ABN Amro confirms Antonveneta deal

Dutch bank ABN Amro has corroborated reports from former rival Banca Popolare Italiana last week that it is to acquire its share of Banca Antonveneta by announcing it is to purchase a 39.37% stake in the Padua-based bank.

Last week embattled Banca Popolare Italiana announced that it was to sell its shares in fellow Italian bank Banca Antonveneta to its rival ABN Amro. The Dutch outfit has now confirmed that it has signed an agreement with Italiana and a number of other shareholders to purchase a 39.37% stake in Antonveneta. ABN Amro will pay E26.50 per share, equal to a total cash consideration of E3.2 billion. Combined with the current shareholding in Banca Antonveneta of 29.91%, ABN Amro will own a total of 69.28% after the completion of this transaction. In accordance with Italian regulations, ABN Amro's next move will be to launch a mandatory cash offer of E26.50 per share for the remaining outstanding share capital of Banca Antonveneta. This is an important moment in the history of both our bank and Banca Antonveneta. We have worked hard for Banca Antonveneta to join ABN Amro and we have now achieved this goal. We are confident that we have now provided stability for all Banca Antonveneta stakeholders, including staff and clients, and we will continue to support the company towards a prosperous future, said Rijkman Groenink, chairman of the managing board of ABN Amro.