ABN Amro and Barclays extend talks
Barclays and ABM Amro have set a new deadline for their merger talks
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Wednesday, 18, Apr 2007 11:11
ABN Amro has announced the extension of exclusive merger talks with Barclays.
In a statement late yesterday, the Dutch bank said that the deadline for talks with its British rival had been moved forwards to Friday.
The extension of negotiations between the two groups follows the expiration of an original 30-day agreement between them.
However ABM Amro, which says that any potential deal would be designed to "create value for both sets of shareholders", also warned that there was no guarantee that an agreement to combine the two groups would be forthcoming.
"The discussions, which seek to incorporate the broad objectives set out on March 20th 2007, are progressing, but there can be no certainty that they will lead to a transaction or the form it will take," ABM Ambro said in a statement.
Just hours earlier, the Amsterdam-based bank confirmed that it has also invited a consortium headed by the Royal Bank of Scotland (RBS) to enter talks in the city "to seek clarification of their intentions and interests" in regard to its business.
ABN Amro revealed last week that RBS, along with Belgium 's Fortis group and Banco Santander of Spain, had written to the bank seeking "exploratory talks" with the company.
It is understood the trio are considering a break-up of ABN Amro, which has come under pressure from investors recently after underperforming for several years.
In contrast, reports suggest that a deal with Barclays would see the two banks combine with a headquarters in Amsterdam.