Barclays President Tells CNBC: Cash Won't Be Added to ABN Amro 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.
"We certainly don't think there's any need to change the terms of the transaction that's been recommended at this point," Diamond said.
Barclays' all-stock acquisition is contingent of the $21-billion sale of ABN's U.S. business LaSalle to Bank of America , which was held up by a Dutch court to give ABN shareholders a chance to vote on the deal. A consortium led by the Royal Bank of Scotland bid $24.5 billion for LaSalle, but the bid was rejected.
"Right now we think that the announced merger, the agreed merger between Barclays and ABN clearly does the best job of unlocking value for now," Diamond said. "It's really the only deal that's been announced."