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Fortis says bid for ABN on track
AMSTERDAM (Reuters) - Belgian-Dutch financial services group Fortis (FOR.BR) denied a weekend report that the consortium bidding for ABN AMRO AAH.AS was facing trouble in its 71 billion euros ($97.2 billion) bid for the Dutch bank.
The Financial Mail on Sunday reported that Royal Bank of Scotland (RBS.L), which together with Fortis and Spain's Santander (SAN.MC), is trying to take over ABN, is coming under pressure from shareholders to lower its bid because it is "grossly overinflated."
"The situation remains as it was. We have a rights issue of 13 billion euros and it is underwritten," a Fortis spokeswoman said, adding that there was no truth to any speculation that Merrill Lynch, the joint lead manager for the issue with Fortis, was pulling out.
Fortis still needs to raise 13 billion euros through a share issue to pay for its part of the bid for ABN.
Barclays (BARC.L) is also bidding for ABN, but its all-share offer is about 12 billion euros below the consortium offer.
