HBOS confirmed yesterday that it would be submitting confidential information about its financial position to the Competition Appeals Tribunal.
HBOS confirmed yesterday that it would be submitting confidential information about its financial position to the Competition Appeals Tribunal.
The tribunal will adjudicate next week on the case brought by the Merger Action Group against the Business Secretary Lord Mandelson claiming unlawful waiving of competition law to approve the merger.
The government is being supported in its defence by both Lloyds and HBOS.
HBOS said the appeal process allowed for certain information to be shared between counsel for all the parties, as well as the tribunal. "This is standard practice," a spokesman said.
"The main arguments around this transaction are well known and conclusively support our recommended deal with Lloyds TSB."
Supporters of the deal were suggesting yesterday that the tribunal would need to know sensitive details such as the scale of withdrawals from the bank in the run-up to the merger announcement, and the bank's confidential estimate of its possible future writedowns.
But opponents questioned why all financial information was not being made available to HBOS shareholders ahead of their vote on the deal next week.
Tim Noble, one of the signatories to the appeal, commented last night: "I am surprised to learn there is a secret dossier which is to be given only to the judge and lawyer.
"One can only speculate on what is in it and why it has not been deemed relevant to the shareholders of both Lloyds and HBOS."
