Barclays PLC Proposes Biggest Financial Services Takover
Barclays PLC said Monday it will acquire ABN Amro NV for 67 billion euros ($91.16 billion) in the largest takeover in the financial services sector, aiming to create a global banking giant and pre-empt a rival bid to break up the Netherlands' largest bank.
As part of the deal, ABN announced it is selling its U.S. unit LaSalle Bank to Bank of America Corp. for $21 billion in cash.
The proposed chief executive of the new group, Barclays CEO John Varley, called the deal "the largest merger ever in global financial industry," and said it holds out the promise of growth at a rate twice as fast as global gross domestic product.
As part of the deal, ABN announced it is selling its U.S. unit LaSalle Bank to Bank of America Corp. for $21 billion in cash.
The proposed chief executive of the new group, Barclays CEO John Varley, called the deal "the largest merger ever in global financial industry," and said it holds out the promise of growth at a rate twice as fast as global gross domestic product.
posted by Stock Administrator @ 10:13 AM
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