ABN AMRO has announced that it has obtained acceptances totaling 6,283,038 of shares in Banca Antoniana Popolare Veneta S.p.A (Banca Antonveneta) following the expiration on July 22, 2005, of its cash tender offer.
The number of shares tendered in the offer amount to 2.88% of Banca Antonveneta’s total outstanding share capital.
The offer was conditional on ABN AMRO obtaining at least 50% + 1 share of Banca Antonveneta’s share capital. The percentage of shares tendered together with ABN AMRO’s current stake confirms that this condition has not been met.
ABN AMRO currently holds a 29.98% stake in Banca Antonveneta, but stated in a press release that it “has no intention of remaining a minority shareholder in Banca Antonveneta. ABN AMRO also reiterates that it remains committed to its statement of 30 March that, in the event the acquisition was not successful, the proceeds of the total equity funding would be returned to our shareholders in a cost effective manner. Further details will be made available as soon as circumstances allow.”