Consortium brings out hostile bid

27th April 2007, Comments 0 comments

27 April 2007, AMSTERDAM – The banking consortium of Fortis , Royal Bank of Scotland and Santander plans to bring out a public offer on ABN Amro as soon as possible, it announced on Friday morning, the Financieele Dagblad reports.

27 April 2007

AMSTERDAM – The banking consortium of Fortis , Royal Bank of Scotland and Santander plans to bring out a public offer on ABN Amro as soon as possible, it announced on Friday morning, the Financieele Dagblad reports.

The group already informed the executive and supervisory boards at ABN Amro on Thursday that they wanted to bid on all issued and outstanding shares of the bank and invite talks on this as soon as possible.

A spokesperson for Royal Bank of Scotland says that announcement is purely to satisfy legal requirements. Dutch law states that the group must make an official announcement if it plans to make a bid.

"We want to bid on the whole group, including LaSalle, so that is why want to do things quickly," said the spokesperson. Parties interested in buying US subsidiary LaSalle have until 7 May to bring out a bid.

The banks "continue to believe that their proposals offer materially higher value for ABN AMRO's shareholders and benefits to customers and employees compared with the recommended offer from Barclays," they wrote in a joint statement today.

[Copyright Expatica News 2007]

Subject: Dutch news

0 Comments To This Article