U.S. News

Barclays Says Progress on ABN Deal Shows Certainty


Progress made by Britain's Barclays in its offer for ABN Amro demonstrates its ability to offer the Dutch bank's shareholders "certainty and deliverability," Chief Executive John Varley said on Wednesday.

"We have made pre-completion regulatory and competition authority filings in 49 jurisdictions globally," Varley said in comments made available to Reuters.

"The progress which Barclays and ABN Amro have made with these filings continues to demonstrate the straightforward nature of the Barclays offer. This gives ABN Amro shareholders a high degree of certainty and deliverability."

ABN has agreed to an all-share takeover by Barclays worth about 63 billion euros ($86 billion), but a consortium of three banks led by Royal Bank of Scotland is attempting to gatecrash that deal with a higher offer.

The Barclays camp has long argued its deal is far less complex and less uncertain than the rival bid, which involves three banks -- RBS, Spain's Santander and Fortis -- and would split up ABN.

Varley added Barclays was on track to issue its formal offer document this month.

A key Dutch court ruling on the disputed sale of ABN's U.S. arm LaSalle Bank is expected around July 13, which analysts say is likely to swing the outcome of the takeover battle.