The battle for the ABN AMRO finds no end, as suitors one after the other come in fray and are forced to contemplate as to who the banking giants would merge with.
Initially, RBS-led consortium was seemed the frontrunner, but later Britain-based Barclays tops all the speculation and set highest $86 billion bid for Dutch bank.
Barclays, which aims to establish global bank by acquiring ABN AMRO, put forward his firm intention to obtain Dutch bank as it assert that demonstrates its ability to offer the Dutch bank’s shareholders certainty and deliverability.
Chief Executive John Varley said:
The progress which Barclays and ABN AMRO have made with these filings continues to demonstrate the straightforward nature of the Barclays offer. This gives ABN AMRO shareholders a high degree of certainty and deliverability
Although Barclays $86 billion offer surprises everyone, but other firm contender RBS-led consortium is attempting to gatecrash that deal with a higher offer.
The Barclays camp has long argued its deal is far less complex and less uncertain than the rival bid, which involves three banks - RBS, Spain’s Santander and Fortis - and would split up ABN.
The disputed part of the deal is still in the jurisdiction of Dutch Supreme Court. Court will reveal its decision on July 13. It’s expecting that deal’s outline will be cleared after the court’s decision.
