Blade Watch

http://www.neurope.eu/view_news.php?id=75042

Shares in Barclays Plc surged June 11 amid media reports of growing pressure from one of the British bank’s key stockholders to drop its 64-billion-Euro (USD 85-billion) bid for ABN Amro Holding NV, the Netherlands biggest bank. At one point, shares in Britain’s third biggest bank were up more than four percent at 740.50 pence following reports that Hedge fund Atticus Capital LLC, which has acquired a one percent stake in Barclays, has threatened not to back the ABN Amro takeover at the shareholder meeting the London-based bank would need to call to approve the merger. The reports in both the Financial Times and the Wall Street Journal say that Atticus chief Marcus Agius and his deputy David Slager set out their opposition to the planned takeover in a letter to Barclays’ chairman Timothy Barakett. Atticus’ decision not to endorse the takeover represents the latest twist in the merger drama with Barclays agreeing to buy the Dutch bank in April – a move that would propel the two banks into the top league of global financial services, creating the world’s fifth biggest bank.

Interesting, there has been some debate about the ‘value’ of ABN Amro whether the deal would represent a good transaction for the bank, it will be interesting to see with the ruling expected next week what happens. The reports that a hedge fund is not that interested in the deal will certainly make for an interesting few weeks.

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