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Lloyds steals in

17 September 2008 By Hugo Dixon

Lloyds has got the UK s top mortgage lender for a steal. The £1bn annual synergies alone, once capitalised, go a long way to cover the £12bn price tag. Lloyds has also got an antitrust waiver to dominate the market. Neither HBOS nor the state had much of a negotiating position.

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