Consortium beats Barclays bid

25th April 2007, Comments 0 comments

25 April 2007, AMSTERDAM – The consortium of Royal Bank of Scotland (RBS), Fortis and Banco Santander have brought out a bid of EUR 39 a share for ABN Amro, 70 percent in cash, and the remaining 30 percent in shares in RBS. The bid also includes the EUR 0.60 dividend per ABN Amro share.

25 April 2007

AMSTERDAM – The consortium of Royal Bank of Scotland (RBS), Fortis and Banco Santander have brought out a bid of EUR 39 a share for ABN Amro, 70 percent in cash, and the remaining 30 percent in shares in RBS. The bid also includes the EUR 0.60 dividend per ABN Amro share.

The banking trio claims its bid is "superior" to the bid from British bank Barclays.

Barclays brought out a bid of EUR 36.25 a share on Monday, entirely offered in Barclays shares. The new bid is roughly 13 percent higher than Barclays' offer.

The consortium's proposal is on condition that ABN Amro does not sell US subsidiary LaSalle Bank and that the group is soon given access to ABN Amro's accounts.

Consortium leader Royal Bank of Scotland says that the group's takeover of ABN Amro would involve less risk than a takeover by Barclays. The trio pointed out it had experience in the most important markets where ABN Amro is active and insists it has the management capabilities to take on a takeover of this size.

[Copyright Expatica News 2007]

Subject: Dutch news

0 Comments To This Article