ABN AMRO shareholder meeting today
20 September 2007, AMSTERDAM - ABN AMRO will discuss the takeover battle for the bank with its shareholders today. The extraordinary shareholders' meeting was due to start at 10.30 am today in Rotterdam.
20 September 2007
AMSTERDAM - ABN AMRO will discuss the takeover battle for the bank with its shareholders today. The extraordinary shareholders' meeting was due to start at 10.30 am today in Rotterdam.
The meeting will be informal, meaning there will be no vote held on the takeover. ABN AMRO's managing board and supervisory board have taken a neutral stance towards both bids, the bank announced earlier.
Shareholders will themselves decide whether to offer their shares to the British bank Barclays or the banking consortium comprised of Fortis, Royal Bank of Scotland and Banco Santander. Both bids will expire at the beginning of October.
The meeting is expected to draw a good turnout. Unions in particular will be making their voice heard. They will be calling on shareholders to refrain from focusing only on short term gain. They want the shareholders to keep in mind the personnel, the business and its customers for the long term as well.
The bid from the consortium is considerably higher than Barclays' bid. On Wednesday the bid from the group represented more than EUR 71 billion, about 10 billion more than the bid from Barclays.
[Copyright Expatica News + ANP 2007]
Subject: Dutch news