Barclays withdraws bid on ABN

5th October 2007, Comments 0 comments

5 October 2007, AMSTERDAM – Barclays has withdrawn its bid on ABN AMRO. The British bank was not offered enough shares because of the counteroffer brought out by a banking consortium comprised of Fortis, Royal Bank of Scotland and Banco Santander.

5 October 2007

AMSTERDAM – Barclays has withdrawn its bid on ABN AMRO. The British bank was not offered enough shares because of the counteroffer brought out by a banking consortium comprised of Fortis, Royal Bank of Scotland and Banco Santander.

The consortium's bid was about EUR 8 billion higher than what Barclays was willing to offer. Its bid was also largely offered in cash, which made it even more attractive. Because of these advantages the Barclays bid had been expected to fail.

The consortium plans to split up the Dutch bank and divide its activities among Fortis, RBS and Santander.

[Copyright Expatica News 2007]

Subject: Dutch news

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