The consortium led by Royal Bank of Scotland is set to claim victory in the takeover battle for Dutch banking group ABN Amro on Monday reports Reuters news service.
According to British media reports at the weekend, over 85% of ABN’s shares had been tendered to the consortium by the time its offer closed on Friday. The banks declined to comment.
RBS and its partners the Spanish bank Santander and Belgian-Dutch bank Fortis will aim to move quickly to end seven months of disruption at ABN Amro, says Reuters.
All three banks have a good track record for integrating acquisitions, but ABN Amro will be the world’s biggest bank takeover and poses complex cross-border and regulatory issues. Many see it as a test case for whether major group takeovers can work, according to Reuters.
The RBS-led group is almost certain to win support from the majority of ABN’s shareholders for its €71bn takeover offer.
The breakup of ABN Amro will involve 4,500 branches across 53 countries. RBS will take its wholesale and investment banking business and its Asian operations. Santander will get ABN Amro’s Italian and Brazilian units, while Fortis will get its Dutch business, as well as its wealth and asset management operations.
On Friday, rival bidder British bank Barclays withdrew its €61bn offer for ABN Amro after failing to get enough shares tendered. According to Reuters it received just 0.2% of the Dutch bank’s ordinary shares.
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