Merger with Barclays better: ABN CEO
Sunday, 22 July 2007
AMSTERDAM, July 21 (Reuters): Barclays would make a better merger candidate with ABN AMRO than a bid by a group led by Royal Bank of Scotland aimed at breaking up the Dutch bank, a Dutch newspaper quoted ABN's chief executive officer (CEO) as saying Saturday.
But ABN AMRO CEO Rijkman Groenink told NRC Handelsblad that a majority of the bank's shareholders was likely to back the higher RBS bid.
"I am still convinced a merger with Barclays is the best. It is better in terms of the content but as for the amount, it is not good enough," Groenink said in an interview.
ABN's boards have recommended Barclays' all-share offer currently worth about 35 euros (23.5 pounds) per ABN share.
But ABN AMRO CEO Rijkman Groenink told NRC Handelsblad that a majority of the bank's shareholders was likely to back the higher RBS bid.
"I am still convinced a merger with Barclays is the best. It is better in terms of the content but as for the amount, it is not good enough," Groenink said in an interview.
ABN's boards have recommended Barclays' all-share offer currently worth about 35 euros (23.5 pounds) per ABN share.