- US Bonds Pare Losses After 7-Year Auction
- New-Home Sales Jump to Highest Level in Over Year
- Judge Erases Couple's $525,000 Mortgage Payment
- Claims Level Suggests End to Job Losses
- Consumers Catching the Holiday Spirit
- Airlines Hit With Penalties for Stranding Passengers
- Consumer Mood Improves, but Anxiety Over Finances
- Jobless Claims Below 500,000, Durable Orders Slip
- US Said It Will Reduce Emissions by 17% by 2020
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
- S&P Stocks Trading at New 52-Week Highs
- 4 Food Stocks to Stuff in Your Portfolio: Analyst
- S&P at 1050-1200 Trading Range Next Year: Strategist
- Treasury On Mortgage Modifications
- Blue Jeans Expected to See Another Green Christmas
- Investors Thankful for Gains This Year
MOST SHARED
- Ritz-Carlton ?Struggling? in the US: President
- Garlic Price Rises Surpass Gold, Stocks in China
- Half of Banks' Losses May Still Be Hidden: IMF Head
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- Oil Price to Average $75.40 in 2010: Poll
- Jobless Claims Below 500,000, Durable Orders Slip
- Americans Ditch Planes for Trains this Thanksgiving
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Consumer Mood Improves, But Anxiety Over Personal Finances
Text Size 
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 CEO John Varley told a shareholder meeting that the value of the Barclays offer "was genuinely representative of what has happened in the market in the last two months."
Earlier, he had said he was prepared to drop the 58 billion euros ($80.5 billion) takeover proposal for ABN Amro if it didn't meet its stringent economic criteria.
"The merger terms must satisfy our economic tests, which are tough … we will not lose sight of economic reality in our pursuit of the merger objective. And putting that bluntly, that means being prepared to walk away," Varley said in a statement ahead of a shareholder meeting.
But economists said it may not be very easy for Barclays to drop the bid.
"There's some debate on the terms and whether they can actually walk away," Jason Singer, M&A reporter at Wall Street Journal Europe, told "Power Lunch."
ABN shareholders are expected to decide between the two offers in early October. The RBS-led consortium's bid is 70 billion euros, consisting mostly in cash.
Shares of Barclays were 4.2% lower, RBS shares were 2.4% down and ABN was off by 1.5%, but the entire financial sector was lower on news Northern Rock was forced to request emergency borrowing from the Bank of England.
Print
Email
- Here's how key provisions of the health care reform bill would impact your insurance and how you'll pay for it.
- Remember when auto shows were major events where new models could generate buzz?
- It may be the most unusual guide to business you'll read.
- After nine years the NBA’s minor league equivalent is finally coming into its own.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
Data is a real-time snapshot *Data is delayed at least 15 minutes