THE £800 million sterling takeover of Clerical Medical pensions and insurance group by the Halifax will not divert the building society from stock market flotation plans, the society said. Halifax's chairman, Mr Jon Foulds, told a news conference plans to convert the society into a bank were well advanced and the takeover deal was entirely in that timetable.

The Halifax is offering £800 million for Bristol based Clerical Medical, which is mutually owned by its policy holders.