Fortis shareholders ok ABN Amro takeover

Tuesday 07 August 2007

Fortis shareholders have approved the company’s proposed takeover of the Dutch banking group ABN Amro. The Dutch-Belgian financial services concern is part of a consortium embroiled in a takeover battle for ABN Amro.

The consortium has offered €71bn for ABN Amro in a largely cash deal. A rival bid by British bank Barclays has offered around €67bn for ABN Amro, mostly in shares.

Shareholders of Spanish bank Santander, which is a part of the consortium bid, have already given the proposed takeover their approval and the third partner, the Royal Bank of Scotland, is expected to do the same on Thursday, reports ANP news agency.

Although the green light by Fortis shareholders is an important step in the takeover battle, the deal could still be halted if Dutch finance minister Wouter Bos decides that the splitting up of ABN Amro between the consortium partners is too risky, reports ANP.

Bos has asked the Dutch central bank for advice and this is expected by September 19.

The green light by an overwhelming majority of Fortis shareholders in Brussels and Utrecht on Monday also clears the way for the a new share issue with a maximum value of €13bn.

© DutchNews.nl

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