Investor demands Barclays drop bid

11th June 2007, Comments 0 comments

11 June 2007, AMSTERDAM - Atticus Capital, an activist hedge fund that holds a 1-percent stake in British bank Barclays, has urged the bank to drop out of the takeover battle surrounding ABN Amro.

11 June 2007

AMSTERDAM - Atticus Capital, an activist hedge fund that holds a 1-percent stake in British bank Barclays, has urged the bank to drop out of the takeover battle surrounding ABN Amro.

The Financial Times reported this on Monday based on a letter that Atticus has sent to senior management at Barclays.

In the letter dated 1 June, Atticus warns that it will vote against the plan if Barclays goes forward with its bid on ABN Amro. The investor says that the bank is chasing after "an inferior company in an auction with inflated prices."

Atticus is trying to persuade other shareholders to help it block a takeover of ABN Amro.

Barclays said in a response that Atticus' opinion does not reflect that of other shareholders. The banks says that a majority supports the strategy the bank has chosen.

[Copyright Expatica News 2007]

Subject: Dutch news

0 Comments To This Article