Stmnt re Abbey National PLC
Lloyds TSB Group PLC
23 February 2001
LLOYDS TSB AND ABBEY NATIONAL
Lloyds TSB Group plc notes the announcement that the Secretary of State for
Trade and Industry has decided to refer its proposed combination with Abbey
National plc to the Competition Commission. The pre-conditional Offer,
announced on 31 January, now lapses.
Lloyds TSB Group believes strongly that the markets in which it and Abbey
National operate are highly competitive and that further consolidation is
inevitable. A combination of Lloyds TSB and Abbey National would provide
considerable benefits to Abbey National customers including a more extensive
range of products and services delivered through a wider range of branches and
other channels. Lloyds TSB will cooperate fully with the Competition
Commission during its review. Lloyds TSB Group is encouraged by the
discussions it has had with Abbey National shareholders and firmly intends to
continue to pursue a combination with Abbey National.
Peter Ellwood, Chief Executive of the Lloyds TSB Group, said:
'Following our discussions with shareholders of Abbey National and Lloyds TSB,
it is clear that shareholders appreciate the significant attractions of a
Lloyds TSB and Abbey National combination. We continue to believe that this
proposed transaction would represent the most valuable option available to
Abbey National shareholders and would deliver considerable benefits to
customers. We will therefore cooperate fully with the Competition Commission
and ensure that we are in a position to make an offer for Abbey National if
cleared.'
Enquiries
Lloyds TSB Group plc Investor Relations
Kent Atkinson
020 7356 1436
Group Finance Director
E-mail: kent.atkinson@ltsb-finance.co.uk
Michael Oliver
020 7356 2167
Director of Investor Relations
E-mail: michael.oliver@ltsb-finance.co.uk
Lloyds TSB and Abbey National/.....2
Media
Mary Walsh
020 7356 2121
Head of Media Relations
E-mail: mary.walsh@lloydstsb.co.uk
Financial advisers:
JPMorgan Terry Eccles
020 7325 4169
Merrill Lynch Matthew Greenburgh
020 7573 1184
Corporate brokers:
Hoare Govett Andrew Thompson
020 7678 1363
Schroder Salomon Atholl Turrell
020 7986 1283
Smith Barney
Merrill Lynch International and J.P. Morgan plc, which are regulated in the
United Kingdom by The Securities and Futures Authority Limited, are acting for
Lloyds TSB and no-one else in connection with the possible Offer described in
this announcement and will not be responsible to anyone other than Lloyds TSB
for providing the protections afforded to the customers of Merrill Lynch
International and J.P. Morgan plc, nor for giving advice in relation to such
possible Offer.
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