Thursday, October 2, 2008

M&G gives megabang a warmer feeling

Lloyds TSB's HBOS rescue wins fresh support

M&G, the investment arm of the insurance group Prudential, has come out in support of Lloyds TSB's controversial £12 billion rescue takeover of HBOS. It plans to vote in favour of the deal in respect of its Lloyds shares and HBOS shares. It owns more than 2 per cent of each. Investors holding only Lloyds may prove to be more active in demanding that Lloyds squeezes a better deal from HBOS, particularly if due diligence over the next few weeks uncovers a further deterioration in its loan book.

Posted by dohousescrashinthewoods @ 02:25 PM (354 views)
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One thought on “M&G gives megabang a warmer feeling

  • dohousescrashinthewoods says:

    That should read megabank – it wasn’t intended to be a crude euphimism!

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