Patricia Hewitt, Secretary of State for Trade and Industry, has decided not to permit the proposed acquisition by Lloyds TSB Group plc (Lloyds TSB) of Abbey National plc (Abbey).

BBC: Patricia Hewitt statement in full

The decision was taken by the then Secretary of State for Trade, John Biffen, on the grounds the two papers were not going concerns and could close if the takeover were delayed by an MMC investigation.

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The decision was formally taken by the Secretary of State for Trade, John Biffen, on the grounds that the two papers were not going concerns and could close if the takeover were delayed by an MMC investigation.

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