Italy's UniCredit has agreed to buy smaller rival Capitalia for more than $29 billion in shares to create Europe's second biggest bank, with branches stretching from Sicily to Eastern Europe.
A Royal Bank of Scotland-led consortium said it had secured financing for its proposed takeover of Dutch bank ABN Amro and said its plan had lower risk and not significantly more job cuts than a rival offer.
Barclays President Robert Diamond told CNBC's "Squawk Box" his company has no plans to add a cash component to its $88 billion takeover offer for Dutch bank ABN Amro.
ABN Amro rejected a $24.5 billion offer for its U.S. bank LaSalle from a consortium led by Royal Bank of Scotland on Monday, but said it would put the offer and other proposals to a shareholder vote.
Royal Bank of Scotland and its partners have made an indicative offer worth $24.5 billion for ABN Amro's U.S. arm LaSalle Bank, conditional on them also buying the rest of ABN, sources familiar with the matter said on Saturday.
Bank of America sued Dutch bank ABN Amro over the No. 2 U.S. bank's agreement to buy ABN's U.S. unit, LaSalle, seeking an injunction barring the unit's sale to any other party.
A Royal Bank of Scotland led group is likely to proceed with a conditional bid for ABN AMRO's U.S. bank LaSalle by Sunday despite a Dutch court blocking the sale process of the unit, sources familiar with the matter told Reuters.
Chests are being bared, knuckles cracked and muscles flexed. What we have here is the making of a good old fashioned punch up. In the red corner, Barclay’s bank and Bank of America, and in the blue corner, the challengers: RBS, Santander and Fortis. Although the prize, ABN Amro, ought to be neutral-- to maximize shareholder returns -- management has given the nod to Barclays.
Executives at Citigroup say activist hedge funds may step up pressure to break up the company, the Financial Times reported.
Three banks led by Royal Bank of Scotland said on Friday they were ready to make an unsolicited offer for ABN Amro. In addition the Dutch bank faces a court hearing regarding the sale of U.S. unit La Salle.
ABN Amro Holding has been called to a hearing at the Enterprise Chamber of the Amsterdam Court of Appeal tomorrow in a case brought by the Dutch shareholders' association VEB, which is demanding an investigation into the policy making process at the bank, which is the Netherlands' largest.
A trio of banks seeking to buy ABN Amro said on Thursday the Dutch bank was setting unreasonable conditions on opening its books, increasing the chance they could launch a hostile bid.
Stocks are set to move higher at the opening, with the Dow heading straight for the 13,000 mark. European shares are higher, as the rising euro closes in on its all-time high against the dollar. Overnight, Asian stocks were lower, with Tokyo stocks falling on worries about the U.S. consumer after yesterday's weak housing data and consumer confidence number. Japanese automakers' shares were dented in the selling.
Stocks closed lower as cautious comments from GM and Pfizer snapped the Dow's seven-day winning streak. "We've seen a really good move in the market and a little consolidation is healthy," said Bill Nichols, managing director of equity trading for Bear Stearns. "After being higher so much, a little profit-taking is only natural."
The Barclays executive says the deal is not "size for size sake" but about a solid portfolio of businesses and "efficiency-oriented" synergies.
Robert Diamond, president of Barclays Group, said Monday that most savings from the planned merger with ABN Amro will come from increased efficiencies – not cost- cutting.
Hey everyone, here are today's trivia questions for the extra contest "cash." The video is worth $2,000 Bonus Bucks: Amazon.com is launching a new support center in which European country? Your answers are: Italy or France or Ireland or The United Kingdom. And the news question is worth $1,000 Bonus Bucks: Barclays announced it will acquire ABN Amro in a deal worth how much? Your answers are: $91 Billion or $100 Billion or $67 Billion or $21 Billion.
Stocks closed mixed but the Dow Jones Industrial Average inched up to another record as investors awaited key quarterly reports after the bell. "You still have some pretty important earnings coming out that are going to set the tone," said Adam Tracy, director of listed trading at Thomas Weisel Partners.
ABN Amro's announcement yesterday that it will extend the exclusivity period of takeover talks with Barclays makes shareholder TCI's proposed agenda items for the bank's upcoming AGM on April 26 "even more relevant," the activist hedge fund said.
Dutch bank ABN AMRO does not plan to open its books to a trio of its European rivals who may gate-crash ABN's $85-billion-plus takeover talks with Barclays, and the consortium's interest could speed up Barclays' courtship process.