Banking News Lloyds TSB Shareholders Vote Yes On HBOS Takeover 2530

Lloyds TSB shareholders vote yes on HBOS takeover

19 November 2008 / by Rebecca Sargent
Lloyds TSB shareholders have voted in favour of the proposed HBOS takeover in its Extraordinary General Meeting (EGM) held today.

There were 2.99 billion share votes for the acquisition and 125 million share votes against. Commenting on the results, chairman of Lloyds TSB, Sir Victor Blank, said:

“Today’s successful vote marks another important milestone in the proposed acquisition of HBOS plc to create the UK’s leading financial service company.

“I am delighted that our shareholders have endorsed the compelling strategic logic for this transaction.”

Group chief executive at Lloyds TSB, Eric Daniels, added: “We are very pleased to have received our shareholders’ endorsement for the strategy we have set out.

“We believe this transaction provides certainty for the shareholders of HBOS and they, along with the Lloyds TSB shareholders, will have the opportunity to share in the benefits that come from the combination. We remain on track to complete the proposed acquisition of HBOS in mid-January 2009.”

In addition to the acquisition, Lloyds TSB shareholders also voted in favour of the bank participating in the Government’s re-capitalisation scheme. Lloyds TSB has proposed to raise £5.5billion through the bail out scheme.

HBOS shareholders will cast their votes on the subject on December 12.

© Fair Investment Company Ltd

Written by Editorial Team