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11/07/2001
GOVERNMENT BLOCKS LLOYDS TSB MERGER
THE Government has blocked Lloyds TSB’s £18.2bn takeover bid for rival Abbey National, saying that the merger would be against the public interest.
Trade Secretary Patricia Hewitt said she accepted the findings and recommendations of the Competition Commission and the advice of the Director of General Fair Trading, that the merger should be prohibited.
She added that the right decision was made because the merger “would reduce competition in the markets for personal current accounts and banking services for small and medium sized enterprises, with adverse effects in both markets, resulting in higher prices to customers. and reduced innovation”.
Lloyds TSB noted the announcement and said that they would not be permitted to proceed with an offer for Abbey National.
A spokesman added that the growth opportunities for Lloyds TSB were extremely considerable, with or without Abbey National, and that they would continue to focus on delivering value for its shareholders through organic growth and acquisitions. (CD)
Trade Secretary Patricia Hewitt said she accepted the findings and recommendations of the Competition Commission and the advice of the Director of General Fair Trading, that the merger should be prohibited.
She added that the right decision was made because the merger “would reduce competition in the markets for personal current accounts and banking services for small and medium sized enterprises, with adverse effects in both markets, resulting in higher prices to customers. and reduced innovation”.
Lloyds TSB noted the announcement and said that they would not be permitted to proceed with an offer for Abbey National.
A spokesman added that the growth opportunities for Lloyds TSB were extremely considerable, with or without Abbey National, and that they would continue to focus on delivering value for its shareholders through organic growth and acquisitions. (CD)
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