Netherlands have approved purchase of ABN AMRO for 71 billion euro
Consortium led by British bank Royal Bank of Scotland (RBS) has met with approval of the Ministry of Finance of the Netherlands on purchase of Netherlands bank ABN AMRO N.V.
On August, 14th, 2007, the Netherlands Ministry of Finance has approved the application for purchase of ABN AMRO, acted from other applicant - British bank Barclays.
On September, 16th, ABN AMRO has declared, that it does not still give preference to any of the received offers on purchase as offer of a consortium is more attractive from the financial point of view in structure of RBS, Fortis and Santander and it means division of the company, which is unacceptable and undesirable.
The actual offer of RBS, Fortis and Santander is estimated in 71 billion euro.
On July, 23rd, 2007, Barclays has raised the offer on ABN Amro purchase. Barclays has offered to pay 13,15 euros for each bank’s share in cash and 2,13 of its usual shares (24,8 billion euro in cash and 42,7 billion euro in shares).
Thus, one Netherlands bank’s share has been estimated in 35, 73 euros, proceeding from cost of Barclays’ securities on results of the tenders on July, 20th. The total amount of the transaction can make 64 billion euro, thus the share of cash payment makes almost 38 %.
Â
