O dear ABN AMRO just robed Italy for 700 000 000$
AMSTERDAM (AFX) - ABN Amro Holding NV confirmed its bid for Banca Antonveneta SpA has failed, having attracted only 2.88 pct of the Italian bank's share capital, leaving it well short of the required 50 pct plus one share required for a successful deal.
Banca Antonveneta SpA is worth about 2100 000 000 $ more now, but thats just for the moment. AMRO will sell the stock for 700 million. Money that came from the Italian bank payer.
They have to pay per month and for each bank transaction in Italy, not a big surprice ABN wanted their market and an even smaller surprise they cheated their customer for enough money to prevent a better product to enter their market.