Blank under fire as Treasury moves to take control of Lloyds
source: http://www.guardian.co.uk/business/2009/mar/06/lloyds-resists-majority-government-stake
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Lloyds and the Treasury were locked in tense negotiations tonight as the banking group tried to prevent the government from taking a majority stake.
The Lloyds board met throughout the day to discuss the terms offered by the Treasury to convert £4bn of preference shares into ordinary shares and insure up to £260bn of its most troublesome assets – a move that could increase the taxpayer's stake to between 60% and 70%.
In a day of frenzied speculation about the delay to agreeing terms, there were rumours that the entire board was prepared to resign because of the creeping control of the taxpayer.
The Lloyds board met throughout the day to discuss the terms offered by the Treasury to convert £4bn of preference shares into ordinary shares and insure up to £260bn of its most troublesome assets – a move that could increase the taxpayer's stake to between 60% and 70%.
In a day of frenzied speculation about the delay to agreeing terms, there were rumours that the entire board was prepared to resign because of the creeping control of the taxpayer.
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