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HBOS not to bid for Abbey

Further to the announcement made on August 2 in respect of a potential combination with Abbey, HBOS plc says it has now concluded its analysis.

Notwithstanding the very substantial opportunity to create synergies, and a strong competition case with which to engage the regulators, HBOS has decided not to proceed with an offer for Abbey.

HBOS believes that the shareholder value inherent in its existing prospects is superior to that likely to be achieved through this combination.

The announcement also seems to secure the future of Birmingham Midshires following City speculation that to mount a successful bid for Abbey HBOS would have to dispose of its specialist subsidiary.

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