Belgium is mute on Generale bid despite concerns
Article Abstract:
ABN Amro Holding NV's bid to purchase Generale de Banque SA, the largest bank in Belgium, in a stock-swap has raised concerns among Belgian politicians over the future of the baking industry in the nation. Government officials fear the event of losing more Belgian banks to foreign companies, such as was in the case of ING Groep NV's acquisition of Banque Bruxelles Lambert SA in late 1997. The government remains silent on the issue, but asserts that the Generale's center of decision-making should remain in Belgium. In any case, government officials state that they cannot directly meddle in the matter.
Comment:
Bid to purchase Generale de Banque SA in a stock-swap has raised concerns among Belgian politicians, Belgium
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Fortis remains optimistic in bid for Generale Bank
Article Abstract:
Fortis AG, a Dutch-Belgium financial-services group, is optimistic the company's takeover offer for Generale Bank NV will be approved by the latter's investors. Fortis' May 18, 1998, bid, which called for seven shares of Fortis for three shares of Generale, is assessed at an estimated BF23,500. Meanwhile, ABN Amro Holding NV of the Netherlands offered on May 26, 1998, BF9,000, or $246.78, in cash and 19 common shares of ABN for every Generale share, which is equal to BF27,095 based on closing prices on May 25, 1998. Fortis might tender a counteroffer that would surpass ABN's bid.
Comment:
Is optimistic its takeover offer for Generale Bank NV will be approved by the Generale's investors
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Fortis's higher price for Generale won't dent its plans
Article Abstract:
Fortis Group's higher price to buy Generale de Banque SA will not impede the Belgian-Dutch financial-services firm's expansion plans. The move to improve the offer for, which is at 28,675 francs for each Generale shares, resulted in investors selling their shares in Fortis AG and Fortis Amev, the two listed holding firms that own the Fortis Group, due to worries that the improved offer for Generale will hurt profitability. If the deal pushes through, it would establish the 15-biggest financial organization in Europe with owns a market capitalization totaling 1.32 billion francs.
Comment:
Its improved offer to buy Generale de Banque SA will not impede the Belgian-Dutch financial-services firm's expansion plans
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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