RBS sees off Barclays for ABN Amro bid

| October 8, 2007 | 0 Comments

Royal Bank of Scotland has won the 7-month, £49 billion battle for ABN Amro, the Dutch banking giant, after Barclays admitted defeat.

This is the second time that Sir Fred Goodwin, RBS Chief Executive, has been victorious over a British rival. In February 2000, he won the £21 billion bid for NatWest, seeing off his Edinburgh rival, Bank of Scotland.

The RBS bid, which is almost entirely cash, is certain to have received overwhelming support. However, absolute victory will not be declared until this week.

RBS, along with Belgo-Dutch bank Fortis and Santander of Spain, is expected to announce this week that the consortium’s £49 billion bid for ABN Amro is unconditional. The first round of acceptances are thought to have secured the support of more than 80% of ABN’s shareholders.

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