Consortium to adjust takeover bid

28th September 2007, Comments 0 comments

28 September 2007, AMSTERDAM (dpa) - Banking consortium Royal Bank of Scotland, Fortis NV and Banco Santander announced on Friday it might lower the percentage of registered shares required to realise the takeover of Dutch ABN AMRO bank.

28 September 2007

AMSTERDAM (dpa) - Banking consortium Royal Bank of Scotland, Fortis NV and Banco Santander announced on Friday it might lower the percentage of registered shares required to realise the takeover of Dutch ABN AMRO bank.

The three banks said they reserve the right to lower the percentage of registered shares to a minimum of 51 percent required to enable the takeover.

If they decide to decrease the percentage, this would change the consortium's current position, requiring a minimum of 80 percent of all shares to be registered to realise the takeover of the Netherlands' biggest bank.

The consortium can lower the percentage of shares no later than five days before the share registration deadline ends on 5 October at 3 pm local time.

The consortium and Britain-based Barclays bank have been vying for months for the takeover of ABN AMRO, the biggest bank in the Netherlands.

Meanwhile ABN AMRO disclosed Friday that managing board chairman Rijkman Groenink has been in hospital since last Saturday, recovering from surgery after a perforated appendicitis.

An ABN AMRO spokesman said "the hospitalisation is very unpleasant for Groenink, but his recovery is going well.

"Perhaps he can be present again during part of the final stage in the takeover battle," the spokesman said.

[Copyright dpa 2007]

Subject: Dutch news

0 Comments To This Article