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Investors representing 85% of shares in ABN AMRO have accepted a 70-billion-euro ($99 billion) bid for the Dutch bank from a consortium led by Royal Bank of Scotland, the Financial Times said.
Royal Bank of Scotland has effectively completed the financing for its part of the ABN Amro takeover, raising 5 billion euros ($7 billion) in the biggest fundraising of its type on record.
A group led by Royal Bank of Scotland has doubled its stake in ABN Amro to more than 8%, cutting the cost of its takeover bid for the bank by about 1%, the Financial Times reported on Wednesday.
The U.K.'s top banks are mulling borrowing funds from the Bank of England's 10 billion pounds ($20 billion) facility to remove the stigma attached to it and restore confidence in the banking system, the Financial Times reported Friday.
Belgium's Fortis, one of three banks bidding as part of a consortium to buy ABN Amro Holding, released details of a 13.2 billion euros ($18.4 billion) share issue Friday to raise cash to fund its part of the takeover.
British bank Barclays' bid for ABN Amro, one of two offers for the Dutch bank, is too low to be recommended to shareholders, ABN's chief executive said on Thursday.
Barclays stood by the value of its takeover bid for ABN Amro Friday, saying the rival consortium led by Royal Bank of Scotland, which submitted a higher offer, could find it difficult to raise funds in the tight lending conditions, Reuters reported.
Barclays Private Equity, the private equity arm of U.K. bank Barclays, raised 2.4 billion euros ($3.3 billion) for its third European fund, with the level of commitment from investors exceeding expectations, the bank said in a statement.
Barclays Capital bailed out a highly-leveraged investment fund, hit by recent tightness in the credit market, with a $1.5-billion (738-million-pound) lifeline, London newspaper the Times reported Wednesday.
A consortium led by the Royal Bank of Scotland which is locked in a battle with Barclays to take over ABN Amro launched a website to explain to the Dutch bank's employees how the proposed merger would affect them.
British bank Barclays is trading up over 3% after the head of its Barclays Capital investment banking arm told investors that profits for the year-to-date are "well ahead" of 2006, with the unit positioned for future growth despite market jitters.
Stocks closed broadly lower as already jittery investors expressed disappointment that the latest Fed minutes showed policymakers were reluctant to cut interest rates. "The comments from the Fed not indicating that a rate cut was imminent and further deterioration in the financial sector -- all of this combined and we're down substantially here," said Brian Schaeffer, an NYSE floor specialist at Van der Moolen.
Barclays Capital, the investment banking arm of U.K. bank Barclays, said on Friday it will provide financing to a structured investment vehicle (SIV) it helped set up last year.
British bank Barclays denied a report on Tuesday that it has several hundred million dollars of exposure to failed debt vehicles structured by its investment banking arm.
Fear of financial companies is again gripping world stock markets. Selling in financial shares-- banks and brokers--was a theme in the U.S. market yesterday but continued around the globe as investors worry that credit problems would show up on the books of major financial institutions. Several headlines helped stir the fear. European markets are weaker this morning, and Asian stocks closed mostly lower.
The head of a key European structured finance division at Barclays Capital has quit this week, sources familiar with the matter said, as market turmoil battered the investment structures that his team helped arrange.
European Union regulators on Thursday set a Sept. 19 deadline to approve bids from a consortium led by Royal Bank of Scotland for Dutch bank ABN Amro Holding.
A consortium led by Royal Bank of Scotland said Wednesday that it will not lower its 70.6 billioneuros ($96.5 billion) bid for ABN Amro Holding, even though the Dutch bank's first-half dividend breached a level that RBS had said could prompt a reduction of the offer.
Royal Bank of Scotland shareholders overwhelmingly approved the proposed 71 billion euro ($97.24 billion) takeover of ABN Amro on Friday, the third and final leg of backing from investors in the RBS-led consortium.
Belgian-Dutch financial services group Fortis on Monday cleared the way for its plan to buy parts of rival ABN Amro, as its shareholders in Belgium and the Netherlands gave their approval.