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Lloyds-Abbey merger blockedJuly 10, 2001 Posted: 1008 GMT LONDON (CNN) -- Lloyd TSB's $29 billion hostile bid for Abbey National has been blocked by the British government. Trade and Industry Secretary Patricia Hewitt on Tuesday backed regulators who were against the merger, saying the move could damage competition in the small businesses sector. Lloyds (LLOY), Britain's third largest bank, first made a £20 billion unsolicited bid for rival Abbey (ANL), Britiain's second-largest mortgage lender, in January. Hewitt voiced concerns over the combined market share that would be controlled by a Lloyds-Abbey in current accounts and lending to small businesses. Many analysts believe Lloyds will now set its sights on making acquisitions in Europe as opportunites in the UK have dried up. BNP Paribas banking analyst, Huge Pye, told Reuters: "Everybody is talking to everybody in Europe. "When somebody makes the first (cross border) move, others will follow, but it is still difficult to see how value will be created for shareholders." Note: Search results will open in a new browser window
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