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ABN Amro set for Italian Job

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ABN Amro set for Italian Job


Dutch bank ABN Amro may be on the verge of winning the biggest banking battle seen in the EU in recent years with the news that takeover bid rival Banca Popolare Italiana is to sell its shares in buyout target Antonveneta.

BPI holds around 30 percent of Antonveneta’s stock, and ABN holds a similar amount already. The deal is set at 26.5 euros a share, valuing Antonveneta at just over seven and a half billion euros. The takeover battle has taken on a political dimension after phone taps on theboss of Italy’s central bank suggested he had favoured an all-Italian deal, and used his influence to try to freeze out the Dutch. This has led to Antonio Fazio being disowned and criticised by the political and financial establishment, but for the moment he refuses to stand down.
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