LONDON-- Lloyds Banking Group PLC (LLOY.LN), a retail bank, said
Wednesday it has made considerable progress with the Co-operative
Group (CPBB.LN) on the Verde transaction.
MAIN FACTS:
-The Company and Co-op now have an understanding on the
commercial terms for the transaction.
-This is subject to agreeing satisfactory documentation, the
approval of their respective boards, and further discussions with
the FSA, HMT and the European Commission.
-During this final phase of the discussions, and in order to
proceed to 'Heads of Agreement', negotiations with the Co-op will
proceed on an exclusive basis.
-Lloyds shares at 1601 GMT up 4%, at 31 pence, valuing the
company at GBP22 billion.
-Write to Mark Shapland at mark.shapland@dowjones.com
