Lloyds seals HBOS takeover

BANKING giants Lloyds TSB and HBOS today agreed a merger to save Britain's biggest mortgage lender.

BANKING giants Lloyds TSB and HBOS today agreed a merger to save Britain's biggest mortgage lender.

Lloyds TSB is effectively taking over its rival for 232p a share - valuing Halifax Bank of Scotland at just over £12 billion.

Talks between the two started yesterday as shares in HBOS were hammered by speculators - and the deal was settled after the government said it would waive competition concerns because the mega-rescue was in the national interest.

For more details on the deal, see today's Evening Star.