Except that the argument I'm hearing whilst here in the US is that there has been far too much de-regulation of the US markets in the last 10 years.
0.83 Lloyds shares per HBOS share nicked off the bbc web site: Under the terms of the deal - which must be agreed by shareholders - HBOS shareholders will receive 0.83 Lloyds shares for every HBOS share.