ABN Amro trumps Fortis with rival bid for Generale Bank

Article Abstract:

ABN Amro Holding NV of the Netherlands has offered to acquire Generale Bank of Belgium for approximately 24.5 billion guilders, or $12.3 billion, in cash and stock. ABN Amro's bid, which is the largest-ever unsolicited offer for a European bank, could jeopardize the propose merger between Generale and Fortis AG. Fortis' offer values Generale Bank at 23,051 francs, or $633, per share, while ABN Amro's bid values Generale at 27,095 Belgian francs, or $744, per share. Fortis offered to buy Generale Bank for $11 billion in stock, while ABN Amro offers to pay Generale shareholders 19 shares of ABN Amro, plus 9,000 Belgian francs in cash for every share held by Generale's shareholders.

Comment:

Is eclipsed by ABN Amro Holding NV in its bid to acquire Generale Bank of Belgium for $11 bil in stock

Acquisitions & mergers, Netherlands, Foreign operations, Germany, ABN AMRO Holding N.V., Fortis AG, Generale Bank

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Belgium keeps foreign bankers at bay

Article Abstract:

Credit Lyonnais SA's divestiture of Credit Lyonnais Belgium by the end of 1998 is expected to result in another Belgian effort to keep foreign bank out. The sale of the Belgian branch of France-based Credit Lyonnais, required by the European Commission as part of a French rescue plan, is expected to attract other foreign banks that may want to enter the Belgian market. Potential buyers for the bank, which posted an increase of 24% in net profits for 1997 to 1.02 billion francs, include financial firms from the UK, Germany, France, the Netherlands and Switzerland.

Comment:

Its sale of Credit Lyonnais Belgium by the end of 1998 is expected to result in another Belgian effort to keep foreign banks out

Credit Lyonnais, Credit Lyonnais Belgium S.A.

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