TCI wants Groenink to resign

2nd May 2007, Comments 0 comments

2 May 2007, AMSTERDAM – British venture capitalist fund TCI wrote to ABN Amro's chairman of the supervisory board on Tuesday demanding that Rijkman Groenink resign as head of the executive board at ABN Amro and leave the sale of the company to the supervisory board.

2 May 2007

AMSTERDAM – British venture capitalist fund TCI wrote to ABN Amro's chairman of the supervisory board on Tuesday demanding that Rijkman Groenink resign as head of the executive board at ABN Amro and leave the sale of the company to the supervisory board.

Hedge fund TCI says that Groenink does not share the vision of the bank that the shareholders have. During the shareholders' meeting last week a majority supported a proposal from TCI to split up ABN Amro and sell it off in parts.  TCI says that Groenink does not support the bid from bank consortium Fortis, Banco Santander and Royal Bank of Scotland (RBS).

TCI says this bid from the consortium is "superior" to the offer from British bank Barclays. "We believe that the sale of LaSalle is a poison pill designed to foil a higher bid from the RBS consortium," TCI CEO Christopher Hohn wrote in the letter to ABN Amro supervisory board chairman Martinez.

Hohn also writes that TCI supports the Dutch Investors' Association (VEB) in the court case it has brought against ABN Amro because of the sale of US subsidiary LaSalle.

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

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