Barclays and ABN Amro said they are making “excellent progress” with the key regulatory filings required to proceed with Barclays’ offer to ABN Amro shareholders and expect to publish offer documentation in July.
Each of the boards of ABN Amro and Barclays has unanimously resolved to recommend the transaction to their shareholders.
The proposed merger of ABN Amro and Barclays will create a strong and competitive combination for their clients with superior products and extensive distribution, the two said in a statement.
The merged group is expected to generate significant and sustained future incremental earnings growth for shareholders.
“Barclays recommended Offer for ABN Amro will create a world leading bank, better able to serve our customers with more and better products thus creating additional value for the shareholders of both our companies for many years to come,” says John Varley, CEO of Barclays. “The Barclays Offer provides ABN Amro shareholders certainty, deliverability and value.”