Evening snooze site..
Labour suspends constituency party


http://edinburghnews.scotsman.com/latestnews/Labour-suspends-constituency-party-over.4707878.jp
31

Macd123,

19/11/2008 16:34:37
#30 you are agreeing to a takeover so they don't get taken over?
32

The Federalist (the poster formerly know as NAUON),

19/11/2008 16:37:52
#28 Not poor - just move my money about from a savings account to this account - a current account. I am annoyed at Sky but even more annoyed at HBOS.
33

jackhobbs,

glasgow 19/11/2008 16:42:13
Yes and I am going to buy more Lloyds/TSB shares as well, supporting a British Bank in troubled times for the good of the world. Good to see that Lloyds/TSB always hold their meetings in Glasgow !!! too much complaining in Edinburgh, who knows they might put the new Scottish HQ of the bank on the Broomielaw !!!
34

Peter Eddowes,

Balderton 19/11/2008 16:45:38
QUOTE: Calum10,
19/11/2008 16:22:01
Another Scottish institution goes down the English pan.
"Gardy Loo"

REPLY: Gardy Loo indeed. After being overseen by the two Scotsmen Blair and Brown, the Bank Of Scotland is bust, and is now being showered over the heads of the English.
35

SkeptikScot,

19/11/2008 16:52:34
QUOTE: "shareholders voted 95.98% in favour of the deal"

I'm sure we'd been led to believe it was going to be a lot closer! Seems like it's a done deal. Move on, there's nothing to see here.
36

,

19/11/2008 17:00:56
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37

the.ally ,

19/11/2008 17:51:10
The Fed', just to bring you up to date on your HBOS charges; if Lloyds TSB takeover HBOS 5 billion will be raped back on accounts.
38

,

19/11/2008 18:00:36
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39

the.ally ,

max. 19/11/2008 18:04:32
The Fed', here is the actual article quote from The Sunday Times November 2nd, page 2 of 'Business' section; "If the Lloyds TSB takeover goes ahead ... Analysts estimate that HBOS couls announce up to 5 billion in other charges." That's your bank account their talking about. Yes, of-course it's a great money-making deal for laeughing-boy Brown-the-Clown and his super-rich pals, b ut guess who's paying to give them billions in bonusues? You and all the other HBOS bank account holders.

If I was you I'd close the account and go to the Clydesdale bank; at least it's not english; it's Australian.

P.s, for more dirty dealing between Lloyds TSB and the HBOS board of Stevenson and Hornby, go to the front page of the 'business' section of The Sunday Times November 9th; "Lloyds 10 billion secret loan to HBOS".

This is the UK union dividend for Scots and Scotland; 'shaft them as hard as england can; make them poor and sunordinate while we steal their oil'.
40

,

19/11/2008 18:20:50
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41

W U Merchant,

Aberdeen 19/11/2008 18:26:35
Another big blow for Fat Eck. How much more can he take?
42

W U Merchant,

Aberdeen 19/11/2008 18:28:00
And the HBOS voters will vote exactly the same way.
43

,

19/11/2008 18:29:22
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,

19/11/2008 18:30:03
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45

,

19/11/2008 18:30:35
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46

No1Bob,

19/11/2008 18:41:11
A quote from today's Times
'Ged Nichols, general secretary of Accord, the staff union representing half of HBOS workers, said: “All the evidence suggests that, as things currently stand, the only way forward for HBOS is a takeover.

“Because of the bank's reliance on the wholesale market for funding and its exposure to the UK housing and commercial property sectors, we do not believe that HBOS could have a secure and sustainable future on its own.”

Mr Nichols said that the requirement further to increase capitalisation above the £11.5 billion limit set by the Government would mean that the Government would be a majority shareholder. He said: “This would mean HBOS would be subject to European Union competition rules - like Northern Rock and Bradford & Bingley - which would reduce its ability to compete for new business.”

