London -- Barclays PLC said Monday it had been granted a three-week delay in filing its proposed takeover of Dutch banking giant ABN Amro Holding NV.
The British bank, competing against a European consortium led by Royal Bank of Scotland PLC to buy ABN Amro, said Dutch regulators had given it until July 23 to formalize its takeover bid.
Under the original timetable, Barclays would have had to publish its offer by Thursday.
The delay lets Barclays await the outcome of a Dutch Supreme Court ruling, expected midmonth, on the $21 billion sale of ABN Amro's Chicago-based LaSalle Bank to Bank of America Corp.
Barclays offered to buy ABN Amro for about $79.9 billion in stock in April. Its bid was dependent on the LaSalle sale going through.
Amsterdam's Superior Court blocked the LaSalle sale in May, saying it needed ABN Amro shareholder approval. Barclays, ABN Amro and Bank of America appealed the decision.
A Supreme Court adviser, whose recommendations are usually followed by the court, said June 26 the sale didn't need shareholder approval.
Copyright 2007 by United Press International.
Get original file (7KB)
Post new comment