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| Version 0 | Version 1 |
|---|---|
| HBOS in merger talks with Lloyds | HBOS in merger talks with Lloyds |
| (20 minutes later) | |
| Lloyds TSB is in advanced merger talks with HBOS to create a UK retail banking giant, the BBC has learned. | |
| The deal would end uncertainty about the strength of HBOS following the calamitous run on its shares. | |
| The valuation of HBOS shares would be closer to last week's closing price of 300 pence rather than their current level of around 100p. | |
| Both HBOS and Lloyds declined to comment on the news, broken by BBC Business Editor Robert Peston. | |
| News came as shares in the firm slumped as much as 56% on the London market. | News came as shares in the firm slumped as much as 56% on the London market. |
| HBOS's shares had rallied in earlier trade, but the recovery quickly fizzled out. | HBOS's shares had rallied in earlier trade, but the recovery quickly fizzled out. |
| However, the roller coaster continued as news of the merger talks emerged, helping HBOS to recover some of its losses. | |
| Other UK banks also suffered from the loss of confidence in the sector after the crisis on Wall Street. | Other UK banks also suffered from the loss of confidence in the sector after the crisis on Wall Street. |
| Royal Bank of Scotland fell 18%, Bradford & Bingley sank 11.7% and Lloyds TSB dropped 7%. | Royal Bank of Scotland fell 18%, Bradford & Bingley sank 11.7% and Lloyds TSB dropped 7%. |