This is why HBOS is finished as an independent company and this situation will not be changed by the ill informed and stupid comments posted here by anti English racist Nats!
47

,

19/11/2008 18:58:51
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48

The Strategist,

19/11/2008 19:02:13
#53

Pity really that if Mr Nichols actually cared about his members or indeed the bank itself he didn't raise some of these issues pre credit crunch instead of waiting until now.
49

,

19/11/2008 19:06:37
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50

Westfield Bairns,

falkirk 19/11/2008 19:13:52
No surprise with this vote today, wait a few months when the jobs start being lost and your bank charges rise, well Andy Hornby and the likes have expensive tastes.
Interesting the posters who said it has to happen and that HBOS is a basket case, however according to Loyds TSB its the sale of the Century, you would think someone was lying, oh and then there's Gordon Brown
51

the.ally ,

max. 19/11/2008 19:23:16
Don't believe all the english crown spin-machine LIES, if HBoS remains independent from takeover from Lloyds it will still be the finacial centre of Scotland.

These New Labour spin-machine come in cycles, first it's one trashing real actual facts and honest truth, then it's the englsi crown tactic of talk the Scots down and demoralise them so that they believe all the guff about them being too stupid to run their own country. Look at what the englsih crown has done all through history; Scotland, China, Africa, India, America, and still ... Scotland!

For God's sake Scots, WAKE UP!
52

the.ally ,

max. 19/11/2008 19:27:36
#53 NOB, YOU REALLY SHOULD CALM YOURSELF; NO-ONE ON THIS SITE HAS SAID ANYTHING 'ANTI-ENGLSIH' NOR 'RASCIST'. i'M THE ONLY ONE TO SAY ANYTHING ABOUT THE 'ENGLSIH CROWN' THAT CERTAINLY IS NOT RASCIST NOR ANTI-ENGLSIH.

STOP YER ATTEMPT AT DIRTY TRICKS.

BTW, THATS' AN OLD ENGLSI CROWN TACTIC.
53

The Strategist,

19/11/2008 19:38:17
According to the FT "Another shareholder, Tony Peterson, made reference to the City drinks reception in September, at which Sir Victor gained reassurances from Gordon Brown that the prime minister would waive competition issues to allow Lloyds to take over HBOS.

He told Sir Victor: ”I find it profoundly disturbing that this deal has been cooked up at a cocktail party with the prime minister who set aside competition law. For most of us, we think this deal stinks.”

54

Satire above all,

19/11/2008 21:11:32
Watch this space - Lloyds will rape Scotland of everything it can. Thousands of jobs will be sacrificed.

A curse on all their heads...on Brown...Darling...and all who conspired against Scotland.

A symbolic burning of a Union Jack would be much welcomed psalve :-) Probably at weekend

55

puskas,

East kilbride 19/11/2008 21:27:07
No61.. Explain your comment on No59, Please.
56

Tris,

19/11/2008 22:40:08
I'll be opening an account with a Scottish Bank tomorrow morning, and closing my account with what is now Lloyds. I don't want profits from my money going to London.
57

karin.m,

19/11/2008 22:56:34
53 anti english racist nats!!!!!

what planet are you on.

have you seen how many former labour and conservative candidates are members of the BNP!!!

who dont even allow non white people to join their party.
58

karin.m,

19/11/2008 22:58:36
53 also how can you be unionist and not understand that to say accuse someone falsely of being anti english means that you recognise that scotland and england are two different countries?

59

karin.m,

19/11/2008 22:59:00
in which case why are you ruining my country?
60

Banana Heid,

Ayrshire 19/11/2008 23:11:46
Another kick in the HBOS for Scotland.
61

Peter Eddowes,

Balderton 19/11/2008 23:29:16
Fact: Shareholders in the 2 Bust Scottish Banks RBS and HBOS have been treated better than shareholders in the 2 Bust English banks Northern Rock and Bradford and Bingley.

 

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