A group of businessmen, lawyers and customers have turned to legal ruling over blocking the HBOS takeover.
This particular story has stalked the news for quite a while, with the deal is off, the deal is on, the deal is off back and forth like tug-of-war. However this time it seems as thought, if this legal action goes through, then the side of the deal not going through is going to win.
This group are aiming to bring legal action against Lord Mandelson’s decision to allow the deal to go though. This action would make this decision obsolete if passed.
The MAG (Mergers Action Group) I believe are fighting for the right cause because Halifax Bank of Scotland should keep its headquarters in Edinburgh, Scotland.
If a plan has been sought to sort out HBOS, without having to go down the route of a takeover. then it would be so much better. We should not have a takeover because:
- There would be unfair competition in the Financial system
- They would own 1/3 of the mortgage market
- Thousand of jobs would be cut
- The headquarters would no longer be used.
Any of these things either creates an unfair advantage or loss of jobs. Although it is right to sort out the financial system. However I do not think that cutting people’s jobs and perhaps cutting off an income is not a good thing for today’s spiraling-out of control Economic society.
