ABN says earnings jumped
ABN AMRO reported double-digit earnings gains yesterday, strengthening the hand of the underperforming Dutch lender as it enters the last days of merger talks with Barclays and faces a rival break-up bid.
ABN shares on the first day of trade since a rival consortium of three suitors emerged late on Friday rose more than 5 percent to a record 35.6 euros in morning trade, taking it above the level Barclays is expected to pay and valuing ABN at 68 billion euros.
Spain's Santander, Royal Bank of Scotland and Dutch-Belgian group Fortis approached ABN last week asking for access to its books and management, days before ABN's 30-day period of exclusive talks with Barclays ends tomorrow.
The banks say they want their bid to be friendly, but sources close to the matter said late on Sunday ABN would not open its books until it had more details on the consortium's plans raising the prospect of what another source close to the situation called a "more aggressive approach" from the trio.
Agencies
(China Daily 04/17/2007 page16)
