• Her Majesty's Treasury


  • Lloyds Banking Group plc


HMT proposed to acquire additional shares in Lloyds, taking its total interest from 43.4% to up to 77%.

Market definition

The ACCC considered it unnecessary to define a relevant market.

Competition analysis

As the activities of HMT and Lloyds did not overlap, the ACCC considered that the proposed acquisition was unlikely to substantially lessen competition in any relevant Australian markets.


Date Event

ACCC commenced review under the Merger Review Process Guidelines.

ACCC announced it would not oppose the proposed acquisition.