Pull out of ABN Amro battle, Barclays told

Hedge fund Atticus Capital, which has a 1% stake in Barclays, has urged the British bank to pull out of the take-over battle for ABN Amro, the Financial Times reports on Monday.

The hedge fund warns Barclays in a letter that it will vote against the takeover of an ‘inferior business in an auction at inflated prices’. Atticus would seek to persuade other investors, and further efforts to buy ABN would ‘harm management’s credibility and anger shareholders’, the paper reported the fund as saying. Barclays said Atticus was not representative of its shareholders.

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