95.98 per cent of Lloyds TSB shareholders vote yes

A whopping 95.85 percent of Lloyds TSB (LON:LLOY) shareholders voted for the HBOS (LON:HBOS) takeover to go ahead, even though some shareholders were not happy about some aspects of the deal.

Comments weighed heavily on HBOS Chief Executive Officer. Andy Hornby’s consultancy fee, others worried about the government’s involvement.

Members of the Union demonstrated outside the Scottish Exhibition and Conference Centre in Glasgow yesterday about the impact the merger will have on jobs at the new super bank.

Lloyds TSB chairman, Sir Victor Blank talked about how the takeover will transform the banks position. The deal was also called compelling by Eric Daniels Lloyds TSB CEO.

The shareholders agreed almost outright for the merger to go ahead despite the demonstration, they also showed support for Lloyds plans to bolster its balance sheets by raising £5.5 billion, this figure includes the capital injection by the Treasury of £1 billion.

Once the vote was announced Lloyds TSB shares fell slightly, whilst HBOS share shot up.

Source: ftadviser

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