Summary
ABN Amro today tore up its recommendation of the 66 billion (44 billion) takeover bid from Barclays saying it would now be treated in exactly the same way as the rival 77 billion offer from a consortium of banks led by Royal Bank of Scotland.
Barclays put a brave face on the withdrawal of the Dutch bank's backing with chief executive John Varley saying: "We recognise that at the current time it is difficult for the boards of ABN Amro to make a clear recommendation to their shareholders. However, we are pleased to have their continuing support and we are confident that our revised offer delivers the value, stakeholder benefits and certainty that will allow the boards to support a recommendation in due course." Analysts said that following last week's rout in equity markets it became almost inevitable that ABN would have to withdraw its support for the Barclays bid, which contains a far higher element of shares over cash than the RBS bid.See the full content of this document
Extract
Abn Drops Backing for Bid by Barclays
Sources close to Barclays said the bank is not yet over- concerned about the fact that its shar...
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