EU Sets Deadline for Consortium Bid for ABN Amro

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.

RBS, Spain's Banco Santander Central Hispano and Dutch-Belgian bank Fortis plan to carve up ABN Amro's assets between them and are offering 70.6 billion euros ($96.5 billion) to rival a bid from British bank Barclays of 61 billion pounds ($82.3 billion; 60.6 billion euros).

The European Commission is looking at the consortium's offer as three separate takeover bids, putting the Santander takeover on a fast-track approval process that could see its offer cleared automatically if officials don't identify any antitrust problems or receive complaints from rivals within a deadline of 25 working days.

Neither the RBS nor Fortis bids were put on the fast track, although they also received an initial deadline of Sept. 19. This can be extended if the EU needs more time to examine problems.

Barclays got the EU all-clear for its offer on Aug. 9 as regulators said they saw no difficulties with its takeover plans. On Monday it received approval from the Dutch central bank and Finance Minister Wouter Bos for its proposed takeover, while the RBS consortium -- which began seeking approval a month later than Barclays -- has yet to get that blessing.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • John Kerry meets with Iran foreign minister to discuss nuclear agreement; Vladimir Putin speaks on Boris Nimstov shooting; and Staples needs to improve its board, reports CNBC's Sue Herera.

  • The Supreme Court is hearing arguments in the health care case King v. Burwell. Insight to Justice Kennedy's remarks, and health care stocks on the move, with CNBC's Hampton Pearson.

  • The Supreme Court is hearing arguments in the health care case King v. Burwell over whether the Affordable Care Act should allow the IRS to provide tax credits to individuals who purchase health insurance on a Federal exchange.