Barclays go ahead with ABN Amro bid (update)

The shareholders of British bank Barclays voted overwhelmingly in favour of pressing on with the company’s bid to take over ABN Amro on Friday.

Earlier Barclays chairman John Varley said the bank would withdraw its offer if the merger terms do not pass the bank’s economic tests. ‘We will not lose sight of the economic reality’, Varley said. ‘And that means being prepared to walk away if we cannot conclude the transaction on the right terms.’
Barclay’s largely share-based offer for ABN Amro is worth €59.6bn, the cash-based rival offer from a consortium of three banks is valued at €71.5bn.

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