Barclays Bank today withdrew its offer to buy Dutch bank ABN Amro, clearing the way for the rival bid of banking consortium Royal Bank of Scotland, Santander and Fortis (RSF).
Barclays announced that not all the conditions relating to the Offer were fulfilled. In particular, the condition that at least 80% of ABN AMRO’s issued ordinary share capital as at the closing date were tendered, has not been fulfilled.
Barclays is requesting payment of the €200 million break fee to which it is contractually entitled. This break fee will significantly exceed the costs that Barclays incurred in connection with the Offer.
A merger between with ABN Amro would have made Barclays the sixth-largest bank in the world.
Press release
© Barclays
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article