Brussels, 20/08/2007 (Agence Europe) - On 6 August the European Commission approved the proposed acquisition of the Dutch banking group ABN AMRO by the British bank Barclays. If the bid proposed by a consortium formed by the Spanish bank Santander, the Belgo-Dutch banking-insurance company Fortis and the Royal Bank of Scotland (RBS) gets the green light, ABN AMRO shareholders will have to choose between Barclays' offer and the one proposed by the consortium. The latter, headed by RBS, put an offer on the table worth a total of €71.1bn, as opposed to its rival's offer of €65bn.
The Commission is currently examining the consortium's offer in light of each member's situation. Santander is subject to simplified procedure; the two others will be subject to normal procedure. The Commission has made a commitment to providing its conclusions on 19 September at the latest.
Members of the board of the targeted company will present their assessments of the respective offers to shareholders during the General Assembly on 20 September. The later will then decide on the fate of ABN AMRO by selling either to Barclays or the consortium, unless they reject both offers. (cd)