The pinnacle of ITV's consolidation was the merger of Carlton Television and Granada Television in 2004. The two companies had previously tried to merge twice before in the 1990s; however, the government and competition laws prevented this from occurring. But on 21 October 2003, the government announced that it would no longer prevent a merger from taking place, subject to safeguards being set in place to ensure the continued independence of SMG, Ulster Television and Channel Television. Carlton Television and Granada Television finally merged at the end of January 2004, with Granada Television shareholders owning 68% of the new company, ITV plc, and Carlton Television shareholders owning the remaining 32%. ITV plc was floated on the London Stock Exchange under the symbol 'ITV' on 2 February 2004. The new company owned all the ITV regions in England, Wales and the Scottish Borders. The choice of the name "ITV plc" was controversial, since it could imply that the company ran the entire network, and an agreement had to be reached with SMG, Ulster Television and Channel Television before the name could be used.