Dutch finance minister approves Barclays bid for ABN Amro
Dutch Finance Minister Wouter Bos on Monday approved a proposed takeover by British bank Barclays of Dutch bank ABN Amro.
By Agencies |
THE HAGUE: Dutch Finance Minister Wouter Bos on Monday approved a proposed takeover by British bank Barclays of Dutch bank ABN Amro.
Bos issued a so-called declaration of no-objection, which is a necessary hurdle for any takeover candidates for ABN Amro.
A three-bank consortium led by Royal Bank of Scotland is also vying to buy ABN Amro and has also asked for a declaration.
The finance minster has not yet issued a decision in their case. "With the current decision the minister has not shown a preference for a specific party," the ministry underlined in a statement.
Dutch law requires the government to issue a declaration of no-objection for acquisitions of Dutch banks.
Barclays has bid 64.2 billion euros ($87.5 billion) for ABN Amro, while the consortium has offered 71.1 billion euros.
Many ABN Amro shareholders prefer the consortium bid to the one by Barclays because the trio is offering more money per share in a mainly cash bid. The Barclays proposal is largely a share swap.
ABN Amro management, which had initially backed the Barclays bid but now recommends neither offer, said last week it would hold an extraordinary shareholders' meeting on September 20 to discuss the rival bids.
Bos issued a so-called declaration of no-objection, which is a necessary hurdle for any takeover candidates for ABN Amro.
A three-bank consortium led by Royal Bank of Scotland is also vying to buy ABN Amro and has also asked for a declaration.
The finance minster has not yet issued a decision in their case. "With the current decision the minister has not shown a preference for a specific party," the ministry underlined in a statement.
Dutch law requires the government to issue a declaration of no-objection for acquisitions of Dutch banks.
Barclays has bid 64.2 billion euros ($87.5 billion) for ABN Amro, while the consortium has offered 71.1 billion euros.
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Many ABN Amro shareholders prefer the consortium bid to the one by Barclays because the trio is offering more money per share in a mainly cash bid. The Barclays proposal is largely a share swap.
ABN Amro management, which had initially backed the Barclays bid but now recommends neither offer, said last week it would hold an extraordinary shareholders' meeting on September 20 to discuss the rival bids.
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