A PYMNTS Company

EU: Spain’s Sabadell’s $2.66 billion takeover of TSB approved

By  |  May 18, 2015

The EU approved on Monday Spanish lender Sabadell’s 2.6-billion-euro takeover of TSB, a unit of Britain’s bailed-out lender Lloyds.

Competition Commissioner Margrethe Vestager said the deal announced in March would not breach the European Union’s state aid rules.

Lloyds, which is 23-percent state-owned after a bailout at the height of the global financial crisis, is selling its remaining 50-percent stake in TSB, which it floated on the London stock market last year.

“Lloyds’ recent progress, including the sale of its stake in TSB approved today, shows the effectiveness of EU state aid rules,” Vestager said in a statement.

 

Full content: The Wall Street Journal

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.