(LLOY.L) Lloyds Banking Group PLC Buy/Sell

By Kevin Drawbaugh

WASHINGTON, Nov 6 (Reuters) - An independent U.S. senator on Friday introduced a bill that would give the government the power to identify and break up financial firms that are "too big to fail," an idea that is catching on.
"If an institution is too big to fail, it is too big to exist," said Senator Bernie Sanders in a statement.
"We should break them up so they are no longer in a position to bring down the entire economy," he said.
Sanders is an independent outside the U.S. political mainstream. But he is not the only one looking at break-ups.
Representative Paul Kanjorski, the Democratic chairman of the capital markets subcommittee in the U.S. House of Representatives, is working on a break-up power amendment.
It would give a new government systemic risk council break-up power, with clearance from the president.
"It's the natural action of capital to grow and exceed. Now we're going to contain it," Kanjorski told CNBC television.
He said large banks oppose his amendment because it would threaten them. But, he said, mid-sized and smaller financial institutions would be helped by it because they would be better able to compete if mega-firms were downsized.
"When the people's money is being used to bail out these large companies ... We certainly have to have someone to tell them what to do in order to save them," he said.
House Financial Services Committee Chairman Barney Frank said earlier on CNBC that a bill he is working on, which Kanjorski wants to toughen, would let a systemic risk regulator "break up" risky financial firms.
Elsewhere this week, the two largest UK retail banks -- Royal Bank of Scotland and Lloyds Banking -- got more government aid and agreed to sell branches and businesses to appease European Union competition concerns over state aid.
EU regulators are considering measures to force banks across Europe to sell assets and sometimes even to break up to compensate for massive state aid they have received.

In the aftermath of the worst financial crisis in decades, nations are trying to determine what to do about banks and financial firms that are so large that their failure could threaten the stability of the global financial system.
The goal is to prevent another debacle like last year's when Lehman Brothers collapsed, triggering a credit crisis and huge taxpayer bailouts of AIG, Citigroup, Bank of America and others.
President Barack Obama has proposed regulating large firms' risk-taking much more tightly to prevent them from failing, while setting up new protocols for managing failure if things go wrong.
Another approach, which Sanders and others back, would be to prevent the firms from getting so big in the first place.
Sanders' legislation would give Treasury Secretary Timothy Geithner 90 days to list commercial banks, investment banks, hedge funds and insurers that he deems too big to fail.
The bill defines that as "any entity that has grown so large that its failure would have a catastrophic effect on the stability of either the financial system or the United States economy without substantial government assistance."
Policy analyst Paul Miller of FBR Capital Markets said in a research note: "Keep in mind that this legislation is currently in its infancy, and Congress has a number of difficult questions to answer before anything can move forward."

(Reporting by Kevin Drawbaugh; Editing by Kenneth Barry) Keywords: FINANCIAL REGULATION/BREAKUP (kevin.drawbaugh@thomsonreuters.com, +1 202 898 8390, +1 202 488 3459 (fax))

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RNS Number : 1415C Lloyds Banking Group PLC 06 November 2009

FORM 8.3

DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE

(Rule 8.3 of the Takeover Code)

1. KEY INFORMATION
Name of person dealing (Note Lloyds Banking Group plc
1) and its subsidiaries
Company dealt in Cadbury plc
Class of relevant security to Ordinary 10p

which the dealings being disclosed relate (Note 2)
Date of dealing 5 November 2009
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)

Long Short
Number (%) Number (%)
(1) Relevant securities 21,505,554 (1.568%)

(2) Derivatives (other than options) (3) Options and agreements to purchase/sell
Total 21,505,554 (1.568%)

(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)

Class of relevant security: Long Short
Number (%) Number (%)

(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total

(c) Rights to subscribe (Note 3)

Class of relevant security: Details

3. DEALINGS (Note 4)
(a) Purchases and sales

Purchase/sale Number of securities Price per unit (Note 5)
Sale 240 £7.558
Sale 700 £7.643

(b) Derivatives transactions (other than options)

Product name, e.g. CFD Long/short (Note 6) Number of securities Price per unit (Note
(Note 7) 5)

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying

Product name,e.g. call option Writing, selling, Number of securities Exercise price Type, e.g. American, Expiry date Option money
purchasing, varying to which the option European etc. paid/received per
etc. relates (Note 7) unit (Note 5)
(ii) Exercising

Product name, e.g. call option Number of securities Exercise price per unit (Note 5)

(d) Other dealings (including new securities) (Note 4)

Nature of transaction (Note 8) Details Price per unit (if applicable) (Note

4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

RNS Number : 1405C GoIndustry-DoveBid PLC 06 November 2009

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES

1. Identity of the issuer or the underlying issuer of Golndustry-Dovebid plc existing shares to which voting rights are attached:

2 Reason for the notification (please tick the appropriate box or boxes):
X

An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights
Disclosure of holdings follows the sale of Insight Investment Management X
Other (please specify): Limited on 2 November 2009. This notification supersedes any notifications
previously issued by Lloyds Banking Group plc.
3. Full name of person(s) Lloyds Banking Group plc

subject to the notification obligation:

