Lloyds unveils £12.2bn HBOS takeover

Under the terms of the deal, HBOS shareholders will receive 0.83 Lloyds TSB shares for every one HBOS share. Existing Lloyds stockholders will own approximately 56% of the enlarged group. The offer values HBOS at £12.2bn, based on Lloyds’ 279.75p closing price last night. Subject to Lloyds and HBOS shareholder approval, the takeover is expected to be completed by the end of the year. The enlarged group brings together some of UK’s household brands, including Bank of Scotland, Halifax, Cheltenham & Gloucester and Scottish Widows. Lloyds says new mortgage and SMEs lending at the combined ...