FT.com / Companies / Financials – Lloyds TSB investors back HBOS rescue
Lloyds TSB investors have overwhelmingly backed the bank’s controversial rescue of HBOS and its plans to raise £5.5bn of capital despite some shareholders voicing concerns.
Several hundred investors gathered in Glasgow to hear Sir Victor Blank, Lloyds chairman, say the “landmark” deal would transform his bank, deliver £1.5bn of cost savings and create value for HBOS and Lloyds shareholders.
“For us, the opportunity to put Lloyds and HBOS together has been a long-standing ambition,” he said.
The vote to buy HBOS, backed by 96 per cent of investors, clears a major hurdle for the all-share takeover. Investors also backed a plan for Lloyds to raise capital through a government-backed placing. HBOS holds a vote for its investors on December 12
Posted on November 20, 2008, in Bank Stocks, Financial Markets, Global, Investments, Meltdown and tagged Business, Citibank, Credit Crisis, Deutsche Bank, Economy, Finance, Meltdown Asia. Bookmark the permalink. Leave a comment.