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’“Just tell them they didn’t understand…”
The casual manner in which HM Treasury is briefing away the matter of dividend restrictions on British banks subscribing to HM Bailout is truly breathtaking.
You could read it in plenty of places on Thursday:
UK lenders in plea to lift dividends ban
Britain’s largest banks are urging the UK government to rethink the terms of its £37bn bank bail-out scheme as investors take fright at the requirement for the banks to stop paying dividends to shareholders.
Lloyds TSB: Revised terms for HBOS, with government cash injection
Some £17bn being raised in total — £11.5bn at HBOS, £5.5bn at Lloyds, where the cash call is being structured as an open offer with clawback.
HBOS paper takeover terms revised down from 0.83 Lloyds shares to 0.605 shares.
M&G backs terms of HBOS takeover
Lloyds TSB’s takeover of HBOS received another boost on Thursday when M&G, one of the largest shareholders of both banks, announced it would vote in favour of the deal on its current terms. The move makes M&G the second large shareholder to throw its weight behind the deal and eases concerns that Lloyds TSB shareholders might force the bank to renegotiate or abandon the takeover.
Standard Life set to back HBOS takeover
Standard Life, one of the large institutional investors in Lloyds TSB, appeared to have thrown its support behind the rescue takeover of HBOS amid concerns that the terms of the deal may have to be renegotiated.
Pestowire: HBOS/Lloyds will happen
After a relatively long silence on the matter, Robert Peston has, via the Pestowire, issued a statement as regards Lloyds takeover of HBOS:
First things first: if Lloyds TSB’s takeover of HBOS were to collapse,
HBOS falls on Lloyds deal fears
The rescue takeover of HBOS by British rival Lloyds TSB will go ahead despite sharp falls in the target bank’s share price, Gordon Brown, UK prime minister, insisted on Tuesday in response to speculation that the deal would have to be renegotiated.
CDS report: Lloyds TSB and HBOS under pressure
Credit default swaps referencing Lloyds TSB and HBOS came under pressure on Tuesday as doubts about the agreed merger between the banks rose and stock prices fell.
The cose to insure the senior debt of HBOS rose to 350 basis points from around 300bps at the end of last week,
Parting as they fall…
Eric Daniels, what have you done? HBOS stock was trading at a 25 per cent discount to the paper takeover terms from Lloyds TSB on Tuesday. Aside from the overall value destruction, the market seems to be betting that this particular emergency merger will not happen.
Fresh falls — Markets Live at 11am
The rally evaporates. FTSE 100 down 2.2 per cent on Tuesday. HBOS down 10 per cent. Imagine where the price would be if this was a free market.
Note also that the discount to the paper terms offered by Lloyds TSB continues to widen — currently 11 per cent.
FSA seeks Bradford & Bingley ‘white knights’
The UK’s financial regulator is thought to have sounded out potential “white knights” for Bradford & Bingley as part of its contingency planning in the event that Britain’s biggest buy-to-let lender is buffeted by further market turmoil.
UK government to push Lloyds-HBOS deal
Lloyds TSB said Thursday it expected annual savings of “significantly in excess of £1bn” from its £12.2bn takeover of HBOS by 2011, but had yet to decide the level of job losses among the combined bank’s 140,000 staff.
HBOS – a political fix
Shares in LLoyds TSB were indicated sharply lower on Thursday morning. The London market detects all sorts of Brownite tinkering with the plan to take over HBOS.
Here’s the key extract from the statement:
Lloyds TSB seals £12bn HBOS rescue
Lloyds TSB on Wednesday night agreed a £12bn rescue takeover of HBOS after the UK government brokered a deal to save Britain’s largest mortgage lender after the rising cost of wholesale funding and a sharp share price fall amid three days of financial market turmoil ignited fears about the bank’s financial viability. The Brown government,
Finally…HBOS has issued a statement
In the light of market speculation, the Board of HBOS plc confirms that it is in advanced talks with Lloyds TSB Group plc which may or may not lead to an offer being made for HBOS.
A further announcement will be made when appropriate.
FSA bombs Mayfair
DAISY CUTTER DEPLOYED TO KILL HEDGIES
SANTS VOWS TO BURN EVIL SHORT SELLERS
British financial forces on Wednesday unleashed a devasting attack on those who dared to question the solidity of British banks,
Bank run/Bank rollercoaster/Bank takeover
HBOS – moments ago -off 51.65 per cent. Now rebounding on a BBC report of a takeover from Lloyds.
There was earlier some serious selling going on, with big volumes. One big selloff at 8:36 – just shy of 4m shares,