Fortis closes ABN Amro financing

Dutch-Belgian financial services group Fortis is to issue a maximum €3bn in convertible debt, the last equity-related issue the company needs to finance its takeover of parts of ABN Amro bank.

The issue is of ‘convertible and subordinated hybrid equity-linked securities’ of up to €2.5bn, with an option to increase this by a further €500m.
Fortis is paying about €24bn for its share in the €70bn takeover of the biggest Dutch bank. It is buying the Benelux retail and commercial operations plus ABN Amro’s wealth and asset management activities.

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