Barclays refutes takeover rumours
by Gill Montia
Story link: Barclays refutes takeover rumours
Having conceded defeat in its bid for ABN Amro, the Dutch bank, Barclays has dismissed suggestions that it could itself now be a takeover target.
Barclays withdrew its offer for ABN when it received acceptances in respect of 5.2 million shares, representing under 0.3% of the business.
A rival consortium comprising Royal Bank of Scotland (RBS), Banco Santander and Fortis is reported to have received acceptances from over 85% of ABN shareholders and is likely to be the victor in the takeover battle, which as lasted seven months. Confirmation is expected at the beginning of this week.
With regard to the future of Barclays, experts in the banking sector have drawn comparisons with the fate of Bank of Scotland, which was acquired by Halifax within a year of losing its bid for NatWest.
However, John Varley, chief executive of Barclays, believes that shareholders are both satisfied with and confident in the business, and see the future of Barclays as independent.
Mr Varley has also expressed the view that the RBS consortium is overpaying for ABN; the Barclays’ offer was mainly share based whereas the consortium’s is largely cash-based.
Barclays is now requesting a €200 million break fee from ABN, which will cover fees due to investment bank advisers and others.
Email This Post Print This Post
Add to Bookmarks:
Related stories to: Barclays refutes takeover rumours
Barclays’ loan admission prompts SIV rumours The Bank of England, which last week made a loan of £1.6 billion to Barclays, is under pressure to ... Barclays quiet on logo change rumours Barclays has refused to comment on press speculation that the company may seek to remove the eagle f...
Further Delays for Barclays’ ABN Takeover Barclays' proposed takeover of ABN Amro, the Dutch bank, may face further difficulties because uncer...
ABN Armo rejects Barclays and RBS offers Barclays' bid for ABN Amro, the Dutch bank, has been rejected by the board of ABN, which has also tu...
Barclays considers new ABN Amro offer Barclays is reported to be considering enhancing its takeover bid for the Dutch bank, ABN Amro, with...
No Comments »No comments yet.
Leave a commentPrevious: « Bear Stearns To Lose As O’Shaughnessy Starts Up Rival
Next: Citigroup to rescue Northern Rock »
Visited 47 times, 2 so far today since July 12th 2007