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Consortium Wins Control Of ABN AmroThe Royal Bank of Scotland Group, Banco Santander and Fortis won control of ABN Amro Holding, the biggest Dutch bank, after its shareholders backed a buyout bid valued at 71.9 billion euros ($101 billion). About 86 percent of investors in ABN Amro, based in Amsterdam, agreed to the takeover, the bidding banks said yesterday. They will make another announcement by Friday on whether all conditions of the offer were met. The group trumped London-based Barclays, which abandoned a competing bid valued at 63.2 billion euros last Friday. The three banks have promised to cut 19,000 jobs and achieve 4.3 billion euros in cost savings and revenue gains by 2010 to make the acquisition pay off. “The pressure is on these guys,” said Colin Morton, a fund manager at Rensburg Sheppards, based in Leeds, England. “They’ve got it, they wanted it, they paid a big price for it. The market will be looking over the next 12 to 18 months for them to deliver on the deal.” The group is paying about three times ABN Amro’s book value, higher than the multiple of 2.35 that JPMorgan Chase paid in its $58 billion acquisition of Bank One in 2004. The acquisition of ABN Amro would be the largest financial services takeover, exceeding the $69.9 billion combination of Citicorp and the Travelers Group in 1998. The breakup plan assigns ABN Amro’s Brazilian and Italian units to Banco Santander, Spain’s biggest bank. With its slice of the acquisition valued at 19.9 billion euros, Santander will expand into Italy and double its market share in Brazil. Fortis, the largest Belgian financial services company, will pay 24 billion euros for the Dutch consumer banking arm and ABN Amro’s asset management and private banking units. Royal Bank is paying 16 billion euros for ABN Amro’s Asian and investment banking operations. Tag CloudExternal InformationAdditional InformationDebt Collectors Try to Put on a Friendlier Face...Union Tells Chrysler Workers to Prepare for Strike... Rebel who won't be Schwepped aside... An Office Space of One’s Own for Entrepreneurs... Where Am I?News Main Page - Business - Consortium Wins Control Of ABN Amro |
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