ABN can’t recommend Barclays’ deal
http://www.bloomberg.com/apps/news?pid=20601102&sid=aOxn.fydI6f0&refer=uk
July 30 (Bloomberg) — ABN Amro Holding NV, the target in the world’s biggest banking takeover battle, withdrew its support for Barclays Plc’s offer because of a higher bid from a group led by Royal Bank of Scotland Group Plc.
While the Barclays offer matches ABN Amro’s “strategic vision,” the board can’t recommend it from “a financial point of view,” the Amsterdam-based company said today. The 72 billion-euro ($98.3 billion) bid from Royal Bank, Fortis and Banco Santander SA is 9.8 percent higher than Barclays’s offer.
..“The Barclays offer is dead,” said Gary Clarke, a fund manager who helps oversee about $260 billion at Schroders Plc in London, including shares of ABN Amro and Barclays. Only an objection by the Dutch regulator or a decision by Royal Bank or Fortis shareholders to reject financing for the deal could revive Barclays’s chances, he said…
Very interesting, I wonder how the deal will progress? Does this mean Barclays will examine their deal? We’ll need to watch what happens..