4. Full name of shareholder(s) See Section 9. (if different from 3.):

5. Date of the transaction and 2 November 2009 date on which the threshold is crossed or reached:

6. Date on which issuer 4 November 2009

notified:

7. Threshold(s) that is/are N/A - Direct/Indirect
crossed or reached: holdings remains above
8%

8. Notified details: A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting
of of of shares rights rights
Shares Voting
Rights
Direct Direct Indirect Direct Indirect
Ord 0.01p 40,668,262 40,668,262 29,649,818 29,649,818 53,128,911 3.043% 5.452%

B: Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Expiration Exercise/ Number of voting % of voting
instrument date Conversion rights that may be rights
Period acquired if the
instrument is
exercised/
converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction

Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights
instrument price date Conversion rights instrument
period refers to
Nominal Delta

Total (A+B+C)

Number of voting rights Percentage of voting rights
82,778,729 8.495

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: 72,505,295 shares (7.441%) are under the control of Scottish Widows Investment Partnership Ltd, a wholly owned subsidiary of Scottish Widows Group Ltd, a wholly owned subsidiary of Lloyds TSB Bank plc, a wholly owned subsidiary of Lloyds Banking Group plc (Direct/Indirect Interests).

Within these holdings, 23,030,676 shares (2.364%) are managed on behalf of Clerical Medical Managed Funds Limited, a wholly owned subsidary of Clerical Medical Investment Group Limited, a wholly owned subsidiary of HBOS Financial Services Limited, a wholly owned subsidiary of HBOS Insurance & Investment Group Limited a wholly owned subsidiary of HBOS plc, a wholly owned subsidiary of Lloyds Banking Group plc, and are therefore disclosed as an overall Direct Interest.

Proxy Voting:

10. Name of the proxy holder: N/A
11. Number of voting rights proxy holder will cease to hold: N/A

12. Date on which proxy holder will cease to hold voting rights: N/A

13. Additional information: Notification using the Total Voting Rights
figure of 974,429,370
14. Contact name: Matthew Wilson

15. Contact telephone number: 0113 235 7729

This information is provided by RNS The company news service from the London Stock Exchange

HOLEASFKEEENFFE

By Myles Neligan and Victoria Howley

LONDON, Nov 6 (Reuters) - British insurance-focused acquisition vehicle Resolution, back on the takeover trail after completing its first deal this week, is likely to find its next target outside the publicly quoted sector.
Resolution, which aims to buy and merge at least three insurers before floating the enlarged company on the stock market in 2012, needs to pull off its next deal soon.
But the company, led by entrepreneur Clive Cowdery, will probably find it easier to do so away from the public market, where the faintest whisper of bid interest can propel the share price of potential targets beyond reach.
"Tt's clear that Resolution needs to do deals, and I would expect it would need to do something quickly," said a senior insurance industry executive who asked not to be named.
"But it must be difficult for Clive to pull this off twice, because people will see him coming this time."
Resolution, created last year to buy life insurers and asset managers, completed its 1.86 billion pound ($3.1 billion) all-share takeover of Friends Provident on Thursday.
When the deal was announced in August, Cowdery said the next takeover target would likely be a life insurer rather than asset manager and could be the local subsidiary of a foreign company, a bank or a large British insurer that did not wish to continue to focus on the British market.
Legal & General, seen as a potential second target, may have become prohibitively expensive after bid speculation pushed its share price up 25 percent in a single week last month, analysts said.
While L&G shares have since given back some of that gain, they may still offer too narrow a discount to embedded value -- a key measure of insurance companies' worth -- for Resolution to achieve its targeted investment return.
"I feel it's pretty expensive at this sort of level, perhaps driven there by people expecting some sort of deal," ING analyst Kevin Ryan said, adding: "I think Clive wants a significant discount to EV".
Buying an unlisted insurer may also appeal because the negotiation process would be more straightforward, with reduced scope for public spats of the kind that disrupted talks between Resolution and Friends this summer.
"Buying a non-listed part of someone else is simpler, and you are dealing with one entity, not a whole raft of shareholders," said a banker who covers the insurance sector.

Friends secured concessions on Resolution's corporate governance and executive pay arrangements after publicly criticising them during pre-merger talks between the two sides in August. More than half of Resolution's own 25-strong list of potential takeover targets, unveiled during a presentation to analysts and investors three months ago, are privately-owned, or are the unlisted susbidiaries of publicly-quoted parent companies. They include Scottish Widows and Clerical & Medical, the life insurance operations of part-nationalised lender Lloyds Banking Group, as well as the British subsidiaries of European insurers Aegon, Axa and Zurich Financial Services.
"Cowdery will go after the UK assets of an overseas company, and that is because the valuations of all the listed (British) companies have bounced back," said a second banker.
The FTSE index of British life insurance stocks, helped by a financial market rebound, has more than doubled since worries over the sector's capital strength pushed it to a multi-year low in March.

(Editing by Dan Lalor)

($1=.6053 Pound) Keywords: RESOLUTION/ (myles.neligan@reuters.com; +44 207 542 13 73)

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Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.