Fortis shareholders should vote against the bank’s efforts to take over ABN Amro at Monday’s crucial shareholders meeting, ABN Amro CEO Rijkman Groenink told journalists on Thursday.

Fortis is paying too much for ABN Amro,’ Groenink was reported as saying during yesterday’s court hearings. ‘If it goes ahead, Fortis’ share price will fall even more.’
Groenink was in court for a case brought by shareholders lobby group VEB and banking unions which have accused ABN Amro directors of mismanagement during the takeover battle.
Fortis is part of a consortium of banks which want to take over the Dutch banking group. The consortium has offered €71bn for ABN Amro in a largely cash deal. Barclays has offered around €67bn, mostly in shares.
‘ABN Amro may prefer the merger with Barclays but it should treat the alternative offer fairly,’ VEB lawyer Jurjen Lemstra said during the hearing. The unions say ABN Amro has not paid enough attention to the interests of its workers.
Lemstra also accused the ABN Amro management and supervisory boards of a conflict of interest because their members stand to get hefty pay rises if the deal with Barclays goes ahead. ‘They will miss out of the exorbitant pay rises and corresponding career opportunities if ABN Amro is taken over by the consortium,’ Lemstra told the court.
The court ruling will not affect the outcome of the takeover battle, reports news agency ANP. A date has not yet been set for the ruling.