Commissioner Kroes believes there are good prospects for the imminent divestment of HBU to the most active bidder; the Commission has decided to grant an extension until 19th October to allow negotiations to conclude on the essential terms of the sale.
Following a request from the Dutch Government, owners of the Dutch activities of ABN Amro and Fortis, the European Commission has decided to grant an extension of the deadline until 19th October for the divestment to a large international bank of Fortis's corporate banking business, consisting of Hollandsche Bank Unie N.V. (HBU), two corporate client departments, 13 "Advieskantoren" and ABN AMRO's Dutch factoring activities.
European Commissioner for Competition Neelie Kroes commented, "Given that there are good prospects for the imminent divestment of HBU to the most active bidder we have decided to grant an extension until 19th October so as to allow negotiations to conclude on the essential terms of the sale".
In the context of the 3rd October 2007 merger clearance, Fortis committed to the European Commission not to merge the Dutch activities of ABN Amro and Fortis without prior divestments. This commitment, which has not lost its importance or legal validity, was taken over by the Dutch State when it acquired control of both banks and took over Fortis's position in the Consortium Agreement.
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