Tuesday, May 29, 2007

RBS consortium bids 71,1 billion euro for ABN AMRO

See the Beurs XL UPDATE here and find out that the RBS trio bids about 8,6 billion more than Barclays. The division is:
- RBoS pays 27,2 billion euro for 38,2 % and desires the American and Asian bits of ABN AMRO,
- Fortis pays 24 billion euro for 33,8 % and gets Benelux, private banking and asset management,
- Santander pays 19,9 billion euro for the Brazilian and Italian activities.

To fund all this, Fortis will do a share emission for 15 billion euro, but it will also sell off some assets (see FD report here). The brand ABN AMRO will continue to exist.