HALIFAX, BANK OF SCOTLAND DECISION LEAVES COMPETITION LAW “IN TATTERS”.

HALIFAX, BANK OF SCOTLAND DECISION LEAVES COMPETITION LAW “IN TATTERS”.

SMALL SHAREHOLDERS MUST SPEAK UP AGAINST MERGER.

SNP MSP Alex Neil today said competition law had been left “in tatters” after the decision of the Competition Appeals Tribunal to reject the legal bid from the Merger Action Group to have the competition aspects of the merger between HBOS and Lloyds TSB properly considered.

Shareholders will vote on the merger on Friday. Small shareholders have the power to block the merger.

Mr Neil said;

“This decision leaves competition law in tatters and 40,000 employees at risk.

“The reputation of the Competition Appeals Tribunal will be damaged by this decision.

“MAG must be praised for their determination to see this unnecessary merger between Lloyds and HBOS subjected to the proper scrutiny that has been lacking.

“It is now up to the small shareholders of HBOS to stop this shot gun wedding, to stand up to the banks and to stop 40,000 unnecessary job losses.”