Barclays formally launches ABN bid

Barclays has formally launched its takeover offer in the long-running takeover battle for ABN Amro as shareholders vote at a rival bidder.

The offer proposal from Barclays values the Dutch bank at around €67.5 billion (£45.6bn). It will now be sent to ABN's estimated 90,000 shareholders ahead of a special meeting on September 20.

Meanwhile, a consortium featuring Royal Bank of Scotland, Fortis and Spain's Santander hoping to land ABN for around €71.1 billion (£48bn) is awaiting the results of two votes by shareholders over Belgian-Dutch bank Fortis' part in the takeover of ABN.

In the first vote held in Brussels, 94 per cent of Fortis shareholders said yes to a proposed rights issue, well above the 75 per cent needed. A second vote will be held later in the Dutch city Utrecht.

Fortis chairman Maurice Lippens said before the vote: "Joining forces with ABN has lots of advantages, but of course it has its price. The €24 billion that Fortis is putting on the table is of course a very high amount of money. Quality has its price."

The bank needs the backing of 50 per cent of the shares represented for its proposed purchase of ABN and 75 per cent for its planned rights issue.

Barclays has said it would keep ABN Amro largely intact and make Amsterdam the combined group's headquarters. ABN backed Barclays' original offer in April but withdrew its formal recommendation last week.

RBS shareholders will vote on Friday and are widely expected to support the group's plan.

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