Competition laws mean nothing in HBOS takeover

I'm not Au Fait with financial affairs although like everyone else- the last six months has made me prick up my ears a tad!
HBOS (who own my bank Halifax) have been taken over by Lloyds TSB (WHO I HATE!) today in a shocking twist in the Credit Crunch Fable.
HBOS were the largest lenders in the UK market who have crumbled this week quite unexpectedly they are the largest global bank to fall ill of the global economy.
Their share prices dropped from last years rate of £9.17 to 88p yesterday morning with lloyds tsb offering a take over bid of £2ish for each share.
There are two reasons this has really annoyed me. Primarily because I hate lloyds- I've banked with them and their customer service skills are appalling. Halifax have always treated me with respect and intelligence regarding my finances. I'm dreading my bank turning a lloyd's turn for the worse.

Perhaps more importantly In order to prevent a Nothern Rock esque attack on the market the government have wavered competition laws that seemed so important 7 years ago when lloyds tried to make a bid on ABBEY.
So here we go the Country will soon be owned by Lloyds and Tesco- YipEEEEE
(breaks down in 1984 premonition tears)