EU to rule on RBS bid by 19 Sept

16th August 2007, Comments 0 comments

16 August 2007, BRUSSELS (AFP) - The EU Commission has been formally informed of a EUR 71.1 billion bid for Dutch bank ABN AMRO by a consortium led by Royal Bank of Scotland and will pronounce on the deal by 19 September. The deal is being reviewed under three separate transactions -- bids to buy ABN AMRO assets by RBS, Santander of Spain and Belgian-Dutch group Fortis, the three members of the bidding consortium, the Commission announced Thursday.

16 August 2007

BRUSSELS (AFP) - The EU Commission has been formally informed of a EUR 71.1 billion bid for Dutch bank ABN AMRO by a consortium led by Royal Bank of Scotland and will pronounce on the deal by 19 September.
 
The deal is being reviewed under three separate transactions -- bids to buy ABN AMRO assets by RBS, Santander of Spain and Belgian-Dutch group Fortis, the three members of the bidding consortium, the Commission announced Thursday.

The consortium is competing with Barclays of Britain to buy ABN AMRO, with the winner to clinch what will be the biggest takeover in the history of banking.
Barclays has offered about 67.5 billion euros for ABN AMRO.

The European consortium said Tuesday that it owned 3.25 percent of the Dutch bank after an additional stock purchase totalling nearly 41 million shares.

The Commission, the EU's executive arm, has put the Santander bid on on a simplified fast-track approval process that could see its offer cleared automatically if officials don't identify antitrust problems or receive complaints from rivals within 25 working days.

The RBS and Fortis bid reviews have not been fast-tracked, although they also received an initial deadline of 19 September. This deadline may be extended if the EU needs more time to examine problems.

[Copyright AFP 2007]

Subject: Dutch news

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