British mortgage bank Abbey National, takeover target for rival Lloyds TSB, said today that Lloyds must put its £17.1 billion sterling bid on hold until competition regulators rule on it.
Abbey, responding to news that Britain had referred the proposed takeover to competition authorities, said preconditions attached to the Lloyds offer meant that it must now be put on ice until the Competition Commission ruled.
The commission is due to make its ruling by June 12th.
