Barclays has edged ahead of RBOS consortium in bid for ABN - AXA IM |
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Published
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Tue, 24 Apr 2007 11:47
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LONDON (Thomson IM) - A key shareholder in Barclays said the bank has now edged in front of the Royal Bank of Scotland (RBOS) in its bid to acquire Dutch rival ABN Amro.Richard Marwood at AXA Investment Managers, which also holds around 1.1 pct in RBOS, told Thomson Investment Management News: 'They have put together a very smart deal - they have done a very good job in negotiating a good deal for LaSalle assets. So I think they have a little bit of the initiative now.'I don't think it will be over until it is over but they certainly have nosed in front a little bit.'AXA IM holds around 1 pct in Barclays.Earlier today, ABN Amro activist shareholder The Children's Investment Fund (TCI) has demanded the Dutch bank disclose the 'limited circumstances' under which the sale of its US unit LaSalle Bank can be terminated.TCI said it was concerned that the pre-agreed sale of LaSalle unfairly hinders the Royal Bank of Scotland Group consortium.Yesterday, the RBoS consortium -- which also involves Fortis NV and Banco Santander Central Hispano SA -- cancelled a planned meeting with ABN Amro, demanding more information about the LaSalle sale and the termination clause.Standard Life Investments, another key shareholder in Barclays and RBoS, also yesterday said that it considers RBoS' consortium to be favourite to acquire Dutch bank.By Raji Menon: +44 (0) 20 7422 4954; raji.menon@thomson.comraj/ims/jfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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ABN Amro takeover bid only up for vote at EGM, not next week's AGM - sources 