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| Version 0 | Version 1 |
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| HBOS shareholders to vote on deal | HBOS shareholders to vote on deal |
| (30 minutes later) | |
| HBOS shareholders are to meet in Birmingham later to vote on the takeover deal with Lloyds TSB. | HBOS shareholders are to meet in Birmingham later to vote on the takeover deal with Lloyds TSB. |
| Ahead of the meeting, Halifax Bank of Scotland said it was operating in "increasingly difficult market conditions" and bad debts were rising. | Ahead of the meeting, Halifax Bank of Scotland said it was operating in "increasingly difficult market conditions" and bad debts were rising. |
| The takeover deal has already been backed by Lloyds TSB shareholders, and most analysts expect HBOS shareholders to follow suit. | The takeover deal has already been backed by Lloyds TSB shareholders, and most analysts expect HBOS shareholders to follow suit. |
| A legal challenge to the takeover was rejected on Wednesday. | A legal challenge to the takeover was rejected on Wednesday. |
| HBOS remains confident in its ability to navigate through this difficult period, as it becomes part of the enlarged Lloyds Banking Group HBOS statement | HBOS remains confident in its ability to navigate through this difficult period, as it becomes part of the enlarged Lloyds Banking Group HBOS statement |
| The Competition Appeal Tribunal was asked to decide whether the government had been right to bypass competition concerns in allowing HBOS to be rescued. | The Competition Appeal Tribunal was asked to decide whether the government had been right to bypass competition concerns in allowing HBOS to be rescued. |
| 'Challenging environment' | 'Challenging environment' |
| In its trading update, HBOS said that bad debts and losses on assets had risen to £8bn ($11.9bn) in the first 11 months this year, up £3.2bn since end-September. | In its trading update, HBOS said that bad debts and losses on assets had risen to £8bn ($11.9bn) in the first 11 months this year, up £3.2bn since end-September. |
| Bad debts on corporate loans jumped to £3.3bn from £1.7bn. | Bad debts on corporate loans jumped to £3.3bn from £1.7bn. |
| Shares in HBOS fell more than 12% in early trading on the news. | |
| "Global market and economic conditions, UK recession and increasing unemployment will continue to present a particularly challenging operating and credit environment," HBOS said. | "Global market and economic conditions, UK recession and increasing unemployment will continue to present a particularly challenging operating and credit environment," HBOS said. |
| "However, through the injection of capital and liquidity facilitated by the UK government, both currently and going forward, HBOS remains confident in its ability to navigate through this difficult period, as it becomes part of the enlarged Lloyds Banking Group," it added. | "However, through the injection of capital and liquidity facilitated by the UK government, both currently and going forward, HBOS remains confident in its ability to navigate through this difficult period, as it becomes part of the enlarged Lloyds Banking Group," it added. |
| The UK government gave the green light to the takeover on 31 October. | The UK government gave the green light to the takeover on 31 October. |
| It overruled competition concerns raised by the Office of Fair Trading. | It overruled competition concerns raised by the Office of Fair Trading. |
| Business Secretary Lord Mandelson said at the time that the public interest of "preserving the stability of the financial system" outweighed any potential anti-competitive effects. | Business Secretary Lord Mandelson said at the time that the public interest of "preserving the stability of the financial system" outweighed any potential anti-competitive effects. |
| If the deal is completed, it will lead to the creation of a banking giant with 145,000 staff and 3,000 branches. | If the deal is completed, it will lead to the creation of a banking giant with 145,000 staff and 3,000 branches. |