Friday, Jul 25, 2008
Going, going gone?
Reuters: JP Morgan leads possible HBOS break-up
JP Morgan, the US banking giant that rescued Bear Stearns earlier this year, has held talks with several interested parties about forming a consortium to break up HBOS, the UK's biggest mortgage lender which includes the Halifax brand. HBOS's shares have been buffeted by the credit crunch and by fears about its £4bn rights issue. Speculation about a takeover of HBOS has been growing following the dramatic fall in its share price. They added that a consortium has not yet been formed and the talks could fall through. A break-up bid for HBOS might meet opposition from the Financial Services Authority, which would not want one of Britain's biggest banks to be destabilised.
Posted by who stole my pension? @ 06:36 AM (316 views) Add Comment
1 Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
1. Nemo said...
The Banks that underwrote the HBOS rights issue got their fingers burned. Now, happily for them the shares have shot up on rumours of a takeover. Thus, should the underwriters wish, their HBos remainders can be disposed of profitably. This is simply "good fortune", and it would be quite wrong to think that someone had dreamed up the take over story to get the underwriters off the hook. Of course when in March, the shareprice fell suddenly, this was, obviously a criminal conspiracy by evil traders, a conclusion still clung to, despite the fact that an investigation by FSA found no evidence to support it. Funny old world.