Barclays Offer For ABN AMRO Initially Suppressed

Published: Mon 3 Dec 2007 04:43 PM
Business Editor
The August 2007 Decision by the Overseas Investment Office suppressed the amount offered in the below takeover proposal. CAFCA appealed this (as we do all Decisions which are wholly or partly suppressed) and the amount has just been released to us. The takeover offer did not proceed.
CAFCA’s analysis of all OIO Decisions (and those of the former OIC) can be found at our Website, address below.
Murray Horton
Barclays Bank Takeover Offer For ABN AMRO Initially Suppressed
An almost $1 billion approval has been given whose details were initially almost completely suppressed. After CAFCA appealed to the OIO, it was fully released (on 1 December 2007). Barclays Bank PLC of the UK, has approval to “indirectly acquire” up to 100% of ABN AMRO New Zealand Entities for $962,657,000 from ABN AMRO Bank NV, owned in the Netherlands, 80.73% by minority shareholders, 19.27% by Ing Groep NV. The OIO states:
“Barclays PLC (Barclays) believes that the proposed acquisition will create one of the world’s leading universal banks, in a sector that is fragmented in comparison to other global industries. The combination of ABN AMRO Holding and Barclays will benefit from a diversified customer base and geographic mix.
“Under the proposed acquisition, Barclays’ existing ordinary shareholders will own approximately 52% and ABN AMRO Holding’s existing ordinary shareholders will own approximately 48% of the combined group. It is anticipated that the entities will continue to hold and operate the main banking and financial services activities. The proposed merger of ABN AMRO Holding and Barclays will create strong synergies and provide an improved competitive combination for its clients with sustained future growth for shareholders”. The proposal was announced in March 2007, but in October 2007, Barclays announced the withdrawal of the offer. It would have created a group worth around £80 billion (approximately NZ$220 billion).

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