The Acquisition of ABN AMRO (A)
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Case Details:
Case Code : BSTR345
Case Length : 20 Pages
Period : 2007
Pub Date : 2009
Teaching Note :Not Available
Organization : ABN AMRO / Royal Bank of Scotland / Fortis / Banco Santander Central Hispano
Industry : Banking / Financial Services
Countries : UK, Belgium, Spain, The Netherlands
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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Introduction Contd...
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The consortium outbid Barclays, which had offered US$ 91.2 billion mostly in the form of Barclays' shares.
Initially, the management of ABN AMRO favored Barclays as it promised to keep the bank intact, while the consortium had announced that it would break ABN AMRO up into three parts to suit the requirements of the three partners.
However, from the shareholders' point of view, the offer from RBS consortium was more attractive, as it offered them a higher value and 93 percent of the amount in cash. The consortium announced that it would make the payment to the shareholders on October 17, 2007.
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After the completion of the acquisition, RBS was expected to get access to ABN AMRO's global client base, its global wholesale banking business excluding those in Brazil and private banking business of Banca Antonveneta SpA9.
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Santander would get ABN AMRO's Brazilian and Italian subsidiaries, while Fortis would get ABN AMRO's business operations in Belgium, Luxemburg and Netherlands along with the asset management business of ABN AMRO.
The acquisition was expected to strengthen all the three consortium banks in their own markets and open up new segments to accelerate their growth. It would make RBS
the fifth largest bank in terms of assets in the US. In wholesale client
business and corporate banking, it would be #1 in the UK and Europe, and
it would be fifth in the US and also in Asia excluding Japan, in terms
of number of clients... |
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