EU approves Barclays bid for ABN-Amro
The European Commission on Monday approved British bank Barclays' proposed acquisition of the Dutch banking group ABN Amro, concluding that the deal would not significantly impede competition in Europe.
By Agencies |
BRUSSELS: The European Commission on Monday approved British bank Barclays' proposed acquisition of the Dutch banking group ABN Amro, concluding that the deal would not significantly impede competition in Europe.
Barclays is locked in a bidding battle with Royal Bank of Scotland (RBS) and its allies to conclude the world's biggest banking takeover deal.
"Barclays is currently not active in retail and corporate banking in ABN Amro's home market (The Netherlands)," the Commission said in a statement.
"ABN Amro's activities in these markets in the UK are marginal," it added. Barclays is competing for control of ABN Amro with a banking consortium comprised of Royal Bank of Scotland, Dutch-Belgian lender Fortis and Spain's Santander.
"Today's decision is without prejudice to the outcome of these possible competing bids," the Commission stressed
"Clearance of the proposed transaction by the Commission does not imply that the Commission considers that the bid will be successful."
Barclays officially offered 65.5 billion euros (90 billion dollars) for ABN Amro on Monday, which compares with a mostly cash offer of 71.1 billion euros from the RBS-led consortium.
ABN Amro management, which had initially backed the Barclays bid but now recommends neither offer, said Monday it would hold an extraordinary shareholders' meeting on September 20 to discuss the rival bids.
Barclays is locked in a bidding battle with Royal Bank of Scotland (RBS) and its allies to conclude the world's biggest banking takeover deal.
"Barclays is currently not active in retail and corporate banking in ABN Amro's home market (The Netherlands)," the Commission said in a statement.
"ABN Amro's activities in these markets in the UK are marginal," it added. Barclays is competing for control of ABN Amro with a banking consortium comprised of Royal Bank of Scotland, Dutch-Belgian lender Fortis and Spain's Santander.
"Today's decision is without prejudice to the outcome of these possible competing bids," the Commission stressed
"Clearance of the proposed transaction by the Commission does not imply that the Commission considers that the bid will be successful."
ADVERTISEMENT
Barclays officially offered 65.5 billion euros (90 billion dollars) for ABN Amro on Monday, which compares with a mostly cash offer of 71.1 billion euros from the RBS-led consortium.
ABN Amro management, which had initially backed the Barclays bid but now recommends neither offer, said Monday it would hold an extraordinary shareholders' meeting on September 20 to discuss the rival bids.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
