Fortis raises cash for ABN Amro takeover

Dutch-Belgian banking and insurance group Fortis announced on Wednesday it is to issue convertible capital exchange notes of up to €2bn as part of preparations for financing its share of the takeover of ABN Amro.

Fortis is part of a consortium of three banks embroiled in a battle with Barclays to take over the Dutch banking group. If the takeover does not go ahead, the notes will be redeemed at par in August, Fortis said.

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