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HBOS dissenter admits defeat

One of the Scottish bankers who tried to make an alternative bid for HBOS has affectively conceded his position today.

Yesterday chancellor Alistair Darling scuppered any hopes of a rival bid by refuting the pair’s claims that anyone could receive Government funding for HBOS.

Sir Peter Burt, one of the Scottish businessmen and former chief executive of Bank of Scotland who was seeking to scupper a takeover of HBOS by Lloyds TSB is quoted in the Scotsman today as saying an alternative deal is now “effectively improbable”.

He told the paper: “For those seeking to keep HBOS independent [the Treasury] has raised every hurdle it could find to the highest possible level.

“Although ostensibly leaving the decision to shareholders the barriers to any alternative proposal are now so great as to make any such proposal effectively improbable.”

Lloyds TSB shareholders are due to vote on the deal later today. HBOS investors are due to vote on December 12.

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