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Shareholders approve Lloyds takeover of HBOS

Shareholders in Lloyds TSB have voted in favour of the HBOS acquisition at today’s general meeting.

Lloyds TSB chairman Victor Blank says the vote was passed by a significant majority.

He says: “Today’s successful vote marks another important milestone in the proposed acquisition of HBOS plc to create the UK’s leading financial services company. I am delighted that our shareholders have endorsed the compelling strategic logic for this transaction.”

Group chief Eexecutive Eric Daniels says: “We believe this transaction provides certainty for the shareholders of HBOS and they, along with the Lloyds TSB shareholders, will have the opportunity to share in the benefits that come from the combination. We remain on track to complete the proposed acquisition of HBOS in mid-January 2009.”


Concerns rise over due diligence

An increasing number of advisers are worried that their due diligence around structured products is lacking and that they have been over-reliant on provider reputation when recommending products, says Resources Compliance.


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