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Lloyds may go hostile for Abbey

Lloyds TSB has signalled it has not given up hope of a deal with mortgage bank Abbey National following the breakdown of its take-over bid.

Lloyds was thought to be preparing a hostile bid for Abbey last night after having its initial friendly offer rejected for being “unattractive”, although it is expected to come back with an improved friendly offer first.

If a merger or take-over went ahead it would create the UK&#39s second-largest bank and strip costs by around £700m from rationalisation of the combined branch network and systems.

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