Bank of Scotland-led consortium and takeover target
AMRO has revealed the carve-up of the merged entity in what has been
described as the biggest-ever deal in the financial-services industry at euro72
billion (?35 billion).
In the proposed split of ABN between the consortium members, RBS takes its
wholesale business and Asian operations; Spain’s Santander gets its Italian and
Brazilian units; and Fortis, a Belgian-Dutch group, its Dutch retail-banking
The RBN-consortium made an unconditional offer for ABN AMRO after Barclays
withdrew its offer last week. Settlement of the RBS-consortium offers will take
place on 17 October.
Barclays’ offer for ABN AMRO was conditional on obtaining at least 80% of the
issued ordinary share capital of ABN AMRO by the closing date of 4 October,
which it failed to fulfill.
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