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Home arrow Articles by Topic arrow LandCo arrow Investors await decision on HBOS takeover talks after wild ride
Investors await decision on HBOS takeover talks after wild ride PDF Print
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Articles - LandCo
Written by Sarah McDonald, NBR   
Thursday, 18 September 2008

Britain’s biggest mortgage lender, the troubled Halifax Bank of Scotland, could be taken over by its rival Lloyds TSB.

HBOS has confirmed to the market that the two banks are in “advanced talks, which may or may not lead to an offer being made.”

The HBOS share price has had a wild ride this week, swinging between 92p and 220p per share in a single day’s trade on Wednesday (London time), when the potential Lloyds deal was disclosed.

It closed at 147p, less than half its price only a week ago and a huge reduction on its price of 812.16p this time last year.

Lloyds is rumoured to be offering around 300p a share, valuing HBOS at £15.8 billion.

HBOS does not have a retail banking presence in New Zealand but has been an aggressive property lender since its international division Bank of Scotland International – a unit of HBOS Australia – expanded into the local market several years ago.

Its lead arranging roles in the New Zealand property market in the last three years include: $365 million for Landco...

Its lead arranging roles in the New Zealand property market in the last three years include: $365 million for Landco; $355 million for IMF; $155 million for Cornerstone Group; $107 million for the contruction of the Pegasus town in Canterbury; and $100 million for Gulf Harbour developers Gulf Corporation.

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