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Friday October 24, 02:16 PM
LLoyds Unveils HBOS Takeover Date
By Sky News


Lloyds TSB says it hopes to complete its takeover of Halifax Bank of Scotland by January next year.

Shareholders will be able to vote on the proposed deal in November.

Last week Lloyds (Advertisement)

TSB announced it had revised the terms of the transaction.

Investors were concerned that HBOS shares had plummeted since two sides shook hands on deal.

They will now get 0.605 Lloyds shares for every HBOS share they hold - the original offer was 0.833 Lloyds shares.

News if the revised terms came after the banks were forced to deny reports the merger had fallen through.


Lloyds had initially agreed to pay 9.8bn for its rival but there were fears the sum was too high because of a dive in the HBOS share price.

The new 'superbank' will get an injection of capital from the Government, which is to invest up to 37bn in ailing British banks.

Some 41% of the new bank - which may be called LLoyds HBOS - will be owned by the Government, which will appoint two board members.

HBOS chief executive Andy Hornby and chairman Dennis Stevenson will leave once the deal goes through.

24p is my target..

Down 24% today does not look good maybe the short sellers are at it again.

If anything BARC is the stronger bank the rest are worthless according to the latest news.

mitzy would you buy BARC?

I would love a punt now at 64.5 but do not have the bottle.

Yes I like BARC robert its the best of a bad bunch...40p would be a bargain.

Down today 39.54% Short sellers are making a killing.

Barclays next IMHO

lovely jubbly! ..... however, not quite sure at what level to bank profit

love it ..... chart here shows LLOY price at 66.5p = +1.5p ...... i don't think so!!

Lloyds upgraded at HSBC to buy from hold with target price increased to 150p from 40p.

Managed to get rid of HBOS have they then ? -):

They seem to be taking a long time getting the details of this open offer together, in the mean time pi continue to buy in to qualify for the offer. Maybe thats the cunning plan.

HSBC Ups Barclays, Lloyds Banking To Overweight

HSBC upgrades Barclays (BARC.LN) and Lloyds Banking Group (LLOY.LN) to overweight from neutral and keeps an overweight rating on Royal Bank of Scotland (RBS.LN). Says the rally in UK bank stocks over the past few weeks is about a return to certainty rather than the macroeconomic outlook. For Barclays, this certainty comes from the bank's forecast of impairments at 130-150 basis points. For Lloyds and RBS, it comes as result of the UK asset protection scheme. HSBC raises Barclays target price to 300p from 110p, Lloyds to 150p from 40p and RBS to 50p from 30p. Barclays shares +3.5% at 241p, Lloyds +4.0% at 100p and RBS +4.5% at 34p.

Source: Dow Jones Newswire.

These anaylists have proved again what a waste of space they are when it comes to banks, how can they go from a price target of 40p to 150p for lloyds. All it shows is that nobody can value banks, it's a guessing game.

It certainly is.

Interim Management Statement.

But those debts are guaranteed by the government.
This is so cheap now, never mind the prospect of recovery in house prices and Olympic activities which should start this year.
Should we be worried about them at all?

LONDON (AFP) - British bank Barclays (LSE: BARC.L - news) on Thursday said net profit rose 12 percent in the first quarter to 826 million pounds, boosted by its part-purchase of failed US investment giant Lehman Brothers (NYSE: LEH - news) .

The Group has delivered a good revenue performance in the first quarter of 2009 in what remains a difficult period for financial services companies.

The Group's net interest margin has reduced as a result of lower deposit margins and higher funding costs offsetting higher asset pricing.

A strong cost performance has continued to be delivered, resulting in the Group's costs in the first quarter of 2009 being marginally lower than in the first quarter of 2008.

Corporate impairment levels are rising significantly, reflecting the continuing deterioration in the macro-economic environment. The vast majority of these higher corporate impairments relate to assets designated for inclusion in the Government Asset Protection Scheme. Write-downs of investment securities have reduced considerably.

Excellent progress has been made on the integration of the enlarged Group.

The Group's intended participation in the Government Asset Protection Scheme will substantially reduce the risk profile of the organisation and significantly strengthen the capital position of the Group.

As announced in February 2009, we continue to expect the Group to report a loss before tax for 2009, excluding the impact of a credit relating to negative goodwill.