Lloyds/HBOS: the shotgun wedding years in the making
Why Daniels’ transformational deal was waiting to happen
Eric Daniels, Lloyds TSB’s much-travelled chief executive, has told at least two newspapers and one shareholders’ meeting that you don’t buy a new pair of shoes just because it is cheap. But when you’ve been coveting that pair of shoes for months, and when its price has been slashed by 80% or so, you need to be parsimonious in the extreme to walk on by.
It is difficult to overstate how much the stars seemed to be smiling on Lloyds TSB when it – and the short-sellers – pushed HBOS’s shares into bargain-basement territory.
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