ABN takeover price expected

23rd April 2007, Comments 0 comments

23 April 2007, AMSTERDAM – ABN Amro and Barclays are expected to announce what price the British are willing to pay for the bank before the market opens today. Insiders in London say the price will be about EUR 36 a share, the share price at which ABN Amro closed on Friday.

23 April 2007

AMSTERDAM – ABN Amro and Barclays are expected to announce what price the British are willing to pay for the bank before the market opens today. Insiders in London say the price will be about EUR 36 a share, the share price at which ABN Amro closed on Friday.

The supervisory board at ABN Amro reportedly approved the conditions for the takeover on Saturday. The total takeover sum is around EUR 70 billion, the Financial Times and Wall Street Journal reported this weekend. The negotiators from both banks were expected to work out the details last night.

 John Varley, currently chief executive at Barclays, will lead the bank. Arthur Martinez, the current chairman of the supervisory board at ABN Amro, will also hold this position after the takeover. The new bank will be called Barclays Group and will have its headquarters in Amsterdam.

ABN Amro plans to sell commercial bank LaSalle to the Bank of America. Royal Bank of Scotland (RBS) however is also interested in the company.

ABN Amro leadership will meet with the consortium of RBS, Santander and Fortis today. The consortium reportedly also wants to bring out a bid on the bank, with plans to ultimately split up and sell off certain divisions.

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

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