Lloyds shareholders approve HBOS takeover
Lloyds TSB shareholders have voted in favour of the proposed acquisition of HBOS, a move which paves the way for the creation of a 'super-bank' that may free up the flow of mortgages and cheap loans once more.
The resolution on the takeover, which the government helped to negotiate earlier this year, was passed with a significant majority.Sir Victor Blank, chairman of Lloyds TSB, said: "Today's successful vote marks another important milestone in the proposed acquisition of HBOS plc to create the UK's leading financial services company."
Eric Daniels, group chief executive of Lloyds TSB, added that he believed the deal would benefit Lloyds shareholders.
Earlier this month two senior ex-bankers tried to stop the takeover attempt claiming that it would not be beneficial for shareholders or for the general public.
Sir Peter Burt and Sir George Matthewson argued that with the help of the government's bank bailout package, HBOS would be able to stand up on its own.
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