Thursday, November 20, 2008

Step 2: Lloyds-TSB Vote for Takeover

After the first step of Westminster freeing up the process from any possible referral to the monopolies and mergers commission yesterday the shareholders of Lloyds-TSB voted overwhelmingly to go ahead with the proposed acquisition of HBoS.

The vote was backed by 95.98% at a meeting in Glasgow yesterday, which drew two groups of protestors – the Scottish Liberal Democrats, who want HBOS to remain independent, and the Unite union, who want job stability for employees of both banks. No showing by the SNP who's leader has already vowed to do anything he can to stop this takeover, except of course vote against the enabling act at Westminster. Nor Calum Cashley who keeps blogging about the need to keep HBoS independent.

It is now up to the HBoS shareholders meeting on 12 December to decide the fate of the takeover. However, as the Times points out many of the major shareholders are the same as those who voted yesterday it looks like sadly a foregone conclusion at the moment.

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