Fortis shareholders have approved a share issue to raise funding for the purchase of ABN Amro.
The Belgian-Dutch bank secured backing of 93 per cent of shareholders for a rights issue worth $17.6 billion at meetings held in Brussels and Utrecht yesterday.
“Today’s EGMs mark a key milestone in the success of our bid,” says Maurice Lippens, Fortis chairman.
News that the fundraising is to go ahead represents a significant blow to Barclays Bank which is vying with the consortium of which Fortis is a part for ABN Amro.
The Royal Bank of Scotland-led consortium’s bid stands at $98 billion, with 93 per cent in cash. Meanwhile, Barclays’ bid stands at around $93.3 billion, with a cash component equating to 37 per cent of the offer.