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Barry Rodger, May 18, 2009
The recent merger between Lloyds/TSB and HBOS has again raised concerns regarding the increase in external control of Scottish companies and also demonstrates many facets of the merger control system in the United Kingdom which was revised by the Enterprise Act 2002. The legal context for consideration of the merger is the challenge to the merger approval process by a number of interested third parties based in Scotland, grouped together as the Merger Action Group, (“MAG”) before the Competition Appeal Tribunal (“CAT”). However, this brief article will focus more on the economic and legal context in which the challenge arose rather than the outcome of the review proceedings, providing a particularly personal view of the merger and its potential impact on the Scottish economy.