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| Challenge to HBOS deal rejected | Challenge to HBOS deal rejected |
| (10 minutes later) | |
| The Competition Appeal Tribunal has rejected a legal challenge to the takeover of Halifax Bank of Scotland (HBOS) by Lloyds TSB. | The Competition Appeal Tribunal has rejected a legal challenge to the takeover of Halifax Bank of Scotland (HBOS) by Lloyds TSB. |
| The tribunal in London was asked to decide whether the government had been right to bypass competition concerns in allowing HBOS to be rescued. | The tribunal in London was asked to decide whether the government had been right to bypass competition concerns in allowing HBOS to be rescued. |
| The case was brought by a group of customers, shareholders and businessmen called the Merger Action Group (MAG). | The case was brought by a group of customers, shareholders and businessmen called the Merger Action Group (MAG). |
| HBOS shareholders will vote on the takeover deal on 12 December. | HBOS shareholders will vote on the takeover deal on 12 December. |
| The two-day tribunal hearing in London was held under Scottish law. | The two-day tribunal hearing in London was held under Scottish law. |
| The UK government gave the green light to the takeover on 31 October. | |
| It overruled competition concerns raised by the Office of Fair Trading. | |
| Business Secretary Lord Mandelson said at the time the public interest of "preserving the stability of the financial system" outweighed any potential anti-competitive effects. | |
| Lloyds TSB shareholders backed the deal at a meeting in Glasgow on 19 November. | |
| If the deal is completed, it will lead to the creation of a banking giant with 145,000 staff and 3,000 branches. |